基于PLS的纺织业上市公司资本结构影响因素分析

A Study on the Capital Structure Influencing Factors of Textile Industry Listed Companies Based on the Partial Least-squares Regression

资本结构决策决定了企业融资方式的选择及各种融资方式所占的比重,研究资本结构的决定因素,是优化资本结构的必要步骤。论文基于资本结构理论及实证研究的最新成果,构建了一个综合反映影响纺织业上市公司资本结构决策的各种因素的偏最小二乘回归模型。实证分析表明,与资产结构最密切相关的是公司的短期偿债能力,其次是资产担保价值。

Capital structure decides the selection of enterprises financing methods and the share of the various financing methods.So a study on the determining factors of capital structure is the necessary step to optimize capital structure.Based on the capital structure theory and the recent findings of positive analysis,the partial least-squares regression model is established which can comprehensively reflect the effects on the capital structure of textile industry listed companies.The empirical analysis shows that the short-term debt-paying ability is the most closely related factor influencing capital structure;the second one is collateral value of assets.