西南地区上市公司资本结构特征分析

西南地区上市公司资本结构特征表现为:资产负债率分布比较集中,但近年来的差异性有所扩大;资产负债率偏低,流动负债率偏高;区域内较发达省份的上市公司往往有较高的财务杠杆;融资结构以外源融资为主.这些特征大致可归因于区域经济、资本市场和企业发展滞后等因素.西南地区上市公司资本结构的优化是个动态的过程,要着眼于区域经济的发展与资本市场的完善,逐步改善上市公司的资本结构.

An Analysis of Capital Structure Characteristics in the Listed Companies in Southwest China

The listed companies in Southwest China have such characteristics as 1. the debt-asset ratio is quite centralized, but the difference is becoming larger in recent years. 2. the debt-asset ratio is low. 3. the current liability is higher. 4. companies in the developed provinces in this area have a higher financial leverage ; 5. the capital sources of the companies are chiefly external equity financing. The paper attributes the above characteristics to regional economy, capital market and the lag development of the listed companies in the area. The author believes that the optimization of capital structure is a dynamic process, in which the development of regional economy and perfection of capital market should be focused on and capital structure should be improved step by step.