中国上市公司资本结构影响因素之实证研究

资本结构不仅是财务理论研究中的热点及难点,也日益成为公司理财决策的关键问题.本文从影响因素角度对资本结构进行实证研究.文中以深沪两市部分非金融类上市公司为样本,利用本世纪最初三年的企业财务数据,选取可能影响企业资本结构的多个指标为解释变量,利用单因素方差分析、主成分分析、逐步回归分析找出了主要影响因素及其影响方式,试图为国内上市公司资本结构决定因素提供最新实证研究证据,并为企业财务决策提供支持.

An Empirical Study on Determinants of Capital Structure in Chinese Listed Companies

Capital structure is not only an interest and difficulty of study on finance theories, but also a crucial issue of finacing decision-making in firms. The paper gives an empirical study on determinants of capital structure. The study uses firm financial data of part of the non-finance listed companies, selects many index variables as dependent variables, and finds main affecting factors and manners by way of one-way ANOVA, principal components analysis and stepwise regression.According to the study, the paper tries to give new empirical evidence of determinants of capital structure of Chinese listed companies, and supports decision for firm finance.