中国上市公司资本结构行业差异的实证研究--统计检验、成因分析及合理性研究

本以国内部分上市公司为样本，利用多种统计分析方法从行业差异角度对其资本结构进行实证研究，目的是检验国内上市公司资本结构行业差异的显性，并分析其成因及行业资本结构选择的合理性。研究结果表明：我国不同行业上市公司资本结构存在显差异，且公用事业与其他行业的差异最为突出；行业的竞争程度及风险性、资产结构、资产运营能力及行业的成长性会在较大程度上导致行业差异的存在；我国上市公司普遍存在行业收益风险和资本结构不相匹配的现象。同时提出了有关政策建议。

An Empirical Study on Trade Differences of Capital Structure of Chinese Listed Companies--Statistical Proof、Cause Analysis and Rationality Research

The paper selects samples of Chinese listed companies, gives an empirical study on trade diffe-(rences) of capital structure by using several statistical methods. The purpose is to test the significance of trade differences of capital structure of Chinese listed companies, analyse their cause and rationality of trade capital structure. The result indicates that the differences are significant, especially between public industries and other trades, and industry competitiveness degree and riskassets structureturnover capability and industry growth mainly cause the differences, and there exists the mismatch of earning-risk and capital structure in Chinese listed companies. At the same time, the paper puts forwards some policy suggestions concerned.