摘要
同其他国家一样，中国上市公司的财务杠杆随企业规模、非债务性避税规模和公司固定资产的增加而增大，随公司盈利能力增加而减小，而且同上市公司所属行业相关。同时，它还会受到所有权结构的影响。同其他国家不同的是，中国上市公司的财务杠杆随公司经营风险程度的增加而增加，而且企业倾向于持有较低的长期债务。同融资的优序假说相比，静态权衡模型对中国上市公司的资本结构似乎有更强的解释力。
This paper employs a new database,which contains the market and accounting data from more than 1000 Chinese listed companies up to the year 2000,to document the charac- teristics of these firms in terms of capital structure.As in other countries,leverage in Chinese firms increases with firm size,non-debt tax shields and fixed assets,and decreases with profitabili- ty and correlates with industries.We also find that ownership structure affects leverage.Different from those in other countries,leverage in Chinese firms increases with volatility and firms tend to have much lower long-term debt.The static tradeoff model rather than pecking order hypothesis seems better in explaining the features of capital structure for Chinese listed companies.
出处
《经济学（季刊）》
2004年第2期395-414,共20页
China Economic Quarterly
