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运用结构方程建模(SEM)方法,采用验证性分析与探索性分析相结合的思路,根据106家中国中小板上市公司的调查问卷和2008年年报数据,对中国特色的上市公司资本结构构念进行了检证,并根据2011—2013年中小板公司年报数据,选择了686家样本公司进行大样本稳健性检验。首先,根据文献进行规范研究,构建具有股权结构和债务结构两个横截面的资本结构构念理论模型。其次,运用因子分析和结构方程建模等实证方法,构建11个SEM模型,分别从股权结构、债务结构、股权结构和债务结构的关系、经营绩效、股权结构和债务结构与经营绩效的关系等五个方面,对资本结构理论模型进行模型拟合、模型评价和模型修正。最后,结合资本结构构念的理论模型和实证模型提出,以中小板公司为代表的中国上市公司资本结构不能简单模仿国外惯例,即只用资产负债率作为唯一的代理变量,而中国实情决定了第一大股东持股比例是资本结构不可或缺的代理变量。由资产负债率和第一大股东持股比例共同构成的资本结构构念才能对企业经营绩效提供较强的解释力。
Using the structural equation modeling (SEM) method and the combination of confirmatory analysis and exploratory analysis, according to the questionnaire of 106 Chinese small and medium-sized listed companies and the data of 2008 annual report, this paper analyzes the capital structure conception of Chinese listed companies Conducted a verification, and according to the 2011-2013 annual report of small board companies, 686 sample companies were selected for robustness testing of large samples. First of all, according to the normative literature, we construct a conceptual model of capital structure conception with two cross sections of ownership structure and debt structure. Secondly, using the empirical methods of factor analysis and structural equation modeling, we construct 11 SEM models, respectively from the relationship between ownership structure, debt structure, equity structure and debt structure, business performance, equity structure and debt structure and business performance In five aspects, the model of capital structure theory model fitting, model evaluation and model revision. Finally, combining the theoretical model and empirical model of the conception of capital structure, it is suggested that the capital structure of Chinese listed companies, represented by the small and medium-sized companies, can not simply imitate the foreign practices, that is, using only the debt-to-asset ratio as the sole proxy variable. The largest shareholder of the shareholding ratio is an indispensable proxy for capital structure variables. The capital structure concept composed of asset-liability ratio and shareholding of the largest shareholder can provide strong explanatory power to the business performance.