中国上市公司资本结构的影响因素实证分析

Analyzing the Factors Which Influence the Capital Structure of A-share Listed Firms with a Panel Data Model

笔者选取了208家只发行A股和在1996年底之前上市的上市公司,利用这些公司1997—2001年的数据,采用平行数据(panel data)模型的方法,分析了上市公司资本结构的影响因素。平行数据模型的结果显示,公司规模、成长速度、公司资产的抵押价值对资本结构有显著的正的影响,而公司的盈利性、公司整体风险对资本结构有显著的负的影响,非债务税盾、管理层持股比例和国家股比例对资本结构没有显著的影响。

We select a sample of 208 listed firms which only issued A shares and made their initial public offerings before December 31, 1996.With the panel data of these companies over the span from 1997 to 2001, We analyze the factors which influence the capital structure of these companies. The result of the panel data model reveals that the firm size,growth speed, the collateral value of corporate assets have positive and significant effects on leverage, while firm's profitability, the firm's risk represented by? of corporate assets have negative and significant effects on leverage. The effects of non-debt tax shields, the proportion of shares held by management, and he proportion of shares held by state are not significant.