制造业企业资本结构影响因素的分析

Analysis of the influencing factors of capital structure of manufacturing enterprises

以2005～2014年间的上海证券交易所的制造业企业的平衡面板数据为研究对象，通过建立双向固定效应模型来分析其资本结构的影响因素。基于研究结果发现，制造业企业的资产报酬率以及成长性与其资本结构呈现负相关关系；净资产收益率、企业的规模、可抵押性以及非负债税盾则呈现正相关。但是公司的规模与非负债税盾的影响强度却要弱于净资产收益率。

the balance panel data of manufacturing enterprises inShanghai stock exchange during 2005-2014 were studied,theinfluencing factors of capital structure are analyzed by the modelof two-way fixed effect.Based on the research results, it isfound that the asset returns and growth of manufacturing enter-prises are negatively correlated with their capital structure;Therate of return on net assets, the size of the finn, and the nondebt tax shields are positively correlated.But the impact strengthof the company＇s size and non debt tax shield is weaker than thereturn on net assets.