不同所有制煤炭企业资本结构差异影响因素研究

发布时间：2018-06-25 06:27

本文选题：煤炭企业 + 资本结构　；参考：《改革与战略》2015年10期

【摘要】：1998年以来我国不同所有制煤炭企业的资本结构走势截然对立,当国有煤炭企业资产负债率一路上扬时,非国有煤炭企业的资产负债率却进入了稳定的下降通道。根据权衡理论和顺序融资理论,文章采用1998—2009年规模以上煤炭企业微观的数据样本,对影响煤炭企业资本结构的因素展开了动态面板实证研究回归,并基于回归结果对企业资本结构演变进行了模拟。结果表明:企业资本结构受多种因素影响,广受关注的所有制差异确实对煤炭企业资本结构的差异性变动有影响,但是程度很有限。对不同所有制煤炭企业资本结构差异造成最大影响的因素是企业的盈利能力因子,非国有企业相对较高的盈利能力解释近一半的资本结构差异。
[Abstract]:Since 1998, the capital structure of China's coal enterprises with different ownership has been in sharp opposition. When the asset-liability ratio of state-owned coal enterprises is rising all the time, the asset-liability ratio of non-state-owned coal enterprises has entered a steady decline channel. Based on the tradeoff theory and sequential financing theory, the paper uses the microscopic data samples of coal enterprises over the scale of 1998-2009 to carry out dynamic panel empirical research regression to the factors that affect the capital structure of coal enterprises. Based on the regression results, the evolution of enterprise capital structure is simulated. The results show that the capital structure of the enterprise is influenced by many factors, and the ownership difference which has attracted much attention does have an effect on the variation of the capital structure of the coal enterprise, but to a very limited extent. The most important factor affecting the capital structure difference of coal enterprises with different ownership is the profitability factor. The relatively high profitability of non-state-owned enterprises accounts for nearly half of the capital structure differences.
【作者单位】：中国地质大学〈北京〉人文经管学院;中国地质图书馆;
【基金】：国家自然科学基金面上项目(项目编号:41471112) 教育部人文社会科学研究规划基金面上项目(项目编号:12YJA790064) 中国地质大学(北京)基本科研业务费优秀教师项目支持(项目编号:2652015152);中国地质大学(北京)研究生院重点教改项目
【分类号】：F406.7;F426.21

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