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上市公司资本结构特点的实证分析
引用本文:吕长江,韩慧博.上市公司资本结构特点的实证分析[J].南开管理评论,2001,4(5):26-29.
作者姓名:吕长江  韩慧博
作者单位:吉林大学商学院
基金项目:国家社会科学基金(项目批准号:99EJY007,00BJY055)
摘    要:资本结构决策是企业融资决策的核心问题。国内学者对于资本结构的研究,无论是研究资本结构与企业价值的关系,还是研究影响资本结构的因素,都缺乏对我国上市公司资本结构的特点及分布规律的整体认识,从而把握上市公司资本结构的理论依据和实践特点,因此,本文提出我国上市公司资本结构的一些主要特点,进而分析影响上市公司资本结构的主要因素,得出企业的获利能力、流动比率、固定资产比例与负债率负相关;公司规模、公司的成长性与负债率正相关的结论,为进一步的实证分析提供了理论基础。

关 键 词:上市公司  资本结构  分布规律

Empirical Study on the Capital Structure Characteristicof Listed Companies
Lu Changjiang,Han Huibo.Empirical Study on the Capital Structure Characteristicof Listed Companies[J].Nankai Business Review,2001,4(5):26-29.
Authors:Lu Changjiang  Han Huibo
Abstract:Capital structure decision is a key decision in corporatefinancing decision. As for domestic research, there have been somearguments on the relationship between capital structure and firmvaluation, and the influencing factor to capital structure, but thesearguments lack whole understanding of the characteristic and distributionpattern of capital structure in listed companies, and hard to hold thetheoretical evidence and practical features of corporate capital structure.Based on literature review and empirical study, this paper will put forwardmain characteristics of listed companies capital structure, and analysesthe influencing factor to corporate capital structure. We find that theseexists negative relationship between corporate leverage and corporateprofitability, current ratio, and fixed asset ratio; there exists positiverelationship between corporate leverage and corporate size and growth.These conclusions will provide theoretical foundation for the empiricalstudy on corporate capital structure.
Keywords:Listed Company  Capital Structure  Distribution Pattern
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