论文部分内容阅读
ZZ杠杆模型理论上解决“定量求解最优资本结构”这一财务领域长期难以解决的问题,由于该模型建立在一系列理想假设之上,有待实证的进一步检验.基于ZZ杠杆模型研究了资本结构的影响因素,从沪市A股制造业上市公司中筛选了200家符合条件的公司为样本,选用其2008年的横截面财务数据进行实证检验.结果表明,ZZ杠杆模型中的变量是显著影响我国上市公司资本结构的因素:即公司价值波动率与资本结构负相关,所得税税率及平均债务期限与资本结构正相关.结论证实了ZZ杠杆模型在中国市场总体上是成立的.
ZZ leverage model theoretically solves the long-term and difficult problem of “quantitative optimal capital structure”, which is based on a series of ideal hypotheses and has yet to be verified empirically.According to the ZZ leverage model 200 influential companies were selected from the listed A-share manufacturing companies in Shanghai Stock Exchange as samples, and their cross-sectional financial data were selected for empirical test.The results show that the variables in the ZZ leverage model are The factors that significantly affect the capital structure of listed companies in our country are the volatility of corporate value and the capital structure, the income tax rate and the average debt maturity are positively correlated with the capital structure.Conclusion confirms that the ZZ leverage model is generally established in the Chinese market.