关键词: 资本结构 , 企业规模 , 国有企业 , 过度负债

Abstract: An empirical study on the sample data of A share listed companies in manufacturing industry from 1995—2014 shows that ownership factors have no significant effect in the choice of capital structure,even if the capital structure is divided into long and short term is also trueROA,ratio of tangible assets,growth,company size and the actual tax rate have significant impacts on the capital structure of listed companiesThe two most important factors are ROA and the company scaleThe empirical results show that the stateowned debt indeed constitutes the main of macro debt from the perspective of the amount of data,but in terms of manufacturing,the debt level and its economic features are matchedThe scale and ROA may sufficiently explain the high level of debtThe excessive debt of stateowned enterprises said at least manufacturing is not trueSOE debt risk may come from the platform stateowned enterprisesThe relevant policy should be designed for such enterprises

Key words: capital structure , enterprise scale , stateowned enterprises , excessive liabilities