高科技上市公司资本结构影响因素分析

On Factors Affecting Capital Structure of Hi-tech Listed Companies

本文运用因子分析和回归分析方法,对我国高科技上市公司的资本结构影响因素与非高科技公司进行比较。研究发现,高科技公司的平均负债率水平明显低于非高科技公司;整体上看,各种变量对长期负债率的解释都不够充分;绝大多数因素对非高科技公司的资本结构影响显著,而高科技公司只有独特性和资产流动性两个因子对其资本结构的影响有显著性;独特性因子与高科技公司的资本结构负相关,而与非高科技公司的资本结构正相关。

This paper is a comparative study, through factor and regression analysis, of what affects capital structure of Chinese hi-tech and non hi-tech listed companies. Studies reveal that hi-tech companies usually have a markedly lower debt ratio than non hi-tech companies. As a whole, the variables do not have significant impact on long-term debt ratio, while the non hi-tech companies are substantially affected in their capital structure. As to the hi-tech companies, no other factors have obvious impact on capital structure except uniqueness and capital flow. Uniqueness factor correlats negatively with capital structure of hi-tech companies, but positively with that of non hi-tech companies.