资本结构特征影响因素文献综述

The Literature Review of the Influencing Factors of Characteristics on Capital Structure

资本结构理论和实证研究文献表明盈利能力、公司规模、非债务税盾、成长性、自由现金流量、资产担保价值、经营风险等公司特征因素影响资本结构的选择,对影响资本结构的上述七个特征因素进行了综合回顾及评价。国内外文献中每个因素对资本结构的影响不尽相同。在中国,盈利能力、非债务税盾、成长性与资本结构负相关,而公司规模、自由现金流量、资产担保价值和经营风险与资本结构正相关。

The literature of Capital structure theory and empirical research shows that the characteristics including profitability , the company size, non-debt tax shields, growth, free cash flow, asset value of the security, operational risk factors etc. affect the choice of capital structure. This article comprehensively reviews above-mentioned seven characteristics of influencing capital structure. The impact of each factor on the capital structure in the domestic and foreign literature is different. I think that in our profitability, non-debt tax shields, growth are negatively correlated with the capital structure, and company size, free cash flow, asset values and operating security risk are positively related with the capital structure in Chinese companies.