林业上市公司资本结构影响因素分析——基于利益相关者的视角

从利益相关者的视角对财务利益相关者和非财务利益相关者对于林业上市公司资本结构的影响进行理论分析, 并建立面板数据模型检验根据理论分析提出的研究假设.实证结果表明, 林业上市公司的财务利益相关者对资本结构的影响要大于非财务利益相关者的影响, 非财务利益相关者不是林业上市公司制定资本结构的主要考虑因素.

Research on Influencing Factors to Capital Structure of Listed Forestry Companies: Based on Stakeholders' Respective

This paper made a theoretic analysis on the influences of financial and non-financial stakeholders on the capital structure of listed forestry companies from the perspective of stakeholders, and established the panel data model to examine the hypothesis proposed. The empirical research results showed that the financial stakeholders had greater influences on the capital structure of listed forestry companies than non-financial stakeholders did, and non-financial stakeholders are not the main factor to be taken account of for listed forestry companies when they make capital structure decisions.