资产专用性对我国上市公司资本结构影响分析

The Impact of Asset Specificity on Capital Structure of Listed Companies in China

交易成本经济学理论表明资产专用性与企业资本结构呈负相关关系。为检验该理论是否适用于我国上市公司,文章用公式推导出资产专用性与企业资本结构之间的负相关关系。以资产专用性、企业规模、企业成长性、企业盈利能力等作为解释变量对企业资本结构做多元回归模型,再以行业为虚拟变量检验资产专用性对我国上市公司资本结构的影响程度是否受行业变量影响。实证结果表明,我国上市公司资产专用性与企业资本结构负相关,资产专用性对资本结构的影响最大的为第一产业,其次为第三产业,最后是第二产业。从而得出企业资本结构受资产专用性的影响,且影响程度受产业解释变量的影响。

Transaction cost economics theory shows that asset specificity is negatively correlated with enterprise capital structure. In order to test whether the theory is applicable to the listed companies in China,this paper derives by formula a negative correlation between asset specificity and enterprise capital structure. We use asset specificity, enterprise size,enterprise growth and enterprise profitability as explanatory variables to do multiple regression model,and then use industry as fictitious variable to test whether the asset specificity is affected by industry variables on the capital structure of listed companies in China. The empirical results show that asset specificity of listed companies in China is negatively correlated with the capital structure of enterprises. The impact of asset specificity on the capital structure is the greatest in the primary industry,followed by the tertiary industry,and finally the secondary industry. It can be concluded that the capital structure of enterprises is affected by the asset specificity ,and the degree of impact is affected by the industry explanatory variables.