基于不同影响因素的企业资本结构变动机理研究

【摘要】 本文以深沪两市2001～2006年A股上市公司为研究样本,从企业特征、公司治理和市场时机三个方面综合检验了究竟是哪些因素影响了我国上市公司资本结构变动,以及具体影响方向和路径。研究发现,因子分析得出的23个主要因子中对上市公司杠杆率变动具有显著影响的因子只有10个左右,这些显著影响的因子同时包括了公司特征、公司治理和市场时机三个方面的特征,这表明引起资本结构变动的因素是多方面的。同时应用影响市值杠杆变动和账面杠杆变动的共同因子分别对权益发行变动、留存收益变动和资产增加引起的变动进行回归检验发现,股票动量收益、市值账面比、资产收益率等因素主要通过权益融资而影响了资本结构的变动,与杠杆率变动呈负相关关系;产品市场竞争程度则主要通过增加内部留存收益而影响了资本结构的变动,与杠杆率变动负相关。更多还原

【Abstract】 Using data of Chinese A-shares listed companies from 2001 to 2006,we empirically examine the factors which affect the change of listed companies’ capital structure.Firstly,the result shows that only about 10 out of the 23 key factors strongly affect the change of listed companies’ corporate leverage ratios.These factors include company characters,corporate governance,marketing timing and so on.Therefore,the change of capital structure is determined by multi-factors.Secondly,we examine the relations between these main factors and net equity issue,newly retained earnings and growth in assets.The results show that momentum returns,market-to-book and profitability factors change the leverage through net equity issue,while product market competition changes the leverage through newly retained earnings.All of above factors are negatively correlated with the change of leverage ratio.更多还原