资本结构的影响因素解析.docVIP

资本结构的影响因素分析 Influence factor analysis of the capital structure 李明泽 2012年8月27日 August 27, 2012 摘 要： 资本结构问题一直是财务理论研究中的热点与难点问题之一。本文使用平行数据模型对资本结构影响因素进行了实证研究，起着只利用截面数据或只利用时间序列数据模型不可替代的作用，具有很高的应用价值。本文基于国内学者对此研究的结果，从公司经营特征、公司治理结构这两个角度选取了可能影响公司资本结构的九个因素，使用医药和化工两个相关行业数据，建立单方程平行数据模型，由实证研究结果可以得到如下结论，资本结构影响因素存在个体差别，以及不同行业的资本结构影响因素存在差异，基于研究结果提出相应建议，为公司确定资本结构提供参考依据。 关键词：资本结构；影响因素；平行数据模型；行业；实证分析Abstract The problem of capital structure has been the financial theory research in the hot and difficult problem. This paper uses the panel data model on the influencing factors of the capital structure empirical research was conducted, with only the use of cross-sectional data or only using time series data to model the irreplaceable role, has the very high application value. In this paper, based on the domestic scholars research results, from the company operating characteristics, corporate governance structure of the two angle selected may influence the capital structure of the nine factors, the use of medicine and chemical industry two related data, the establishment of a single equation parallel data model, the empirical results can be obtained as follows, the influential factors of capital structure of existence individual differences in different sectors, and the determinants of capital structure existence difference, based on the results of the study put forward the corresponding proposal, for the company to provide reference basis for determining the capital structure. Key words: capital structure; influencing factors; panel data model; industry; empirical analysis 目 录 一：现代资本结构理论……………………………………………………………………5 相关概念的界定……………………………………………………………………....5 二：现代资本结构理论的主要分支………………………………………………………5 权衡理论………………………………………………………………………………5 信息不对称理论………………………………………………………………………5 信号传递理论…………………………………………………………………………5 信号传递理论…………………………………………………………………………5 优序融资理论…………………………………………………………………………5 三：公司因素对资本结构影响的实证分析………………………………………………6 样本及指标的选取……………………………………………………………………6 解释变