企业不同生命周期阶段的资本结构——基于中国上市公司的实证研究

目前有关我国企业在不同生命周期阶段的资本结构尚无定论,论文将企业划分为高速成长期、成长期(复兴期)、成熟期和衰退期,对我国上市公司不同生命周期阶段的资本结构进行了实证研究.结果表明,我国上市公司不同生命周期阶段的资本结构受到股市繁荣与否的影响.当资本市场低迷时,企业的负债比率在成长期高,在成熟期和衰退期降低;反之企业的负债比率在成长期较低,在成熟期和衰退期升高.高速成长期、成长期、成熟期的企业资本结构具有显著的差异,但是成熟期与衰退期的资本结构不具有显著性的差异.通过建立回归模型和协方差模型,求解出企业最优资本结构.并与样本公司的债务比率均值进行比较,从而在经验上验证了股市的持续低迷使企业不同生命周期阶段的资本结构产生了扭曲的现象.

The Capital Structure in Different Enterprises' Lifecycle Stages——An Empirical Analysis Based on the Listed Companies in China

At present there is no the last word about the characteristics of Chinese enterprises capital structure in different lifecycle stages.An empirical analysis of the capital structure in enterprises different lifecycle stages on the basis of dividing the lifecycle into the four stages of Birth,Growth(Revival),Maturity,and Decline,shows that the listed companies capital structure is impacted by the prosperity of the stock market.When the capital market is in the downturn,the debt ratio rise in the Growth phase,...