中国上市公司的负债结构与行业特征:实证证据

文章对我国上市公司1991～2003年的负债结构进行了全面分析。1997年以后上市公司的平均流动负债率和总负债率都呈上升趋势。与世界上其他发达国家和发展中国家相比，我国上市公司的总负债率偏低，但是短期负债率高，而长期负债率低。上市公司的低长期负债与我国公司债券市场不发达、缺少中长期债务市场有关。非参数方差分析和简单回归分析都发现不同行业的上市公司的负债水平存在显著差异。

Debt Structure of Listed Companies and Their Industrial Features: Some Empirical Evidences

Analyzes of the debt structure of the publicly traded companies of China in the 1991-2003 period see an increasing trend in the average current debt ratio and total debt ratio after 1997.Compared with other countries,the gross debt ratio of Chinese corporations is low,but it features a lower long-term debt ratio and a higher short-term debt ratio.The causes can be found in the underdeveloped corporate debt market and lack of long-term debt market.Using the nonparametric variance analysis and OLS analysis,this paper finds that the industry factors have a significant influence on the leverage ratios.