中国上市公司资本结构影响因素分析

运用因子分析和回归分析方法,对中国上市公司的资本结构影响因素进行了研究,可以发现偿债保证力、市场竞争力、公司风险、成长性及资产流动性是影响上市公司资本结构的主要因素;各因子对短期负债率的影响力明显高于对长期负债率的影响力;偿债保证力、市场竞争力、公司风险、资产流动性对短期负债率的影响显著,对长期负债率影响显著的因子包括偿债保证力、公司风险、成长性及资产流动性。

Analysis on the Influential Factors of Capital Structure of Listed Companies in China

The author studies the influential factors of capital structure of Chinese listed companies by using factor analysis and regression analysis.Research shows that the main factors which influence the capital structure of listed companies including debt paying capacity,market competitiveness,financial risks,corporate growth and liquidity ratio;various kinds of factors can explain short-term liability ratio better than long-term liability ratio;debt paying capacity,market competitiveness,financial risks and asset liquidity have significant influence on short-term liability ratio,while debt paying capacity financial risks,corporate growth and liquidity ratio influence long-term liability ratio significantly.