中国上市公司资本结构行业差异的实证研究Capital Structure, Ownership Structure and Performance:A Study of Chinese Listed Companies
谭克
摘要(Abstract)：
战略公司财务理论认为外部产品市场特征与公司资本结构之间有着强烈的互动关系,行业差异是影响公司资本结构的重要因素。对中国上市公司资本结构行业差异的实证研究表明:中国上市公司不同行业门类间以及制造业中各次类之间的资本结构存在显著差异,且这种差异不是由于个别行业的异常值引起的,而是行业间普遍存在的,但是制造业中各次类之间的差异不如行业门类之间的差异那么明显;大约有8.78%的资本结构差异可由公司所处的行业门类来解释;制造业内各次类的趋同性很强,只有2.37%的资本结构差异可由公司所处的行业次类来解释。
关键词(KeyWords)： 资本结构;行业差异;战略公司财务
基金项目(Foundation):
作者(Author): 谭克
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- ①郭鹏飞和孙培源(2003)的检验结果认为同一行业门类内不同行业大类的公司间资本结构无显著差异。