制度环境对国有企业资本结构影响的实证研究

利用1997~2007年全国30个省市区的面板数据,对国有及控股企业资产负债率与非国有化水平、市场化程度、开放程度的关系进行了计量分析。研究结果表明:制度环境对国有企业资本结构有显著影响;非国有经济的发展一定程度提高了国有企业负债水平;市场化程度和开放程度的提高,降低了国有企业负债水平。

An Empirical Study on the Impact of Institutional Environment on State-owned Enterprise Capital Structure

Using panel data of 30 provinces from 1997 to 2007,this paper analyzes relationships between assets-liabilities ratio of state-owned enterprise,degree of non-nationalization,degree of marketization,and opening degree.The result shows that: institutional environment has a significant effect on state-owned enterprise capital structure;the development of non-state economy increases the assets-liabilities ratio of state-owned enterprises;the increasing of marketization and opening degree decreases the assets-liabilities ratio of state-owned enterprises.