摘要
作者以沪市公司为样本,对影响公司上市后资本结构变化的因素进行分析,进一步分析各因素对组成资产负债率变化的股权增加、留存收益增加的影响。实证结果表明:公司盈利能力和原资产负债率对负债率变化有显著持续负向影响,公司规模、股票价格、固定资产比例对负债率变化有一定影响但不持续;盈利能力对股权融资和内部融资有显著持续正向影响;在公司上市后的前期,股票价格和原资产负债率对股权融资有显著正向影响,而公司规模对股权融资有负向影响。
In this paper, we analyze the factors which change the capital structure of China′s listed firms in surviving years after IPO. For the purpose of analysis we decompose the capital structure changes into net equity issues, increased retained earnings and residual changes. We find that the profitability and existent leverage have significant persistent negative effects on reducing leverage of capital structure after IPO, and that firm size, stock price and assets tangibility also have some effects on the changes but they are not persistent. We also find that the profitability has significant persistent positive effects on equity issues and retained earnings, and stocks price and existent leverage also have significant positive effects on equity issues in about 2 to 3 years after IPO, but firm size has negative effects on them.
出处
《管理评论》
2005年第4期3-8,共6页
Management Review
基金
国家自然科学基金资助项目(70142027)
国家杰出青年科学基金香港
澳门青年学者合作研究基金资助项目(70229001)
