宏观融资环境对资本结构影响的实证研究——基于A股交通运输业上市公司数据

Empirical Study on the Impacts of Macro Financing Environment on Capital Structure——Based on the Datum from A-share Listed Companies of Transport Industry

宏观融资环境对资本结构的影响研究在国内一直缺乏必要的关注。选取我国A股交通运输行业上市公司相关数据,从经济环境、金融市场环境、资源环境3个方面提出假设。通过实证研究发现:GDP增长率与交通运输行业上市公司的资本结构呈显著的正相关关系,证券化率和CPI指数增长率对交通运输行业上市公司的资本结构并未呈现出明显的相关性关系,而经济资源分配市场化程度也与资本结构呈显著的正相关关系。并据此提出了相应的资本结构优化改革的政策建议。

The study on the impacts of macro financial environment on capital structure has not been paid enough attention in our coun- try. This paper, selecting related datum from A-share listed companies of transportation industiy, presents three assumptions from the economic environment, financial market environment and resource environment. The empirical research shows： there is a distinct posi- tive correlation between GDP growth rate and the capital structure of listed companies of transportation industry, securitization rate and CPI index growth rate have not shown the significant correlation with capital structure of listed companies of transportation industry and market-based degree of economic resource allocation and capital structure is significantly positive correlated. And on this basis, it puts forward some corresponding policy recommendations on the optimization and reform of capital structure.