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自从MM不相关定理诞生以来,企业资本结构理论引起了经济学界的广泛关注。尽管国内外诸多学者对企业资本结构的影响因素作了许多理论阐述和实证研究,但有关有色金属企业资本结构的研究在国内仍很少见。本文运用主成分分析和多元回归相结合的方法对其资本结构形成可能的影响因素加以实证检验和分析。结果表明:企业的规模、盈利能力、成长性、资产结构以及非负债类税遁都是其资本结构形成的重要影响因素。
Since the birth of the MM unrelated theorem, the theory of corporate capital structure has aroused widespread concern in the field of economics. Although many scholars at home and abroad made many theoretical explanations and empirical studies on the influencing factors of the corporate capital structure, the research on the capital structure of non-ferrous metal enterprises is still rare in China. In this paper, principal component analysis and multiple regression methods are combined to test and analyze the possible influencing factors of capital structure formation. The results show that the scale, profitability, growth, asset structure and non-debt tax evasion are all the important influential factors in the formation of capital structure.