资本结构对财务风险影响的实证研究——基于Z-score模型法和中小板上市公司数据

An Empirical Study on Capital Structure Impact to Financial Risk——Based on the Z-score Model and the SME Listing Corporation Data

以2012年160家中小板上市公司为样本数据,定量分析股权结构、债务结构和所有者权益构成等对中小企业财务风险的影响。研究表明中国中小企业上市公司资本结构对财务风险影响的回归模型拟合优度良好,财务风险水平整体上较低,财务运行状况良好。

In 2012,160 board small and medium-sized listing Corporation as the sample data,Quantitative analysis of the effect of ownership structure,debt structure and equity structure impact to the financial risk of small and medium-sized enterprises.The research shows that the effect of capital structure of Chinese small and medium-sized enterprises listing Corporation for the financial risk regression model fitting degree is good,overall financial risk level is low,and financial situation is good.