基于ZZ杠杆模型的资本结构影响因素研究——来自中国制造业上市公司的经验证据

ZZ杠杆模型理论上解决"定量求解最优资本结构"这一财务领域长期难以解决的问题,由于该模型建立在一系列理想假设之上,有待实证的进一步检验.基于ZZ杠杆模型研究了资本结构的影响因素,从沪市A股制造业上市公司中筛选了200家符合条件的公司为样本,选用其2008年的横截面财务数据进行实证检验.结果表明,ZZ杠杆模型中的变量是显著影响我国上市公司资本结构的因素:即公司价值波动率与资本结构负相关,所得税税率及平均债务期限与资本结构正相关.结论证实了ZZ杠杆模型在中国市场总体上是成立的.

Determinants of Capital Structure Research Based on ZZ Leverage Model :Empirical Evidence from Listed Manufacturing Corporations in China

ZZ leverage model is a series of amendments to the trade-off theory and a breakthrough in the measurement of bankruptcy cost.It's expected as an optimal capital structure model.It solves the long un-solved problem of "Quantitatively find the optimal capital structure" theoretically.However,the model needs further empirical test for the existence of some idealized hypothesis.200 listed companies of manufacturing industry in A share of Shanghai Stock Exchange are selected as the sample.There are following conclusions:firm value volatility and capital structure are positively related,income tax and capital structure are negatively related,and the average debt maturity and capital structure is positively related. It hopes to prove that ZZ leverage model is suitable in China.