我国上市公司资本结构影响因素实证研究

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我国上市公司资本结构影响因素实证研究

李志辉① 商国发②

内容提要：国外学者对发达国家企业资本结构影响因素做了大量研究，发现企业资本结构存在行业差异，企业资产负债率一般与资产担保价值、公司规模、企业成长机会正相关，与股权集中度、盈利能力负相关。然而，由于我国上市公司与市场经济成熟国家企业面临不同融资环境，国内上市公司对资本结构的选择也不相同。在国外研究的基础上，本论文首先用单因素方差分析法检验了我国上市公司资本结构的行业差异，然后用分行业检验和整体样本检验两个回归模型分别检验了中国上市公司资本结构对这些影响因素的敏感性。研究结果发现我国上市公司资本结构与其影响因素的关系与发达国家并不完全相同，我国上市公司偏低的资产负债率表明我国上市公司存在股权融资的偏好，而产业因素和公司特征因素对资本结构的解释程度有限，说明我国上市公司的资本结构更多地受到宏观融资环境的影响，各公司的资本结构和融资行为趋于相似，在某种程度上表现出“制度抑制”的现象，而并没有充分体现出公司在产业属性、经营特征、财务状况等方面的差异。最后，根据实证研究，分析了我国上市公司资本结构不合理的原因，并提出优化我国上市公司资本结构的一些政策建议。

关键词：上市公司 资本结构 影响因素

Empirical study on capital structure determinants in listed China companies Abstract: Prior research on capital structure determinants of developed markets suggests that leverage ratio is usually positively related to tangibility, size and growth, and negatively correlated with profitability and ownership concentration of companies. However, because the financial system of China is quite different from that of developed countries, it is also quite different for China companies to choose their capital structure. Based on the introduction of capital structure theory, the authors conduct empirical study on capital structure determinants of listed China companies, utilizing statistical analysis and two regression methods. The result shows that the capital structure determinants have different degree and direction of influence on leverage of listed China companies. The leverage ratio of China companies is much smaller and the listed China companies have the preference to equity finance. The estimates reveal that the companies in China adjust their debt ratios to attain their target capital structure. Therefore, the capital structure decision of listed China companies is not mainly the product of its own characteristics. It is mainly influenced by the financial environment and traditions in which it operates. It means that the financing activities of listed China companies are becoming similar, and there is institution impression in China financial markets. Based on the empirical research, we analyze the causes that the capital structure of the listed China companies is abnormal. Then we forward a series of recommendations for the listed China companies.

Keywords: Listed companies, capital structure, determinants

一、引言

米勒和莫迪格利安尼（1958）MM定理认为在完善的市场条件下资本结构与①

②李志辉，南开大学金融学系。邮编：300071，电话：23508773，E-mail: zhli@nankai.edu.cn 商国发，南开大学金融学系。邮编：300071，联系电话：13820962490，电子信箱：guofashang@hotmail.com

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