资本结构的公司特征影响因素及其评价模型——来自中国上市公司的经验证据

运用资本结构理论,利用主成分和多元回归分析法,以我国上市公司为样本,实证研究了公司的控股股东结构、公司规模、盈利能力、成长性、资产结构、股权流通性、收入变异程度、非负债税盾和所得税等公司特征因素与其资本结构之间的关系,得出公司负债税盾与其负债水平正相关等七个重要结论;运用实证研究成果,建立我国上市公司资本结构的综合评价模型,并运用该模型求解出最优资本结构区间.

Company Characteristic Influential Factors of Capital Structure and Evaluation Model--Based on Experience Evidence of the Listed Companies in China

The formation of capital structure of the listed companies in China has its own characteristics. Using the theory of capital structure, the methods of principal component analysis and multi-regression analysis and taking the listed companies as a sample, the paper empirically studies the relations between capital structure and the structure of stock-holding shareholders, company size, profitability, growth, assets structure, equity circulation, income variation degree, non-debt tax shield and income tax. Then it draws seven important conclusions and sets up a comprehensive evaluation model for capital structure and finds out optimal capital structure zone.