作　　者： (钟永红）; ;

机构地区： 华南理工大学经济与贸易学院

出　　处： 《南方金融》 2014年第12期79-82,66,共5页

摘　　要： 本文以2009-2013年我国A股上市公司为样本,利用面板数据回归分析方法,以企业资产规模、盈利能力、固定资产比率、成长性和投资规模为控制变量,检验企业属性及行业集中度对上市公司负债率的影响。结果表明,国有企业的长期负债潜在风险较大,企业资产负债率及长期负债率均随行业集中度上升呈倒U型变化。在此基础上,本文提出放松民间资本限制、增设考核目标、拓宽企业股权融资渠道等建议。 In this paper, we use panel data regression method to test whether ownership of firms and industrial concentration ratio will affect debt ratio of Chinese A-share listed companies from 2009 to 2013 with five controlling variables, which are asset size, profitability, fixed asset ratio, growth and investment scale. The results show that the potential risk of longterm debt in state-owned firms should not be overlooked. With industrial concentration ratio improves, the tendency of debt ratio and long term debt ratio show descending following its ascending, demonstrating '∩' shape. Based on it, we suggest to unloose running right of private capital, to add debt ratio as an important reference target, and to broaden the equity financial channel for enterprises.

关 键 词： 金融市场 资本结构 负债率 企业属性 行业集中度

领　　域： [经济管理—企业管理] [经济管理—国民经济]