江苏与全国上市公司资本结构决定的差异——基于配对数据的比较研究
首发时间:2009-06-23
摘要:研究资本结构的区域差异是一个重要课题。采用配对比较的研究方法,我们分析了江苏省79家上市公司与配对的全国683家上市公司在资本结构决定上的差异。发现尽管总体而言上市公司是否属于江苏省没有对真实负债率构成显著影响,但是在单个因素的决定上江苏上市公司和全国上市公司存在差异,江苏上市公司的真实负债率与公司规模、成长性、有形资产显著正相关,与盈利性和经营风险显著负相关;而与配对的全国上市公司真实负债率显著相关的NDTS、企业历史和行业因素对江苏上市公司则没有显著影响。
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The Determinants of Difference of Listed Companies’capital structure between Jiangsu Province and mainland China: an Analysis Based on Matching Comparison
Abstract:Issues about regional difference in capital structure are important topics. By the method of matching comparison, this paper provides an analysis on the determinant of difference of capital structure between 79 Jiangsu listed companies and 683 matching companies. Although the factor whether companies belong to Jiangsu or not has no significant effect on the listed companies, there is different in the determinant of single factor. The true debt ratios of Jiangsu listed companies are positive to size, growth and tangible asset, but negative to profitability and operation risk. Whereas the factors significantly affecting the matching companies, such as NDTS, firm history and industry, have no significant effect on Jiangsu listed companies.
Keywords: Capital Structure Matching Comparison Regional Difference True Debt Ratio
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