摘要
本文采用结构方程模式取向的路径分析,对我国上市公司资本结构微观影响因素的作用路径进行了实证研究。首先,在总结以往研究的基础上,本文对各影响因素的具体化过程进行了讨论,并选择了可行的财务指标对其进行测量;然后,通过引入中介变量,利用路径分析有效地分离了公司各经营特征对资本结构的直接效应和间接效应,发现公司经营特征的不同维度对公司负债率往往具有不同的作用路径。
Through path analysis based on structural equation modeling approach, this paper conducts an empirical study on the effect path of micro-determinants of capital structure in Chinese listed companies. First of all, the paper discusses the specifying process of determinants, and chooses the feasible financial indicators to measure these determinants. Secondly, with path analysis, the direct effect is successfully separated from the indirect effect of firm＇s operating characteristics on their capital structures, by virtue of intermediate variables. Finally, it concludes that different dimensions of firms＇ operating characteristics would have diverse effect paths on their debt ratios.
关键词
资本结构
微观影响因素
结构方程模式
路径分析
Listed company
Capital structure
Micro-determinants
Structural equation modeling
Path analysis
