我国公用事业上市公司资本结构影响因素的实证研究

以沪深两市上市的我国公用事业公司2007—2009年的数据为样本,运用因子分析和多元线性回归方法,对公用事业上市公司资本结构的宏、微观影响因素进行实证分析。结果表明：偿债能力、盈利能力、现金周转能力、宏观经济因素与资本结构显著负相关;成长能力与资本结构负相关,企业规模与资本结构正相关,但相关性均不显著。

An Empirical Analysis of Factors Affecting Capital Structure of Listed Companies in Public Industry of China

This paper takes the relevant data of listed companies in public industry in Shenzhen and Shanghai from 2007 to 2009 as a sample.Applying the factor analysis and Multivariate Linear Regression Analysis,it makes an empirical analysis of the macro and micro effecting factors of Public Listed Companies.The conclusion has shown that the ability to pay debt,profitability,current return ability and macro-economic factors showed a negative correlation with asset in-debt rate.Growth ability showed a negative,while enterprise size showed a positive correlation with asset in-debt rate,but their correlations are not obvious.