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资本结构对企业的经营至关重要,随着国家对我国传媒产业融资政策的放开,传媒产业融资渠道向多样化转变,其资本结构发生了质的变化。本文首先分析了目前我国传媒产业发展现状、融资渠道及传媒上市公司资本结构特点,接着通过借鉴国内外学者相关研究成果,结合我国传媒产业实际情况,选取我国2013年23家传媒上市公司作为样本,建立多元线性回归模型进行计量分析,得出的结论为:资本结构与盈利能力显著负相关,与企业规模、资产担保价值显著正相关,与成长性和非债务税盾不相关。
Capital structure is crucial to the operation of enterprises. With the liberalization of China’s financing policy for the media industry, the financing channels of the media industry have diversified and their capital structure has undergone qualitative changes. This paper first analyzes the current development of the media industry in our country, the financing channels and the capital structure of listed companies in the media. Then, by referring to the relevant research results of domestic and foreign scholars and combining with the actual conditions of the media industry in our country, this paper selects 23 listed companies in China as samples, The establishment of multivariate linear regression model for econometric analysis concluded that the capital structure was negatively correlated with profitability and positively correlated with the size of the enterprise and the value of asset guarantees, and was irrelevant to the growth and non-debt tax shields.