农业类上市公司资本结构的核心决定因素--基于随机效应模型的一个实证研究

Fundamental Determinants of the Capital Structure for Listed Agricultural Companies: the Evidence from Random Effect Model

文章采用1995～2005年上交所与深交所全部A股农业类上市公司的125个样本,提高了实证结果的可靠性,同时,在类似研究中首次采用面板数据的分析方法,并检验确定固定效应模型和随机效应模型在此研究中的适用性问题。根据随机效应模型的实证结果发现,影响农业类上市公司资本结构的核心决定因素为:企业规模LOGA(+)、盈利能力PROF(-)和税收水平TAXR(+)。其中,除盈利能力支持融资优序理论的预期外,企业规模和税收水平支持权衡理论的预期;成长性GROW对农业类上市公司的资本结构并没有表现出核心的解释作用,并且税收水平受因变量选取因素的影响比较大。

This paper conducts an empirical study on the determinants of the capital structure for China＇s listed agricultural companies. A sample of 125 observations covers all the agricultural firms listed in Shanghai Stock Exchange and Shenzhen Stock Exchange during 1995-2005, which enhances the reliability of the empirical results. It employs the panel data analysis to test the applicability of fixed effect model and random effect model. The results from the anal ysis of random-effect model indicate that the fundamental determinants of the capital structure for listed agricultural companies are size （＋）, profitability （-）, and tax （＋）, which ,generally support the theoretical prediction of trade-off theory except profitability consistent with the prediction of pecking order theory. The results also indicate that growth has no significant impact on capital structure.