中国农业上公司资本结构微观影响因素分析-湖南农业大学学报.PDF

第 12卷第 3 期 湖南农业大学学报(社会科学版) Vol．12 No．3 2011 年 6 月 Journal of Hunan Agricultural University (Social Sciences) Jun．2011 中国农业上市公司资本结构微观影响因素分析 1,2 1 马巾英 ，李明贤 (1.湖南农业大学 经济学院，湖南 长沙 410128 ；2.湖南师范大学 商学院，湖南 长沙 410081) 摘 要：上市公司的资本结构对公司的发展起着很重要的作用，而影响企业资本结构的因素是多方面的。基于中 国 45 家农业上市公司 2007—2009 年的面板数据，建立回归模型，对影响资本结构的微观因素进行实证分析。研 究表明：中国农业上市公司的盈利能力、偿债能力以及现金流量与资产负债率负相关，企业规模、非债务税盾与 资产负债率正相关，而成长能力与资产负债率的相关性不显著。 关 键 词：农业上市公司；资本结构；资产负债率；影响因素；中国 中图分类号：F830.91 文献标志码：A 文章编号：1009-2013(2011)03-0029-06 Micro factors influencing capital structure in Chinese agricultural listed companies MA Jin-ying1, 2, LI Ming-xian1 (1.Economics College, Hunan Agricultural University, Changsha 410128, China; 2.Business school, Hunan Normal University, Changsha 410081, China) Abstract: Capital structure of listed companies plays an important role in the company development. And the factors influencing capital structure are various. This paper makes an empirical study on the micro influence factors of capital structure by establishing Logit Regression Model, which comes from forty-five agricultural listed companies in 2007-2009. The results show that asset in-debt rate of agricultural listed companies showed a negative correlation with profitability, the ability to pay debt and cash flow, and a positive correlation with enterprise size, non-debt tax shields, and no significant correlation with growth ability. Key words: agricultural listed company; capital structure; asset in-debt rate; influence factors; China