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企业在发展过程中,如何安排其融资结构?企业应该如何确定其自有资本、股权资本和债务资本的比率,才能使企业的市场价值最大化?这是当今企业发展不得不面对的问题。为了解决它,我们需要找出影响企业资本结构形成的各种因素。而行业因素是影响企业资本结构形成的重要因素。理论上,由于企业的生产经营活动与企业所处的行业关联密切,最优资本结构受到一些行业相关变量的影响就成为一个自然的结论。但是,从国内外经验研究的结果看,企业的资本结构与其所处行业是否显著相关却无确定的结论。本文选取2006-2010年中国上市公司作为样本,通过非参数检验和模型回归,实证检验了上市公司资本结构与行业特征的关系。
How to arrange the financing structure of enterprises in the process of development? How should enterprises determine the ratio of their own capital, equity capital and debt capital in order to maximize the market value of enterprises? This is the problem that enterprises have to face in their development. In order to solve it, we need to find out the various factors that affect the formation of the corporate capital structure. The industry factor is an important factor affecting the formation of the capital structure of an enterprise. In theory, it is a natural conclusion that the optimal capital structure is influenced by some industry-related variables because the production and business activities of enterprises are closely related to the industries in which the enterprises are located. However, from the results of empirical studies both at home and abroad, there is no definite conclusion as to whether the capital structure of an enterprise is significantly related to the industries in which it operates. This paper selects Chinese listed companies from 2006 to 2010 as samples, and empirically tests the relationship between listed companies’ capital structure and industry characteristics through non-parametric tests and regression models.