信息技术类上市公司资本结构影响因素的实证研究——来自中国上市公司截面数据的证据

An Empirical Research into Factors Affecting the Capital Structure of Listed IT Companies——Proof from Section Data of Chinese Listed Companies

本文运用资本结构决定因素学派的理论框架,以在深圳证券交易所上市的45家信息技术类公司为样本,对影响我国信息技术类上市公司资本结构的主要因素进行实证分析,结果表明:企业规模、获利能力与资本结构显著正相关;成长性、非负债税盾、偿债能力对企业资本结构的选择有显著的负影响;是否被ST这一因素也对企业资本结构有显著影响;而资产担保价值因素对企业资本结构的影响不显著。

In the theoretical framework of determinants of the capital structure, the present paper, based on a sample of 45 IT companies listed on the Shenzhen Stock Market, makes an analysis of the major factors that affect the capital structure of listed IT companies in China. The result reveals that company size and profitability are strikingly correlated with the capital structure; growth, non-debt tax shields and capability to pay debts have an obvious negative effect on the selection of the capital structure by the company ; whether or not a company is “specially treated” also affects the capital structure, while collateral value of assets seems to have less obvious effect.