基于行业特征的资本结构指标设计

Design of Capital Structural Indices Based on Business Characteristics

行业特征影响着企业决策和财务决策,资本结构是企业做出财务决策的结果。所以,行业特征会对资本结构产生重要影响。国内外关于资本结构存在行业差异性的研究已取得的结论比较一致,但是在寻求产生差异性的原因方面认识趋于雷同。基于行业特征对资本结构影响的研究现状,考虑行业经营环境、经营工具、经营成果、经营风险、经营趋势等生产经营过程,将行业特征内涵指标延伸为行业资源丰度、行业竞争水平、行业资产构成、行业盈利能力、行业风险等五个方面,进而描述其对资本结构的影响,在依此为依据建立新的指标体系。

The business characteristics have influenced business financial decision making, while the capital structure is the result of financial decision of the business. So, business characteristics have major influence on capital structure. The conclusions have been achieved in research on business discrepancy of capital structure both home and abroad are relatively consistent, but knowledge in pursuit of the discrepancy causation tend to be identical. Based on status quo of business characteristics influence on capital structure researches, considered that production and management processes of operational environment, tool, result, risk and trend, have extended business characteristics connotation indices into five aspects of business resource abundance, competitive level, assets composition,profitability and risk. And then described the influence on capital structure and established new index system on this basis.