我国中小企业资本结构影响因素研究——基于上市中小企业的实证检验

Capital structure of listed SMES in China-Based on Empirical Analysis

企业资本结构影响因素研究对企业融资具有重要意义,中国中小企业的特殊性决定了其资本结构与一般企业存在差别。通过对影响中小企业资本结构的因素进行逻辑分类,用稳健回归方法分析了各个因素与中小企业资本结构的关系。研究发现行业因素、中小企业的企业规模、盈利能力、竞争能力、成长性、非债务税盾和资产担保价值对中小企业的资本结构选择影响显著。研究证明西方理论对中国中小企业的部分适用性,同时也发现中国市场环境下中小企业资本结构具有一定特殊性。

This paper mainly focuses on the capital structure of Small-and-Medium Sized Enterprise （SME） in China, as this type of company plays an important role in economic development and SME in China has its own special nature. Based on classifying the factors in logical, the paper analyzes the relationship between the factors and capital structure of SMEs with the robust regression method. The study find that industry factors, firm size, profitability, competitiveness, growth opportunities, non-debt tax shields and collateral value of assets all seem to play an important role in determining SME capital structure. Results suggest that western theory can partly explain capital structure of SMEs in China, and the results also reveal certain particularity of SMEs in the China rnark^t envirnnrn^nt