上市公司资本结构影响因素分析--以电子信息类公司为例

摘要

The capital structure has a significant impact on the improvement of the value of the companies. The theoretical circle has discussed the influencing factors of the capital structure and formed a set of relatively complete theoretical system, but the empiri-cal studies on a particular industry has not been enough. For the quantitative study on the influencing factors of the capital structure of the electronic information listed companies, the paper selects the historical data of 23 electronic information listed companies from 2006 to 2013. By establishing the panel data model, the paper analyzes the influencing factors of the capital structure trying to find out the relationship among the company’s capital structure, its growth, asset structure, enterprise scale, total asset profit margin, non-debt tax shield, liquidity ratio and actual income tax rate so as to enrich the empirical study on the influencing factors of the capital structure of the electronic information listed companies.%资本结构对公司价值的提高有重大影响作用，理论界已经对资本结构的影响因素展开讨论，并形成了一套比较完善的理论体系，但对某一特定行业的实证研究较少。为了对电子信息类上市公司资本结构的影响因素进行定量研究，本文选取23家电子信息类上市公司2006-2013年的历史数据，通过建立面板数据模型对资本结构的影响因素进行分析，试图发现公司的资本结构与其成长性、资产结构、企业规模、总资产利润率、非债务税盾、流动比率、实际所得税率之间的相关关系，丰富电子信息类上市公司资本结构影响因素的实证研究。