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利用2006年12月31日前上市的沪深A股18家煤炭类上市公司的面板数据,运用逐步回归方法,对煤炭类上市公司资本结构的影响因素进行实证研究,实证结果表明:资产担保价值对总负债率和流动负债率均具有显著的正向影响;盈利能力、非流通股比例和资产流动性对总负债率和流动负债率均具有显著的负向影响;资产规模对流动负债率具有显著的正向影响;非债务税盾对总负债率具有显著的负向影响;GDP增长率对流动负债率具有显著的负向影响。
Using the panel data of 18 coal-listed companies in Shanghai and Shenzhen A-shares listed before December 31, 2006, the paper uses the step-by-step regression method to make empirical research on the influencing factors of the capital structure of listed coal companies. The empirical results show that: The total debt ratio and the current liability ratio have a significant positive impact; profitability, the proportion of non-tradable shares and asset liquidity have a significant negative impact on the total debt ratio and current liability ratio; asset size of the current debt ratio was significant The non-debt tax shield has a significant negative impact on the total debt ratio; and the GDP growth rate has a significant negative impact on the current debt ratio.