【作者】 黄贵海； 宋敏；

【Author】 SAMUEL GUIHAI HUANG (Macau University of Science and Technology) FRANK M.SONG (The University of Hong Kong)

【机构】 澳门科技大学行政与管理学院； 香港大学经济金融学院；

【摘要】 同其他国家一样,中国上市公司的财务杠杆随企业规模、非债务性避税规模和公司固定资产的增加而增大,随公司盈利能力增加而减小,而且同上市公司所属行业相关。同时,它还会受到所有权结构的影响。同其他国家不同的是,中国上市公司的财务杠杆随公司经营风险程度的增加而增加,而且企业倾向于持有较低的长期债务。同融资的优序假说相比,静态权衡模型对中国上市公司的资本结构似乎有更强的解释力。更多还原

【Abstract】 This paper employs a new database,which contains the market and accounting data from more than 1000 Chinese listed companies up to the year 2000,to document the characteristics of these firms in terms of capital structure.As in other countries,leverage in Chinese firms increases with firm size,non-debt tax shields and fixed assets,and decreases with profitability and correlates with industries.We also find that ownership structure affects leverage.Different from those in other countries,leverage in Chinese firms increases with volatility and firms tend to have much lower long-term debt.The static tradeoff model rather than pecking order hypothesis seems better in explaining the features of capital structure for Chinese listed companies.更多还原