在创业板市场上市的公司大多从事高科技业务,具有较高的成长性,成立时间较短,规模较小,业绩也不突出。实证研究创业板公司资本结构的影响因素,从公司的避税动机、盈利能力以及资产流动性三个因素,选取创业板34家上市公司,运用其2010年~2014年的财务数据,建立面板数据模型,实证结果表明,三个因素联合影响样本公司的资产负债率。 Companies listed on the GEM market are mostly engaged in high-tech businesses, with high growth, shorter establishment, smaller scale and outstanding performance. Empirical study of the factors that affect the capital structure of GEM, from the company’s tax incentive motivation, profitability and liquidity of three factors, select 34 GEM companies, using its financial data from 2010 to 2014, the establishment of panel data model The empirical results show that the three factors affect the sample company’s debt-to-asset ratio.