我国上市公司资本结构的扩散效应研究

The Diffusion Effect Research of Listed Companies’ Capital Structure in China

基于上市公司2001～2009年间的大样本数据,以行业平均资本结构度量公司资本结构的扩散效应,利用固定效应和工具变量法,本文实证检验了我国上市公司资本结构的扩散效应。结果发现,除行业内公司其它财务特征对资本结构有影响外,行业平均资本结构对公司资本结构的影响更大,验证了公司资本结构的扩散效应。进一步控制资本结构内生性后,这种扩散效应更大,从而协调了已有文献关于行业对公司资本结构相似性和差异性的解释。

On the basis of China＇s listed companies＇ large sample data from 2001 to 2009, the paper empirically tests the diffusion effect with average industry capital structure under the fixed-effect method and instrument variables method. The results show that average industry capital structure has greater impact on firms＇ capital structure than that of average industry financial variables. Furthermore, we find that the diffusion effect is stronger when the endogenity problem of capital structure is controlled. Thus, our conclusion harmonizes the interpretation about the similarities and differences of firms＇ capital structure among industries in exiting literatures.