摘要
从获利能力、公司规模、公司成长率、家族因素、股权集中度、股权离散度、区域因素和上市方式等方面对我国146家家族上市公司的资本结构影响因素进行了实证分析。实证结果说明:上市方式对资本结构存在显著影响;企业规模与资本结构正相关;经营绩效与资本结构负相关;家族持股比例与资本结构成反比,表明家族企业倾向于保持家族控制权,与债权融资正相关,与股权融资负相关。
The empirical study on the influential factors of capital structure of 146 listed family firms in China was analyzed according to profitability, firm scale, firm growth rate, family factors, stock equity concentration degree ,stock equity discretion, district factors and listing pattern etc. The results showed as follows, listing pattern had outstanding influence on capital structure of family firms. There was positive correlation between enterprises scale and capital structure. Family share holding proportion was inversely proportional to the capital structure. It showed that family listed business was inclined to retain control right, and had positive correlation with claim financing and negative correlation with the equity financing.
出处
《管理学报》
2005年第6期721-727,共7页
Chinese Journal of Management
关键词
家族上市公司
资本结构
影响因素
实证分析
family listed business
capital structure
influential factors
empirical research
