| 公司上市存活年度及资本结构变化趋势研究 |
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| 引用本文： | 汤海溶,黄登仕,彭飞.公司上市存活年度及资本结构变化趋势研究[J].软科学,2006,20(3):32-36. |
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| 作者姓名： | 汤海溶 黄登仕 彭飞 |
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| 作者单位： | 1. 西南交通大学,经济管理学院,成都,610031
2. 华南师范大学,经济与管理学院,广州,510631 |
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| 基金项目： | 中国科学院资助项目;国家重点基础研究发展计划(973计划);香港、澳门青年学者合作研究项目 |
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| 摘 要： | 以1992~2004年的上市公司为样本,从日历年度和上市存活年度两种纬度,研究我国上市公司资本结构的变化趋势。研究表明:我国上市公司资本结构受上市存活年度影响较大,负债率逐渐随着公司上市存活年度的增长而变大;1998年后负债率呈现出上升趋势,而负债率随日历时间的变化是受上市存活年度的影响;上市存活年度对资本结构的影响具有7%左右的解释能力,比日历时间和IPO日历年度影响都强。
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| 关 键 词： | 资本结构 变化趋势 上市存活年度 |
| 文章编号： | 1001-8409（2006）03-0032-05 |
| 收稿时间： | 2005-12-09 |
| 修稿时间： | 2005-12-09 |
The Study of IPO Time and Capital Structure Trends of Chinas Listed Firms |
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| TANG Hai-rong,HUANG Deng-shi,PENG Fei.The Study of IPO Time and Capital Structure Trends of Chinas Listed Firms[J].Soft Science,2006,20(3):32-36. |
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| Authors: | TANG Hai-rong HUANG Deng-shi PENG Fei |
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| Institution: | 1. School of Economics and Management, Southwest jiaotong University, Chengdu 610031 ; 2. South China Normal University, Guangzhou 510631 |
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| Abstract: | In this paper,we analyze characteristics of the capital structure and the trends of Chinese listed firms in surviving years after IPO(IPO time) and in calendar time from 1992 to 2004.The empirical results show that the capital structures are increasing in IPO time all along and also are increasing in calendar time after 1998.In addition,we also find that the trend of capital structure with IPO time not been effect by calendar time,but the trend of capital structure with calendar time been effect by IPO time.Lastly the associations indicate that the IPO time has positive effects on Chinese listed firms' capital structure and accounts for 7% R2. |
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| Keywords: | capital structure trend IPO time |
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