CAJ | 학술논문

文章主要立足于中国的特殊金融制度环境,采用多元回归模型,运用最小二乘估计方法,考察影响中国上市公司资本结构的因素,试图发现中国上市公司是如何选择资本结构的。研究发现,赢利标准差、公司的赢利能力以及大股东持股比例与财务杠杆负相关,这与理论研究相一致;而非债务税盾和公司的增长机会与财务杠杆正相关,这与国外理论研究相矛盾,却与国内研究相吻合。这种结论主要是由于我国财务制度以及企业自身无形资产较少所导致的。
문장주요립족우중국적특수금융제도배경,채용다원회귀모형,운용최소이승고계방법,고찰영향중국상시공사자본결구적인소,시도발현중국상시공사시여하선택자본결구적。연구발현,영리표준차、공사적영리능력이급대고동지고비례여재무강간부상관,저여이론연구상일치;이비채무세순화공사적증장궤회여재무강간정상관,저여국외이론연구상모순,각여국내연구상문합。저충결론주요시유우아국재무제도이급기업자신무형자산교소소도치적。
This paper mainly based with China＇s specific institutional environment,using multiple regression model,using least squares estimation method to study the capital structure of Chinese listed companies influence the factors,trying to find that Chinese listed companies is how to choose the capital structure.The results showed that the standard deviation of profit,the company＇s profitability and shareholder equity ratio negatively correlated with financial leverage,which is consistent with the theory,rather than the debt tax shield and the company＇s growth opportunities and financial leverage are associated with the theory of phase contradiction,this was mainly due to our financial system and the enterprise itself caused less intangible assets.