行业特征与资本结构研究

Research on Industry Characteristic and Capital Structure

本文采用参数和非参数检验和描述性统计方法,对中国上市公司的行业特征与资本结构之间的关系进行了系统研究。研究发现,中国受管制行业的资产负债率、流动负债率很低,但长期负债率较高;不同门类行业间的资本结构存在显著差异,同一行业门类内不同行业大类公司间的资本结构不存在显著差异,这些差异大部分是属于行业差异而非年度差异,表明中国上市公司存在最优资本结构。

The paper applies parametric and non-parametric test,descriptive statistics to systematically study the relation between industry characteristic and capital structure.Our study finds that:The ratios of total debt,short-term debt of Chinese regulated industries are very low,but that of long-debt is high.There is a significant industry difference in capital structure between firms in difference industries,but there isn't a significant difference in capital structure between firms in a given industry,these differences are mostly attributable to industry differences rather than yearly difference,implying the existence of an optimal capital structure in Chinese Listed Companies.