ASS  >> Vol. 6 No. 5 (May 2017)

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

  • 全文下载: PDF(409KB) HTML   XML   PP.530-537   DOI: 10.12677/ASS.2017.65073  
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资本结构影响因素有效性上市公司Capital Structure Influence Factors Effectiveness Listed Company



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.

白洁菲. 我国上市公司资本结构影响因素有效性研究[J]. 社会科学前沿, 2017, 6(5): 530-537.


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