对陕上市公司资本结构影响因素的实证研究

Empirical Study on the Influencing Factors of Capital Structure of Listed Companies in Shaanxi Province

自MM不相关定理诞生以来,资本结构理论便引起了广泛的讨论与关注。但是,不同国家和地区的现实经济状况具有一定的特殊性和复杂性,因而各种实证检验的结果并不完全一致。本文拟在资本结构决定因素的理论框架上,以44家上市公司的财务数据为样本数据,分别通过描述性分析以及相关性分析,利用多元线性回归模型,通过异方差–稳健性标准误进行调整,从而对影响陕西省上市公司资本结构的因素进行实证分析。结果表明企业规模、盈利能力以及成长性对公司的资本结构的决策有显著影响,而流动比率与财务费用率则对资本结构没有显著影响。

The capital structure theory has attracted extensive discussion and attention, since the birth of M-M irrelevance theorem. However, the actual situation has particularity and complexity in different countries and regions, and the results of empirical test are not always consistent. This paper in-tends to do an empirical research on the influencing factors of capital structure of companies in Shaanxi Province, China, based on the theoretical framework of the determinants of capital struc-ture, using the financial figures of 44 listed companies as the sample data. The data were tested for descriptive analysis, correlation analysis, and using multiple linear regression model, through the heteroscedastic-robustness to adjust the standard error. The results show that enterprise size, profitability and growth have significant influence on the decision of capital structure. The current ratio and financial expense ratio have no significant effect on the capital structure.