基于面板数据的企业资本结构影响因素实证分析

An Empirical Study on the Determinants of the Capital Structure Based on Panel Data

企业资本结构决策是公司金融理论与实践中的重要问题。实证结果表明:不同行业企业的资本结构存在显著差异;即使某些行业企业的资本结构受到相同因素的影响,这些影响因素对不同行业企业资本结构的影响力也各不相同;企业的资本结构还受到许多与各企业紧密相关但却难以控制或是根本观察不到的因素的显著影响。

This paper gives separately the determinants of capital structure in five industries. Empirical results imply that: there is significant difference among the capital structure determinants of different industries; even the determinants of capital structure among different industries is the same, the influence to the capital structure of the determinants is not the same; besides the determinants we studied above, there are many other factors which influence the capital structure.