宏观融资环境对资本结构影响的实证研究——基于A股交通运输业上市公司数据

宏观融资环境对资本结构的影响研究在国内一直缺乏必要的关注。选取我国A股交通运输行业上市公司相关数据,从经济环境、金融市场环境、资源环境3个方面提出假设。通过实证研究发现:GDP增长率与交通运输行业上市公司的资本结构呈显著的正相关关系,证券化率和CPI指数增长率对交通运输行业上市公司的资本结构并未呈现出明显的相关性关系,而经济资源分配市场化程度也与资本结构呈显著的正相关关系。并据此提出了相应的资本结构优化改革的政策建议。

论融资环境对物流企业资本结构的影响

物流业是国民经济发展中的基础性行业,作为现代企业的"基因"的资本结构,对物流公司运营产生重大影响。近年来,伴随物流业的发展,学界更多地对资本结构进行研究,取得了一些成果。本文在国内外相关研究的基础上,以我国物流行业上市公司为研究对象,通过分析宏观融资环境,构造宏观环境指标,指出物流企业的融资环境对资本结构具有关键性影响:GDP增长率、信贷资金分配市场化程度与物流企业资本结构呈现明显的IH相关,而证券化率与其呈现出明显的负相关。文章指出,未来推进物流企业更好地发展,应从宏观、微观、企业三个方面着手。

Static and Dynamic Indicators in the Analysis of Internal Sources of Companies＇ Investments Financing

The Republic of Serbia is characterized by an unsatisfactory macroeconomic environment. Under the conditions of an evident shortage of liquid assets, the financial capital has moved from real to the financial sector, which led companies to over-indebtedness and shutdown of their own capacities. Therefore, capital investments largely depend on internal financing sources and the ability of companies to internally generate funds for investments. In this regard, an emphasis is placed on the difference in the assessment of the company＇s investment capacity based on internal financing sources, which are measured using static and dynamic indicators in order to prove the necessity of applying dynamic coefficients, which are unfortunately not present in our domestic practice. The paper examines and proves the advantages of the use of the dynamic approach for such analyses using the example of energy sector, which is one of the most important branches in Serbian economy.