中国上市公司资本结构行业内差异影响因素研究

The Factors Which Influence Intra-industry Capital Structure Differences of Chinese Listed Companies:Empirical Study

本文研究了中国上市公司资本结构行业内差异的影响因素,对行业内差异的影响因素进行了实证分析,发现:资本结构的行业内差异程度与行业内技术差异程度、公司间盈利能力的差异程度、行业经营风险及行业增长机会成正比,与行业内长期资产的流动性和平均公司规模成反比;技术效应能够有效解释中国上市公司资本结构的行业内差异现象;资产流动效应不能解释中国上市公司资本结构的行业内差异现象。

This paper studies the intra-industry capital structure differences and the factors which influence intra-industry capital structure differences. Then the factors, which influence intra-industry capital structure differences, are empirically studies. The results proved that the intra-industry capital structure differences positively correlates with the intra-industry technology differences, the differences of inter-firm profitability, the industrial operation risk, and the space of industrial development; and negatively correlates with intra-industry long-term asset liquidity and the average firm size. The results are consistent with the technology effect, but contradict with the asset liquidity effect.