西部地区上市公司债务融资效应的实证研究——基于2007～2010年的经验数据

The Study of Debt Financing Effect on Listed Companies in the Western Region——Based on Empirical Data of 2007～2010

本文选取沪市西部地区53家上市公司作为研究样本,着重研究债务融资的税盾效应与财务杠杆效应。基于样本公司的债务融资现状,通过因子分析、主成分分析与多元回归分析揭示了债务融资效应与各影响因素之间的关联程度及显著水平。结论表明,当总资产息税前利润率大于债务利息率时,提高资产负债率,税盾效应、财务杠杆效应同时增大,进而增强债务融资效应;当总资产息税前利润率小于债务利息率时,提高资产负债率,税盾效应增大,财务杠杆表现为负效应,债务融资效应呈现不确定性。

The paper selects 53 listed companies from the western region of China as the sample, and makes an empirical study on the tax shield effect, financial leverage effect. According to the theoretical analysis, the article first makes index system and two assumptions, then constructs a comprehensive index to quantify debt financing effect through factor analysis, prin- cipal component analysis; at last, the use of multiple regression analysis reveals the relevance and the significance among the debt financing effect and its factors. The research results indicate that when the return on total assets is higher than the debt interest rate, increasing the asset-liability ratio can increase the tax shield effect, financial leverage effect, thus enhancing the debt financing effect; when the return on total assets is lower than the debt interest rate, improving asset-liability ratio can strengthen the tax shield effect but bring negative effect of financial leverage, the effect of debt financing may be increased or reduced. This study for perfecting the debt financing behavior of listed companies has important guiding significance and practical value.