后金融危机时代中国上市公司资本结构行业差异的实证分析

摘要

Based on the successive research (2008-2011) on the capital structure of 459 companies in the Chinese domestic stock market listed before 2001 and the further empirical study on the industrial differences in the capital structure of these companies, the paper tests the significance of industrial differences using descriptive statistics, makes a regression analysis using cross-section data to explore factors that exert important influences on corporate capital structure such as profitability, size, tangible capital, taxes and non-debt tax shields and discusses whether their effects on the capital structure of different industries exhibit certain characteristics in the Chinese institutional environment. It concludes that the industrial differences of capital structure in China indicate that China's current industrial polices must be further adjusted.%通过对上海证券交易所和深圳证券交易所2001年以前上市的459家企业的资本结构2008~2011年的跟踪分析，在此基础上对中国上市公司资本结构行业差异的进行实证分析。首先，利用描述性统计检验了上市公司资本结构行业差异的显著性。其次，采用横截面数据进行回归分析，考察对企业资本结构产生重要影响的一些因素，如企业的盈利能力、规模、有形资产、税收和非债务税盾，在中国的制度环境下，其对不同行业资本结构的影响方式是否具有某些不同的特点。从总体上看，企业资本结构的行业差异说明了我国目前的产业政策仍需进一步调整。顺着本文逻辑线索提出了一些值得进一步具体细化研究的问题。