机械、设备、仪表行业上市公司资本结构实证研究

The Empirical Analyzing on Chinese Manufacturing Sector Listed Companies

从影响资本结构的因素着手,借助SPSS软件,运用主成分分析方法与逐步多元线性回归分析法,对我国机械、设备、仪表行业上市公司的资本结构进行实证研究。结果表明:公司规模、成长能力、所得税等因素对资本结构有负效应;公司的盈利能力、营运能力、非债务税盾、收益现金流、短期偿债能力等影响因素对资本结构有正效应;而资产结构对资本结构没有显著效应。

This article starts from the influential factors of the capital structure and analysis empirically the capital structure for Listed Corporations of Chinese manufacturing sector,by adopting Principal Component Analysis and stepwise regression analysis and using the SPSS software.The Empirical result reveals that： size factors,growth factors and corporate income tax factors have the significant negative effect.While other factors including profit factors,non-debt tax shield factors,revenue cash flow factors,short-term liquidity factors,operating capacity factors etc have the significant positive effect.assets structure do not have the obvious influence on capital structure.