摘要: |
以沪深股市75家科技型企业1999--2004年的年报数据为对象,分析了中国上市科技企业负债率的影响因素.得出结论:我国上市科技企业的总资产负债率与固定资产比例、非债务税盾、盈利能力呈反向关系;与企业规模、成长能力呈正向关系.而长期资产负债率与固定资产比例、企业规模和管理层持股比例呈正向关系. |
关键词: 科技型企业 资本结构 资产负债率 |
DOI: |
分类号:F204 |
基金项目:上海市高校优秀青年教师后备人选科研项目 |
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Empirical Study on Determinants of Capital Structure of Chinese Listed High-tech Companies |
YANG Jun-min CAO Zhi-guang SI Chun-lin
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1. Department of lnternational Economics, Shanghai Institute of Foreign Trade, Shanghai 201600, China; 2. School of Finance Shanghai University of Finance and Economics, Shanghai 200433, China; 3. School of Management, Fudan University, Shanghai 200433,
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Abstract: |
Using annual data from 75 technology companies listed in Shanghai and Shenzhen Stock Market,it analyzes the factors which affect the debt-equity ratio.The conclusion is that: The total debt-equity ratio decreases with fixed assets,non-debt tax shield and |
Key words: high-tech company capital structure debt-equity ratio |