發(fā)布時間：2018-06-25 06:27

  本文選題：煤炭企業(yè) + 資本結構　； 參考：《改革與戰(zhàn)略》2015年10期

【摘要】：1998年以來我國不同所有制煤炭企業(yè)的資本結構走勢截然對立,當國有煤炭企業(yè)資產(chǎn)負債率一路上揚時,非國有煤炭企業(yè)的資產(chǎn)負債率卻進入了穩(wěn)定的下降通道。根據(jù)權衡理論和順序融資理論,文章采用1998—2009年規(guī)模以上煤炭企業(yè)微觀的數(shù)據(jù)樣本,對影響煤炭企業(yè)資本結構的因素展開了動態(tài)面板實證研究回歸,并基于回歸結果對企業(yè)資本結構演變進行了模擬。結果表明:企業(yè)資本結構受多種因素影響,廣受關注的所有制差異確實對煤炭企業(yè)資本結構的差異性變動有影響,但是程度很有限。對不同所有制煤炭企業(yè)資本結構差異造成最大影響的因素是企業(yè)的盈利能力因子,非國有企業(yè)相對較高的盈利能力解釋近一半的資本結構差異。
[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.
【作者單位】： 中國地質大學〈北京〉人文經(jīng)管學院;中國地質圖書館;
【基金】：國家自然科學基金面上項目(項目編號:41471112) 教育部人文社會科學研究規(guī)劃基金面上項目(項目編號:12YJA790064) 中國地質大學(北京)基本科研業(yè)務費優(yōu)秀教師項目支持(項目編號:2652015152);中國地質大學(北京)研究生院重點教改項目
【分類號】：F406.7;F426.21

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本文編號：2064977