职称论文发表

会计学,资本结构影响因素的实证研究-基于制造业与整体上市公司的比较

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资本结构影响因素的实证研究-基于制造业与整体上市公司的比较

Empirical Analysis of Effect Factors on the Capital Structure-based on the comparison with manufacturing and the overall listed companies

职称论文发表

摘要: 本文以职称论文发表344家制造业及712家主板上市公司为研究样本,基于其面板数据从制造业与整体两个角度检验并对比资本结构的影响因素。职称论文发表结果显示:资本结构受行业因素影响;两组样本中企业规模、成长性、收益现金流、股权集中度、营运能力与资本结构正相关,盈利能力、资产流动性与资本结构负相关。由此可见制造业的升级需要加大创新力度,且与整体融资结构相匹配,制造业转型发展是整体经济发展的重要支撑,而整体上市公司的转型发展也为制造业提供稳定的环境支持。
关键词: 资本结构;影响因素;实证研究;制造业;上市公司
Zhu Lingli, Xu Min*
(  Economics and Management School, Nanjing Tech University,Nanjing 211816;  )
Abstract: In this paper, 344 manufacturing and 712 main board listed companies in the study sample, With economies in transition 2009–2013 panel data based, From the overall manufacturing test and compare the two perspectives and influencing factors of capital structure. The results show: the capital structure affected by industry factors, firm size, growth, profitability, cash flow, ownership concentration, operational capacity and capital structure positively related to profitability, liquidity and capital structure negatively correlated asset collateral value in total sample did not pass the test, income tax and does not affect the uniqueness of the product manufacturing capital structure. These results indicate that the need to upgrade the manufacturing sector overall financing structure to match, deepen financial sector reform, expand financing channels, manufacturing transformation and development is an important support for the overall economic development, and the overall restructuring of listed companies to provide a stable development for manufacturing environmental support.
Keywords: Capital structure;Effect factors; Empirical analysis; Manufacturing; Listed companies

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