摘要
本文以2009年10月30日在深圳证券交易所创业板上市的第一批28家公司为样本,对其资本结构进行了分析。研究发现:创业板企业盈利能力越强,资产负债率越低;经营风险越高,资产负债率越高;实际所得税率越高,长期资本负债率越低;中小板企业的相关变量对其资本结构的影响则与此不太一致。在此基础上,进一步考察了板块因素对资本结构的影响。研究表明:板块虚拟变量对资本结构的影响显著,这说明当企业特定变量一致时,企业可能因处于不同板块而存在不同资本结构。
This paper takes the first 28 companies which listing on China's GEM Broad on October 30th,2009 at Shenzhen Stock Exchange as sample,applies multiple regression analysis model to explore the impact of firm-specific variables such as profitability,firm size,tangible assets ratio,growth,business risks,and actual income tax rate on capital structure of GEM board listing companies,with SEM board for comparison.Studies have found that on GEM board,the stronger of profitability,the lower of asset-liability ratio;the higher of business risk,the higher of asset-liability ratio;the higher of income tax rate,the lower of the long-term capital debt ratio.On SEMboard,the impact of relevant variables on their capital Structure is not consistent with this.On this basis,the paper further examines board affecting factors on capital structure,adding board as a dummy variable to the multiple regression analysis model.Studies have shown that the impact of Board dummy variables on capital structure is significant,indicating that even if firm-specific variables is the same,the enterprise may have different capital structure on different board.
出处
《财会通讯（下）》
2010年第5期48-51,共4页
Communication of Finance and Accounting
关键词
资本结构
创业板上市公司
中小板上市公司
Capital structure GEMBoard listed company SEMBoard listed company
