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以1993—2005年1 254家A股上市公司9 273个年度非平衡面板观察值为样本,本文首次深入分析了外生的省份因素对公司资本结构的影响。研究结果显示:省份差别显著影响上市公司资本结构;超过3%的上市公司真实负债率变异能由省份差别解释,而2%以上的上市公司名义负债率变异也能由省份差别解释;而且省份因素对上市公司资本结构的影响在地理上呈现聚集性,这种聚集性能很好地被各省上市公司的平均负债率解释。实证结果表明,区域差异可以作为影响企业资本结构的一个独立因素。
Taking the 9 273 annual unbalanced panel observations of 1 254 A-share listed companies from 1993 to 2005 as samples, this paper for the first time analyzes in depth the impact of exogenous provinces on the company’s capital structure. The results show that: the provincial differences significantly affect the capital structure of listed companies; more than 3% of listed companies real debt-to-equity variability can be explained by the differences between provinces, while more than 2% of listed companies nominal debt-to-equity variability can also be explained by the differences between provinces; The effect on the capital structure of listed companies is geographically aggregated, which is well explained by the average debt ratio of listed companies in each province. Empirical results show that regional differences can be used as an independent factor affecting the corporate capital structure.