中国纺织业上市公司资本结构影响因素分析

Empirical analysis on influencing factors of capital structure of listed textile companies in China

为了研究中国上市公司资本结构的影响因素,采用多元线性回归分析法,以中国沪深两市51家纺织业上市公司2008年的数据为研究样本,进行实证分析。结果表明:成长性、资产担保价值、总资产收益率、非债务税盾及资产流动性都和资产负债率显著相关,其中成长性、资产担保价值与资产负债率呈显著正相关,总资产报酬率、非债务税盾和资产流动性与资产负债率呈显著负相关。研究得出反映中国纺织业上市资本结构特点的回归模型,为优化其资本结构提供政策依据。

In order to investigate the influencing factors of capital structure, this paper conducted an empirical analysis based on the samples from 51 listed companies in textile industry in 2008 in China. It shows that some factors are significantly correlated with asset-liability ratio, such as growth, asset collateral value, returns on total assets, non-debt tax shield and asset liquidity. Growth and asset collateral value are highly positive correlated with asset-liability ratio. Return on total assets, non-debt tax shield and liquidity are highly negative correlated with asset-liability ratio. The regression model reflects the capital structure characteristics of listed textile companies in China. It provides evidence for optimizing the capital structure of listed textile companies in China.