An Empirical Study on the Inter-Industry Differences of Chinese Listed Companies'''' Capital Structure
中国上市公司资本结构行业间差异实证研究

We classify the Chinese listed companies according to CSRC's industry classification standard, and conducts a through empirical study on the industrial differences of capital structure, which is represented by long\|term debt ratio. Results show that: 1. There are significant differences among the capital structures of different industries, since the differences are caused by minority industries. 2. About 10.5% of the differences among companies can be explained by there industries. 3. The capital structure of the same industry and the differences among industries are very stable.