中国上市公司资本结构行业差异的实证研究被引量：19

Capital Structure, Ownership Structure and Performance:A Study of Chinese Listed Companies

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摘要战略公司财务理论认为外部产品市场特征与公司资本结构之间有着强烈的互动关系,行业差异是影响公司资本结构的重要因素。对中国上市公司资本结构行业差异的实证研究表明:中国上市公司不同行业门类间以及制造业中各次类之间的资本结构存在显著差异,且这种差异不是由于个别行业的异常值引起的,而是行业间普遍存在的,但是制造业中各次类之间的差异不如行业门类之间的差异那么明显;大约有8.78%的资本结构差异可由公司所处的行业门类来解释;制造业内各次类的趋同性很强,只有2.37%的资本结构差异可由公司所处的行业次类来解释。 According to strategic corporate finance theory, there is strong relationship between product market structure and corporate capital structure. Industry difference is an important factor that affects corporate capital structure. The practical study of industry difference of capital structure of Chinese listed companies showed that there is significant capital structure difference among different industry, as well as among sub-categories of manufacturing. Moreover, such kind of difference arises not due to abnormity of specific industry, but generally exists among industries. However, the difference among the sub-categories of manufacturing is not as significant as that among different industries. About 8. 78% of capital structure difference can be explained by industry difference. While in manufacturing, since there is strong homoplasy among its sub-categories, only 2. 37% of capital structure difference can be explained by sub-categories of manufacturing.

作者谭克

机构地区中国社会科学院博士后流动站

出处《产业经济研究》 2005年第3期23-29,共7页 Industrial Economics Research

关键词资本结构行业差异战略公司财务 capital structure industry difference strategic corporate finance

分类号 F275 [经济管理—企业管理]

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