我国公司资本结构债权倾向化原因分析

Analysis of capital structure credit tendency

资本结构倾向是指企业在融资过程中债权资金与股权资本比率变化趋势。资本结构倾向可以分为三种形态：一是资本结构资本化倾向，即资金规模扩大过程中股权资本比重在提高；二是资本结构中性化倾向，即资金规模扩大过程中资本结构基本稳定；三是资本结构债务化倾向，即资金规模扩大过程中债权资金比重在提高。本文通过我国上市公司资本结构的变化趋势实证分析，发现了我国企业资本结构债务化倾向趋势。从六个方面剖析了我国企业资本结构债务化倾向趋势的根源。

The tendency of capital structure refers to the process of corporate debt financing and equity capital ratio of financial trends. Tendency of capital structure can be divided into three forms： First, the tendency of capital, capital structure, which funds the process of scale increase the proportion of equity capital ; the second is the tend- ency of capital structure neutral, that is, the process of capital funds to expand the scale of the structure is basically stable ; Third, the tendency of the capital structure of debt, that money in the process of scale increase the propor- tion of debt funds. This capital structure of listed companies in China by trends in empirical analysis, we found the debt capital structure of Chinas tendency to trend. Analysis from six of China~ debt capital structure trends in the tendency of the root.