中国上市公司资本结构变化趋势研究

The Trend of the Change in Capital Structures of Chinese Listed Companies

本文主要研究了中国企业的融资模式变化和中国上市公司资本结构总体变化趋势。中国企业融资模式大致经历了计划经济体制下财政主导型的融资模式、转轨经济体制下银行主导型的融资模式和市场经济体制下融资方式多元化模式三个阶段。而中国上市公司资本结构的变化趋势则具有以下几个特点：第一、上市公司的资产负债率要比同期的国有企业低的多；第二、上市公司的资产负债率和流动负债比率之间有着非常强烈的相关性,它们的走势基本相同；而长期负债比率的走势则异于两者,处于稳定小幅波动状态；第三、中国上市公司资本结构经历了先快速下降后缓慢回升的变化趋势,这清晰的反映了证券市场的筹资额和相应的政策法规对公司资本结构的影响。

This paper focuses on the change of financing method of Chinese enterprises and the general trend of capital structure of Chinese listed companies. The financing method of Chinese corporations fell into three successive phases. The trend of the capital structure development of listed companies has the following characteristics. Firstly, the asset-debt ratio of the listed companies is much lower than that of state-owned companies at the same period. Secondly, the asset-debt ratio of lis- ted companies is highly related to their respective current debt ratio. These two ratios has similar developing trends. Long-term debts ratio is different compared with the above two ratios and remains relatively stable with only small fluctuation. Thirdly, the capital structure of Chinese listed companies has experienced rapid decrease and then slowly recovered. This trend clearly re- flects the impact of the financing amount on security market and respective policy on corporate capital structure.