江苏上市公司资本结构影响因素的实证分析

An Empirical Analysis on the Factors Influencing Capital Structure of Listed Companies in Jiangsu Province

中文关键词:  上市公司  资本结构  实证分析

英文关键词:listed company    capital structure    empirical analysis

中文摘要:

      本文以江苏省2002～2004年期间上市的84家公司为样本数据,对影响上市公司资本结构的主要因素进行实证分析。结果表明:行业因素、公司规模和非负债税盾比例对资本结构的选择有显著的作用,而利息保障倍数和资产担保价值比例对资产负债率没有明显的影响。

英文摘要:

      This paper makes an empirical analysis on the main factors influencing the capital structure of listed companies according to the sample data of 84 listed companies during 2002～2004. The results show that the industry factor, the company size and the proportion of non-debt tax shields have a remarkable effect on the choice of capital structure, while the multiple of interest safeguard and the proportion of asset collateral value do not have an obvious effect on the asset-liability ratio.