【摘要】 资本结构理论和实证研究文献表明盈利能力、公司规模、非债务税盾、成长性、自由现金流量、资产担保价值、经营风险等公司特征因素影响资本结构的选择,对影响资本结构的上述七个特征因素进行了综合回顾及评价。国内外文献中每个因素对资本结构的影响不尽相同。在中国,盈利能力、非债务税盾、成长性与资本结构负相关,而公司规模、自由现金流量、资产担保价值和经营风险与资本结构正相关。更多还原

【Abstract】 The literature of Capital structure theory and empirical research shows that the characteristics including profitability ,the company size,non-debt tax shields,growth,free cash flow,asset value of the security,operational risk factors etc. affect the choice of capital structure. This article comprehensively reviews above-mentioned seven characteristics of influencing capital structure. The impact of each factor on the capital structure in the domestic and foreign literature is different. I think that in our profitability,non-debt tax shields,growth are negatively correlated with the capital structure,and company size,free cash flow,asset values and operating security risk are positively related with the capital structure in Chinese companies.更多还原