我国上市公司资本结构影响因素有效性研究

Which Factors Are Reliably Important to Capital Structure for Chinese Listed Companies?

摘要: 本文在汇总前人实证研究中所选取的资本结构影响因素指标的基础上，对所有指标进行分类、分级处理，从指标体系中找出影响资本结构的主要影响因素和次要影响因素，然后以1998-2013年395家沪深两市上市公司为研究对象，使用两阶段最小二乘法进行回归分析，提高影响因素模型对资本结构的解释能力，并解决资本结构影响因素指标之间的多重共线性及内生性问题，优化资本结构影响因素模型。研究结果表明，公司规模、成长性、营运能力、市场认可性与资本结构正相关，非债务税盾、现金流量、盈利能力、资产担保性、股权集中度、实际控制人与资本结构负相关；波动性、独特性、管理层持股、股权流动性、信息不对称性这五类指标对资本结构不能产生显著影响。

Abstract: This paper starts with a long list of factors from the prior literature, and then we examine which factors are reliably signed and reliably important, for predicting leverage using two stage least squares. The empirical results of 395 Chinese listed companies show that the method can effec-tively solve the multicollinearity and the endogenous problem between the influence factors, at the same time also can greatly improve the whole explanation ability of model to the capital structure. The results show that the company size, growth, operation ability, market recognition are positively related to capital structure. Non-debt tax shields, cash flow, profitability and asset guarantees, equity concentration, actual controller are negatively related to the capital structure. Volatility, uniqueness, management shareholding, equity liquidity and information asymmetry, the five indexes cannot have a significant impact on capital structure.