CAJ | 학술논문

资本结构对公司价值的提高有重大影响作用，理论界已经对资本结构的影响因素展开讨论，并形成了一套比较完善的理论体系，但对某一特定行业的实证研究较少。为了对电子信息类上市公司资本结构的影响因素进行定量研究，本文选取23家电子信息类上市公司2006-2013年的历史数据，通过建立面板数据模型对资本结构的影响因素进行分析，试图发现公司的资本结构与其成长性、资产结构、企业规模、总资产利润率、非债务税盾、流动比率、实际所得税率之间的相关关系，丰富电子信息类上市公司资本结构影响因素的实证研究。
자본결구대공사개치적제고유중대영향작용，이론계이경대자본결구적영향인소전개토론，병형성료일투비교완선적이론체계，단대모일특정행업적실증연구교소。위료대전자신식류상시공사자본결구적영향인소진행정량연구，본문선취23가전자신식류상시공사2006-2013년적역사수거，통과건립면판수거모형대자본결구적영향인소진행분석，시도발현공사적자본결구여기성장성、자산결구、기업규모、총자산리윤솔、비채무세순、류동비솔、실제소득세솔지간적상관관계，봉부전자신식류상시공사자본결구영향인소적실증연구。
The capital structure has a significant impact on the improvement of the value of the companies. The theoretical circle has discussed the influencing factors of the capital structure and formed a set of relatively complete theoretical system, but the empiri-cal studies on a particular industry has not been enough. For the quantitative study on the influencing factors of the capital structure of the electronic information listed companies, the paper selects the historical data of 23 electronic information listed companies from 2006 to 2013. By establishing the panel data model, the paper analyzes the influencing factors of the capital structure trying to find out the relationship among the company’s capital structure, its growth, asset structure, enterprise scale, total asset profit margin, non-debt tax shield, liquidity ratio and actual income tax rate so as to enrich the empirical study on the influencing factors of the capital structure of the electronic information listed companies.