石油石化企业资本结构影响因素实证研究

Empirical study on factors for capital structure of petroleum and petrochemical companies

以2011年沪深交易所披露的28家石油石化上市公司的年报财务数据为样本,运用相关性分析和多元回归分析的方法,分析影响石油石化上市公司资本结构的各种因素。结果表明:公司规模、盈利能力以及偿债能力对石油石化上市公司的资本结构选择有显著的作用,而成长性、非债务税盾和资产担保价值对资本结构没有明显的影响。

Based on the financial data of listed companies in petroleum and petrochemical fields in 2011, correlation and regression analyses were made of the main factors influenc-ing the capital structure of Chinese petroleum and petrochemical listed companies. Results show that capital structure is significantly sensitive to company size, profitability and debt-paying ability, not much to its growth, non-debt tax shield or asset collateral value.