我国上市公司资本结构影响因素实证分析

Analysing the factories affecting the capital structure of quoted companies of our country

本文选取了可能影响企业资本结构的多个指标变量进行分析 ,利用主成分分析提供的方法将变量综合成彼此互不相关的少数几个主成分。再用主成分 (作为回归自变量 )对企业的 5种资本负债比 (作为回归因变量 )进行多元回归分析 ,得出了影响企业资本结构的主要因素 ,以及这些因素与企业资本结构之间的关系 ,为企业确定资本结构提供参考依据 ,为企业财务决策提供支持。

This paper selects many index variables which may affect on the capital structure to analyse.By the method of the principal component analysis we aggregate index variables into a few principal components.We use principal component (as independent variable in regression analysis)and five kinds of capital-debt ratios of enterprise (as dependent variables) in regression analysis. We obtain the main factories which affect on the capital structure and the correlationship between the main factories and the capital structure. In the meantime, the established model can supply reference evidence for joint stock company to determine capital structure and support decision for enterprise finance.