本文以 1990 至 2020 期間在兩千零四家在香港交易所上市的公司作樣本，分析影響香 港上市公司資本結構的主要因素，並發現融資順位理論及上市的初始槓桿兩個因素對 香港公司選擇資本結構有顯著影響：高流動性公司有更少借貸，低獲利公司有高槓桿， 皆與融資順位理論相符；而公司上市初始槓桿對其資本結構的影響可長達二十年。當 公司年齡漸長，其槓桿亦會降低，唯與市場槓桿(Market Leverage)的關係較弱。另外， 換抵理論和市場擇時理論並非香港上市公司的決定其資本結構的主要因素。;Using a large sample of Hong Kong listed companies from 1990 to 2020, this research shows that the capital structure of Hong Kong companies generally follows the pecking order theory and its initial leverage. Confirming the pecking order theory, high-liquidity companies tend to borrow less, and lower-profit companies tend to have high leverage. Confirming the model of initial leverage, companies with extremely high or low leverage tend to maintain a similar level over 15 years. Aging companies have lower book leverage but also have a weaker relationship with market leverage. Furthermore, the results imply that the trade-off model and market timing model are less important in explaining capital structure in Hong Kong
