资本结构的行业特征:基于中国上市公司的实证研究

本文根据中国证监会《上市公司行业分类指引》 ,将沪深A股上市公司进行行业分类 ,全面深入地实证研究了资本结构的行业特征。研究结果表明 :(1 )中国上市公司存在最优资本结构 ,行业是其重要影响因素之一 ;(2 )不同行业上市公司的资本结构具有显著差异 ,约 9.5%的公司间资本结构差异可由公司所处行业门类的不同来解释 ;(3 )同一行业上市公司的资本结构具有稳定性 ;(4)同一行业门类内不同行业大类的公司间资本结构无显著差异。

The Industrial Characteristic of Capital Structure:An Empirical Study on Chinese Listed Companies

This paper classifies the Chinese listed companies according to CSRC's industry classification standard,and conducts a through empirical study on the industrial characteristic of capital structure.Results show that:1.There is optimal capital structure with Chinese listed companies and industry is one of the determinant factors.2.There are significant difference among the capital structures of different industries.And about 9.5% of the differences among companies can be explained by industries.3.The capital structure of the same industry is rather stable.4.There isn't significant difference among different sub-industries in the same broader industry.