市场化进程对企业资本结构的影响研究--基于信息技术行业的实证检验

摘要

在已有研究基础上研究市场化进程对资本结构的影响。选取信息技术行业上市公司2001-2010年间的面板数据，采用固定效应模型与动态面板数据模型，发现市场化程度增高时信息技术行业负债比率有降低趋势。为了使实证结果具有更高的可靠性，进行了多种稳健性检验，检验结果一致肯定了市场化对资本结构的逆向影响。%This article studies the influence of the marketing process on capital structure based on pre-vious researches.With the panel data of listed companies in the information technology industry from 2001 to 2010,the authors use the fixed effect model and the dynamic panel data model,finding that the increase of marketing level is associated with a decline of debt ratios in information technology in-dustry.To achieve more reliable results,this article conducts a number of robust tests and confirms the adverse impact of marketing on capital structure.