CAJ | 학술논문

文章以中国17家大型钢铁企业为研究对象，以总资产负债率代表资本结构做被解释变量，以总资产增长率、净资产收益率、总资产周转率和流动比率做解释变量，分别代表企业的成长指标、盈利指标、营运指标和偿债指标，通过单位根和协整检验，验证其序列是否平稳，通过协方差分析检验，确定建立固定效应变系数面板数据模型，继而对17家企业的5个变量指标进行横向和纵向描述统计分析，最终估计并检验面板数据模型相关参数，研究各变量指标对企业资本结构的影响程度。
문장이중국17가대형강철기업위연구대상，이총자산부채솔대표자본결구주피해석변량，이총자산증장솔、정자산수익솔、총자산주전솔화류동비솔주해석변량，분별대표기업적성장지표、영리지표、영운지표화상채지표，통과단위근화협정검험，험증기서렬시부평은，통과협방차분석검험，학정건립고정효응변계수면판수거모형，계이대17가기업적5개변량지표진행횡향화종향묘술통계분석，최종고계병검험면판수거모형상관삼수，연구각변량지표대기업자본결구적영향정도。
This paper selects China’s 17 large-scale iron and steel enterprises as the research objects. On behalf of the capital structure, the debt ratio of total assets is to do the explained variable, using the growth rate of total assets, return on equity, total asset turnover and liquidity ratio to represent growth indicators, profitability indicators, operational indicators and debt indicators to do explanatory variables. The paper uses unit root and cointegration test stationary of sequence, using analysis of covariance to establish a fixed effects panel data model with variable coefficients, and then does descriptive statistics analysis for 5 variables of 17 enterprises, finally estimates and verifies the panel data model parameters, constructing the panel data model to estimate the relevant parameters, and studying the degree of influence of variable indicators to corporate capital structure.