中国上市公司资本结构特征和影响因素的实证

Empirical Study on Capital Structure Character and Influence Factors of Chinese Listed Corporate

自从MM定理诞生以来,企业的资本结构理论一直是经济学界关注的焦点之一.随着中国资本市场和企业改革的发展,关于资本结构的研究对于中国的上市公司来说很有必要.文中首先总结了中国上市公司的资本结构自身的特点,探讨了企业资本结构的内部和外部影响因素,最后对内部影响因素进行实证检验和分析,并且得出了一些与国外研究略有区别的结论.

Affter the MM theorem is born, economists always highlight the corporate capital structure theory. With the development of china capital market and corporate reform,it is very important to do the capital structure reaserch on Chinese listed corporate. The authors summarize the capital structure character of Chinese listed corporate, reaserches the internal＆external influence factors on corporate capital structure, does a empirical test and analysis on these internal influence factors, and finds some findings that are differental from overseas reaserch.