非上市国有工业企业资本结构影响因素实证研究——来自山东省国有企业的数据

An Empirical Research on the Affected Factors of Capital Structure of Un-listed State-owned Industrial Enterprises

本文以山东省非上市国有工业企业为研究样本,分析了非上市国有工业企业资本结构影响因素。结果表明:企业规模和组织形式对企业资本结构都产生显著性影响,并且企业规模和组织形式的交互作用对企业长期负债率产生显著影响。针对实证结论和国有企业的现状,对国有企业降低负债率提出了政策建议。

This paper, based on the previous scholars’ research on the affected factors of capital structure of state-owned companies, samples unlisted state-owned industrial enterprises. A factorial analysis on the affected factors of the unlisted state-owned companies is made. Meanwhile, the dual factorial variance analysis is made, using the size and organization form of enterprises as the control factor. The result shows that the size and organization form exercise remarkable influence over the capital structure and the long term debt rate.