上市公司资本结构影响因素经验研究

An Empirical Study on the Determinants of Capital Structures of Chinese Publicly Listed Companies

本文结合我国上市公司的融资条件、产业演进阶段及独特的股东结构建立了资本结构的三个研究假说并对其进行了检验。研究发现,股权融资与负债之间既有“互补作用”,又有“替代作用”;产业演进和公司战略对长期借款和贸易应付款有显著影响,对短期借款水平没有显著影响;国有股比例和流通股比例对上市公司资本结构和负债期限几乎没有影响,而第一大股东持股比例对短期借款率和总负债率有显著的负向影响。

Based on the financial constraints, industry evolvement and the special shareholder structures, this paper establishes there hypotheses, which are the hypothesis of complementing and substituting function of debt and equity, the hypothesis of industry evolvement and corporate strategy, and the hypothesis of shareholder structure. This paper tests the three hypothesis using cross-sectional time series data of 376 listed companies publicly listed by the end of 1997. We find evidence that equity financing complements debt financing, as well as substitutes it. Output market competition affect the longterm debt and trade payables significantly, but in a different way. We find no evidence that the ratio of state owned shares or tradable shares affect the capital structure. But the short-term debt ratio and the total debt ratio are negatively related to the ratio of shares held by the largest shareholders.