地方经济发展与企业资本结构选择——来自我国上市公司的经验证据被引量：2

The Study of the Regional Economic Growth's Impact on Capital Structure From Chinese Listed Firms' Empirical Evidence

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摘要本文选择1994～2004我国上市公司数据为研究样本,检验地方经济发展以及地方经济发展因素与公司内因素的交互作用如何影响企业资本结构。本文发现,人均居民消费水平越高,企业资产负债率越高;人均GDP较高的地区,人均居民消费水平对资产负债率影响较小,企业资产负债率较高;企业非债务税盾越大,人均GDP对其资产负债率影响越小;城乡储蓄年度余额越高的地区,企业资产负债率越高;随着地区人均GDP的提高,城乡储蓄对企业资产负债率的影响减小;资本形成总额越高、企业资产负债率越高。 Analysis of how regional economic growth factors affect capital structure from areas aspects. The factors are defined as per capita GDP, per capita consumption of all residents, savings deposit balance and gross capital formation. This paper empirically researched how the regional economic growth directly affect the capital structure and how it indirectly influenced the capital structure through interaction with company finance factors.

作者伊志宏曹淮扬刘轻舟

机构地区中国人民大学商学院

出处《经济管理》 CSSCI 北大核心 2008年第13期75-79,共5页 Business and Management Journal ( BMJ )

关键词资本结构经济发展多层线性模型 capital structure regional economic growth hierarchical linear model

分类号 F427 [经济管理—产业经济]

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