摘要
基于多元回归分析 ,利用新的数据库对影响上市公司资本结构的因素进行了实证研究。实证结果显示 :企业资本结构与企业规模、主营业务收入增长率正相关 ,而与企业盈利能力、非负债税盾和托宾指数负相关 ,并受行业因素影响。证实了所有权结构影响我国上市公司的企业杠杆。研究得出的我国上市公司的影响因素 ,不仅和国外的研究不同 。
Based on multiple regression analyses, the determinants of capital structure are empirically studied by employing the new data of those listed companies.It is concluded that leverage in Chinese listed companies increases with size,sales growth rate,and decreases with profitability,non-debt tax shields,and Tobin's Q,and correlates with industries.It is confirmed that ownership structure affects leverage.The determinants of Chinese listed companies that this paper surveys are not only different from foreign studies,but also different from other studies in China.
出处
《商业研究》
北大核心
2004年第22期96-99,共4页
Commercial Research
关键词
上市公司
资本结构
影响因素
多元回归分析
listed companies
capital structure
determinants
multiple regression analysis
