中国上市公司资本结构的影响因素实证分析  

Analyzing the Factors Which Influence the Capital Structure of A-share Listed Firms with a Panel Data Model

作　　者：王竞达[1] 赵景文[2] 

机构地区：[1]首都经济贸易大学,北京100026 [2]清华大学经济管理学院,北京100084

出　　处：《首都经济贸易大学学报》2004年第3期35-38,共4页Journal of Capital University of Economics and Business

基　　金：国家自然科学基金项目(项目批准号70272011)资助

摘　　要：笔者选取了208家只发行A股和在1996年底之前上市的上市公司,利用这些公司1997—2001年的数据,采用平行数据(panel data)模型的方法,分析了上市公司资本结构的影响因素。平行数据模型的结果显示,公司规模、成长速度、公司资产的抵押价值对资本结构有显著的正的影响,而公司的盈利性、公司整体风险对资本结构有显著的负的影响,非债务税盾、管理层持股比例和国家股比例对资本结构没有显著的影响。We select a sample of 208 listed firms which only issued A shares and made their initial public offerings before December 31, 1996.With the panel data of these companies over the span from 1997 to 2001, We analyze the factors which influence the capital structure of these companies. The result of the panel data model reveals that the firm size,growth speed, the collateral value of corporate assets have positive and significant effects on leverage, while firm's profitability, the firm's risk represented by? of corporate assets have negative and significant effects on leverage. The effects of non-debt tax shields, the proportion of shares held by management, and he proportion of shares held by state are not significant.

关 键 词：中国 上市公司 资本结构 实证分析 平行数据模型 

分 类 号：F832.5[经济管理—金融学]