我国食品制造业上市公司资本结构影响因素的实证研究
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摘要
以沪深两市A股上市的食品制造业公司为研究对象,运用因子分析与多元线性回归法对其进行实证研究。研究发现:公司规模、偿债能力与资产负债率和流动负债率显著正相关,盈利能力与资产负债率和流动负债率显著负相关,营运能力与流动负债率正相关,资产担保价值、成长性、所得税的影响不显著。在此基础上对我国食品制造业上市公司优化资本结构提出相关建议。
Taking the food manufacturing companies listed in Shanghai and Shenzhen stock market as the studying object, an empirical research was conducted using factor analysis and multiple linear regression method. The study finds that: the company's size and solvency are positively correlated with asset-liability ratio and current debt ratio,profitability is negatively correlated with asset-liability ratio and current debt ratio, the operating capacity is positively correlated with the current liability ratio, and the impact of asset security value, growth and income tax are not significant. Based on the research, some suggestions on optimizing the capital structure of listed companies in China's food manufacturing industry were put forward.
Taking the food manufacturing companies listed in Shanghai and Shenzhen stock market as the studying object, an empirical research was conducted using factor analysis and multiple linear regression method. The study finds that: the company's size and solvency are positively correlated with asset-liability ratio and current debt ratio,profitability is negatively correlated with asset-liability ratio and current debt ratio, the operating capacity is positively correlated with the current liability ratio, and the impact of asset security value, growth and income tax are not significant. Based on the research, some suggestions on optimizing the capital structure of listed companies in China's food manufacturing industry were put forward.
引文
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[10]张韩.我国食品加工制造业上市公司资本结构影响因素实证分析[J].国际商务财会,2016(12):89-92.
[11]牛丽文,王瑞芳.微观视角下煤炭上市公司资本结构影响因素实证研究[J].煤炭经济研究,2016(3):55-61.
[12]肖泽忠,邹宏.中国上市公司资本结构的影响因素和股权融资偏好[J].经济研究,2008(6):119-134.
[13]周镭,张友峰,刘影,等.中国纺织业上市公司资本结构影响因素的实证研究[J].天津工业大学学报,2012(4):80-82.
[14]黄正辉,谢智勇.上市公司资本结构影响因素的实证分析——以我国房地产业为例[J].上海管理科学,2013(3):71-75.
[15]王素荣,张新民.资本结构和所得税税负关系实证研究[J].中国工业经济,2006(12):98-104.
[16]孙伟,刘翠翠.所得税影响上市公司资本结构的实证研究[J].财会月刊,2016(3):59-62.
[2] FAMA E, JENSEN M. Separation of ownership and control[J]. Journal of Law and Economics,1983(2):301-325.
[3]肖作平.资本结构影响因素和双向效应动态模型——来自中国上市公司面板数据的新证据[J].经济评论,2004(2):98-103.
[4]邢天才,袁野.我国上市公司资本结构决定因素的实证研究[J].宏观经济研究,2013(2):34-40.
[5] MYERS S C, MAJLUF N S. Corporate financing and investment decisions when firms have information that investors do not have[J]. Journal of Financial Economics,1984(13):187-221.
[6]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998(8):36-39.
[7]张晴,任建雄,徐珍.上市公司资本结构的影响因素实证研究——以宁波为例[J].浙江金融,2011(7):61-65.
[8]樊迪,李小健.农业上市公司资本结构影响因素分析——基于主成分分析法与多元线性回归法[J].财会通讯,2015(2):41-43.
[9]袁雪芬.我国食品饮料上市公司资本结构影响因素实证分析[J].商场现代化,2017(9):245-246.
[10]张韩.我国食品加工制造业上市公司资本结构影响因素实证分析[J].国际商务财会,2016(12):89-92.
[11]牛丽文,王瑞芳.微观视角下煤炭上市公司资本结构影响因素实证研究[J].煤炭经济研究,2016(3):55-61.
[12]肖泽忠,邹宏.中国上市公司资本结构的影响因素和股权融资偏好[J].经济研究,2008(6):119-134.
[13]周镭,张友峰,刘影,等.中国纺织业上市公司资本结构影响因素的实证研究[J].天津工业大学学报,2012(4):80-82.
[14]黄正辉,谢智勇.上市公司资本结构影响因素的实证分析——以我国房地产业为例[J].上海管理科学,2013(3):71-75.
[15]王素荣,张新民.资本结构和所得税税负关系实证研究[J].中国工业经济,2006(12):98-104.
[16]孙伟,刘翠翠.所得税影响上市公司资本结构的实证研究[J].财会月刊,2016(3):59-62.