CAJ | 학술논문

本文将制度因素与公司特质因素一同纳入影响企业资本结构的分析框架,并进行了实证研究。首先,根据1993-2006年118家上市公司构成的面板数据进行了多元回归分析,得出企业特质因素中的盈利能力、规模、非负债税盾和成长机会为影响我国企业资本结构的主要原因;其次,通过对同样企业样本的各年度截面数据的逐年回归分析得出结论,在不同的年份,公司特质因素对企业资本结构的影响程度是不同的,宏观制度的相关因素影响公司特质因素发挥作用;最后,通过时间序列变量的平稳性检验和多元回归分析,发现在1993-2006年的时间范围内,公司特质因素同账面资产负债率显著正相关,制度变迁因素同账面资产负债率显著负相关。
본문장제도인소여공사특질인소일동납입영향기업자본결구적분석광가,병진행료실증연구。수선,근거1993-2006년118가상시공사구성적면판수거진행료다원회귀분석,득출기업특질인소중적영리능력、규모、비부채세순화성장궤회위영향아국기업자본결구적주요원인;기차,통과대동양기업양본적각년도절면수거적축년회귀분석득출결론,재불동적년빈,공사특질인소대기업자본결구적영향정도시불동적,굉관제도적상관인소영향공사특질인소발휘작용;최후,통과시간서렬변량적평은성검험화다원회귀분석,발현재1993-2006년적시간범위내,공사특질인소동장면자산부채솔현저정상관,제도변천인소동장면자산부채솔현저부상관。
How institutional change factors and entrepreneurial factors influence on the corporate capital structure is focused on.Empirical studies on how the six entrepreneurial factors influence on the book-valued liability rate（TL） are carried out by using 118 listed firm panel data（1993-2006）.The result indicates that some of the entrepreneurial factors,namely,return on asset,size,non-debt tax shields,TOBIN＇Q explain TL the most.However,the results widely differ from year to year when using cross-section data in same period.The important discorery is that both institutional change factor and entrepreneurial factor are the remarkable influence variables for corporate capital structure,when analyzing the historical data from 1993 to 2006 by means of ADF stationary test and regression method.The result shows that entrepreneurial factor correlates with book-valued liability rate positively and institutional change factor correlates with book-valued liability rate negatively.