宏观经济因素与上市公司资本结构选择

Macroeconomic Factors and the Capital Structure Selection in the Chinese Listed Companies

目前国内对中国上市公司资本结构的影响因素问题的研究大多集中于公司自身微观因素的分析 ,而宏观层面的探讨尚不多见。本文试图在已有研究成果基础上有所突破 ,着重考察了宏观经济因素与我国上市公司资本结构选择的关系。在实证检验过程中为了克服数据缺乏的问题 ,采用了面板数据模型进行实证分析。研究结果表明 ,包括通货膨胀率、实际贷款利率在内的宏观经济因素对中国上市公司的资本结构有着显著的影响。

The present domestic research on the determinants of the capital structure of the Chinese listed companies largely focuses on the analysis of the micro-factors within the companies, not on the inquiry at the macro-level. This paper attempts to make a breakthrough on the basis of the existing research results and mainly looks at the relationship between macroeconomic factors and the capital structure selection in the Chinese listed companies. In order to overcome the problem of data unavailability, it conducts an empirical panel-data analysis. The results indicate that macroeconomic factors, including inflation rate and real interest rate, have a remarkable effect on the capital structure of the Chinese listed companies.