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本文以中国A股上市公司2001～2005年的公开财务报表数据为样本,采用面板回归模型对我国上市公司资产流动性与公司资本结构的关系进行了实证检验。结果发现:公司资本结构与公司资产流动性显著负相关;公司资本结构与其盈利能力以及公司规模显著负相关;公司资本结构与企业所得税费用显著正相关;股权集中度与公司资本结构之间的关系不显著。
This paper takes the public financial statements data of Chinese A-share listed companies from 2001 to 2005 as a sample, and uses panel regression model to test the relationship between asset liquidity and corporate capital structure of listed companies in our country. The result shows that there is a significant negative correlation between the company’s capital structure and the liquidity of the company’s assets; the company’s capital structure is significantly and negatively related to its profitability and the company’s size; the company’s capital structure is significantly and positively correlated with the company’s income tax; the relationship between ownership concentration and the company’s capital structure Not obvious.