중국 해운항만기업의 자본구조 분석

The Determinant of Capital Structure of Chinese Shipping and Port Companies

Sea transport is the main mode of transport in international trade. Accordingly, the shipping and port industries play an important role in the global economy. In the case of the shipping and port industries, the investment period for a new business is usually long and the initial investment capital is very large. In such a high uncertainty and capital-intensive industry, each company's financing strategy becomes a very important part of each company's business. Therefore, the capital structure strategy of shipping and port companies becomes an important content in corporate management. This study examines theoretical studies and analyzes the capital structure of Chinese shipping and port companies through empirical analysis using actual data. For this purpose, we selected shipping and port companies listed in China as samples, obtained financial statements of these companies, and conducted empirical analysis. The sample is 27 Chinese shipping and port listed companies, and financial data for 2006-2015 were collected and analyzed. As a result of analysis using panel regression, it was found that profitability, company size, and solvency affect the capital structure of sample companies.