摘要
以1992～2004年的上市公司为样本，从日历年度和上市存活年度两种纬度，研究我国上市公司资本结构的变化趋势。研究表明：我国上市公司资本结构受上市存活年度影响较大，负债率逐渐随着公司上市存活年度的增长而变大；1998年后负债率呈现出上升趋势，而负债率随日历时间的变化是受上市存活年度的影响；上市存活年度对资本结构的影响具有7％左右的解释能力，比日历时间和IPO日历年度影响都强。
In this paper, we analyze characteristics of the capital structure and the trends of Chinese listed finns in surviving years after IPO （IPO time） and in calendar time from 1992 to 2004. The empirical results show that the capital structures are increasing in IPO time all along and also are increasing in calendar time after 1998. In addition, we also find that the trend of capital structure with IPO time not been effect by calendar time, but the trend of capital structure with calendar time been effect by IPO time. Lastly the associations indicate that the IPO time has positive effects on Chinese listed finns＇capital structure and accounts for 7% R2.
出处
《软科学》
CSSCI
2006年第3期32-36,共5页
Soft Science
基金
国家自然科学基金项目(70142027)
国家杰出青年科学基金香港
澳门青年学者合作研究基金资助项目(70229001)
