产业负债的内部影响因素研究——基于工业面板数据的实证分析
首发时间:2007-04-27
摘要:受企业资本结构研究的启发,本文对产业负债的影响因素进行了实证分析。利用我国36个工业行业1994~2003年10年间360个观察值,通过面板数据静态回归发现:企业资本结构理论中的税率、盈利性、风险、规模、资产结构以及成长性等六类因素同样能解释产业负债的形成,实证结果显示工业产业总的负债能力受税率、主营业务收入以及主营业务收入增长率的显著影响;短期负债水平则受股本回报率、成本费用利润率、总资产、流动资产规模以及主营业务收入增长率的显著影响;而税率、股本回报率、成本费用利润率以及总资产则显著影响产业长期负债能力。
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The Interior Determinant Factors of Industries’ Debt:an Empirical Analysis Based on Panel Data
Abstract:Using the framework of capital structure theories, this paper offers an empirical analyst on the interior determinant factors of industries’ debt. Based on the panel data of 36 industries in 1994-2003 in China, the results of the regression shows that the following factors coming from capital structure theories can also explain industries’ debt, such as tax rates, profitability, risk, scale, assert structure and growth; industries’ total debt abilities are significantly affected by tax, sales, growth of sales; industries’ short-term debt are significantly affected by ROE, cost fee, total assert, current assets, growth of sales; and tax, ROE, cost fee and total assert significantly affect industries’ long-term debt.
Keywords: Industries’ Debt, Interior Factors, Industries, Empirical Analysis
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No.1251411488511776****
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