【摘要】 将沪深A股上市公司进行行业分类,以长期负债率为指标,比较全面地实证研究了资本结构的行业间差异.研究结果表明:1.不同行业上市公司的资本结构具有显著差异,但这种差异是由少数行业与其它行业间的差异引起的,这与已有的研究结果不同;2.约10.5%的公司间资本结构差异可由公司所处行业的不同来解释;3.同一行业上市公司的资本结构具有稳定性,行业间差异也具有稳定性.更多还原

【Abstract】 We classify the Chinese listed companies according to CSRC’s industry classification standard, and conducts a through empirical study on the industrial differences of capital structure, which is represented by long\|term debt ratio. Results show that: 1. There are significant differences among the capital structures of different industries, since the differences are caused by minority industries. 2. About 10.5% of the differences among companies can be explained by there industries. 3. The capital structure of the same industry and the differences among industries are very stable.更多还原