摘要
汽车产业作为国民经济的重要产业,在推动社会进步和改善人民生活方面发挥着重要作用。选取在沪深证券交易所发行A股的35家汽车上市公司,以其2004-2014年数据为依据,基于面板数据对财务指标对资本结构的影响进行研究。结果表明:所选财务指标对流动负债率和长期负债率的解释能力很弱,但对资产负债率却有很强的解释能力;偿债能力和营运能力与资产负债率负相关,发展能力和资产负债率正相关。
Automobile industry, as an important industry in the natianaleconomy,plays an important role in promoting social progress and improving people- lives. This paper selects 35 listed companies in automobile industry, which issued A shares in Shanghai and Shenzhen stock exchanges , with its 2004 -2014 data as the basis, researching the impact of the financial indicators on capital structure based on panel data. The results show that： The selected financial indicators havent much effect in explaining the current debt ratio and long -term debt ratio, but have strong influence on the debt to assets ratio; the results also shows that the debt - paying ability and Operating Capacity are negatively related to the debt to assets ratio, and the capacity development is positively ralated to the debt to assets ratio.
出处
《哈尔滨商业大学学报（社会科学版）》
2016年第4期75-81,共7页
Journal of Harbin University of Commerce:Social Science Edition
关键词
汽车行业
面板数据
财务指标
资本结构
automobile industry
panel data
financial indicator
capital structure
