我国创业板上市公司资本结构影响因素实证研究——基于制造业企业数据

An Analysis of the Impact Factors of the Capital Structure of Companies Listed on GEM in China

资本结构的选择对企业的经营有很重要的意义。对具有高风险、高成长性的创业板上市企业更是如此。文章以在我国创业板上市的120家制造业公司为样本,选择2011年的财务数据,运用因子分析、回归分析等统计方法,对影响创业板制造业上市公司资本结构状况的主要因素进行实证分析。分析发现这些影响因素中,企业的偿债能力和盈利能力对资本结构影响较大,其次是企业的规模,公司成长性虽有正向影响,但不是很显著。

Choice of capital structure on a very important significance to the business of the enterprise. Espe- cially with high - risk high - growth GEM listed companies. This article selected in our country to be listed on the GEM of 120 manufacturing companies as samples , choose 2011 financial data , using factor analysis, re- gression analysis and other statistical methods, Empirical analysis of the main factors to affect the the GEM manufacturing industry listed companies capital structure position. The analysis found that these factors, the greater impact on the solvency and profitability of the enterprise, followed by the size of the business, the company~ growth, although the positive effect, but not very significant