河北省上市公司资本结构影响因素实证分析

Empirical analysis on the factors influencing capital structure of listed companies in Hebei province

以河北省上市公司为样本,对资本结构的影响因素进行了实证研究。结果表明:河北省上市公司的负债水平与公司规模正相关,与盈利能力、资产变现能力和资产担保价值负相关;而成长性和经营能力指标对资本结构的影响不显著。在实证结果的基础上,分析了河北省上市公司资本结构的不足之处,并提出了优化资本结构以建设优秀"河北板块"的相关建议。

This paper makes an empirical analysis on the main factors influencing the capital structure of listed companies in Hebei province. The results suggest that the company size has a remarkable positive effect on capital structure while there exist a negative correlation between the capital structure and the liquidity,profitability and collateral asset value. Other factors do not have an obvious effect on the capital structure. Based on the above ,the paper analyzes the shortage and the reasons in detaile.Finally,it puts forwards some suggestions to optimize the capital structure and build an excellent ＂Hebei plate＂.