| 上市公司资本结构的实证分析 |
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| 引用本文： | 郝丽萍,谭庆美.上市公司资本结构的实证分析[J].天津大学学报(英文版),2001,7(3):172-177. |
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| 作者姓名： | 郝丽萍 谭庆美 |
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| 作者单位： | 天津大学管理学院, |
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| 摘 要： | 如何达到最佳的资本结构 ,是公司理财中需要面对的首要问题 .以上市公司为样本 ,采用因子分析方法和岭回归方法对公司资本结构的影响因素进行实证分析研究 .结果表明 ,企业规模、获利能力、营运风险与总负债比例成正相关 ;成长机会、非负债类避税与总负债比例成负相关 ;抵押价值与长期负债比例成正相关
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| 关 键 词： | 资本结构 实证研究 因子分析 岭回归 |
EMPIRICAL STUDY ON CAPITAL STRUCTURE OF LISTED COMPANIES IN CHINESE STOCK MARKET |
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| HAO Li-ping,TAN Qing-mei.EMPIRICAL STUDY ON CAPITAL STRUCTURE OF LISTED COMPANIES IN CHINESE STOCK MARKET[J].Transactions of Tianjin University,2001,7(3):172-177. |
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| Authors: | HAO Li-ping TAN Qing-mei |
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| Abstract: | Capital structure decision is an important issue of corporate finance.Theories show that,the corporate debt ratio is determined by many factors.This study conducts empirical work on capital structure theories,focusing on the corporate data of Chinese listed companies,by considering the intrinsic characteristics,utilizing the principal factor analysis and the ridge regression method.Our results suggest that a firms debt-ratio has a positive relationship with its size,profitability and operating risk and has a negative relationship with its growth and non-debt tax shield,while the long-term leverage has a positive relationship with its collateral value of assets. |
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| Keywords: | capital structure empirical study factor analysis ridge regression |
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