央企控股上市公司资本结构的影响因素研究

Research on Influencing Factors of Capital Structure of Listed Companies Held by Central Government owned Enterprises

基于2000年至2017年中国在沪深上市的央企控股公司面板数据,对公司资本结构影响因素进行了实证研究,报告了企业资本结构研究的现状。通过实证研究方法,得出的研究结果表明,中国央企控股上市公司的企业资产负债率与企业规模呈现正相关,企业资产负债率与企业盈利能力、企业流动性呈现负相关。因此提出以下建议,一是确定合理的资产负债率控制标准,二是将企业流动性纳入企业战略层面通盘考虑,三是建立健全和不断完善现代企业制度。

Based on the panel data of China’s state-owned holding companies listed in Shanghai and Shenzhen stock markets from year 2000 to 2017,this paper conducts an empirical study on the influencing factors of the capital structure of the company,reports the current status of research on the influencing factors of the capital structure of the state-owned holding listed companies,and draws a conclusion on the assets-liabilities ratio and the size of the enterprises of the state-owned holding listed companies in China,which are related to the assets-liabilities.The empirical results show there is a positive correlation between asset-liability ratio and profitability and liquidity. This study brings out the following suggestions;the first is to determine a reasonable standard for controlling the ratio of assets to liabilities,the second is to put the liquidity of enterprises into the overall consideration of the strategic level of enterprises,and the third is to establish and improve the modern enterprise system.