CAJ | 학술논문

通过利用面板数据模型对我国煤炭行业上市公司资本结构的影响因素进行实证分析，研究发现，煤炭类上市公司的资本结构与公司的规模、抵押担保品价值正相关，但后者的相关性较弱，与内源融资能力和产品的独特性负相关，研究还发现，拓宽融资渠道，改善债务融资结构、适度提高债务融资比率、加大财务杠杆作用对煤炭行业公司的发展有积极作用。
통과이용면판수거모형대아국매탄행업상시공사자본결구적영향인소진행실증분석，연구발현，매탄류상시공사적자본결구여공사적규모、저압담보품개치정상관，단후자적상관성교약，여내원융자능력화산품적독특성부상관，연구환발현，탁관융자거도，개선채무융자결구、괄도제고채무융자비솔、가대재무강간작용대매탄행업공사적발전유적겁작용。
In this paper , using the panel data model to conduct an empirical analysis of influencing factors of the capital structure of listed companies of coal industry in China. The study found that the coal listed companies＇capital structure and the size of the companies , the value of collateral is positively related , but the relevance of the latter is weaker , and endogenous financing capacity , the uniqueness of products is negatively related . The research also found that broadening financing channels , improving the debt structure , an appropriate increase in the debt financing ratio , increasing financial leverage has a positive effect on development of the coal industry companies.