基于Tobit回归的融资决策影响因素分析

运用中国上市公司1990～2009年的有关数据,采用Tobit回归模型分析了中国A股上市公司融资决策的影响因素。结果表明融资决策(资产负债率)与实际所得税率正相关;公司规模与资产负债率正相关,而资产担保价值、获利能力和成长性与资产负债率负相关,这一结果与发达国家和其他新型国家的发现相一致。

Analysis on Factors of Financing Decisions Based on Tobit Regression Model

This paper analyzes the factors of financing decisions of the Chinese A-share listed companies based on Tobit regression model by using the relevant data of its 1990~2009.The results showed that:financing decisions(asset-liability ratio) is positive correlated with the effective income tax rate;asset-liability ratio is positive correlated with company size.But the collateral value of assets,profitability and growth negatively related to asset-liability ratio.The results with the developed countries and other new countries are the same.