我国上市公司资本结构对公司业绩影响的实证分析

采用因子分析与回归分析明确资本结构与公司业绩的关系,采用因子分析时利用销售毛利率、销售净利率、总资产利润率、净资产收益率作为因子,得出反映公司业绩的综合指标;资本结构主要考察了资产负债率、短期资产负债率、长期资产负债率。利用线性回归得出资本结构对公司业绩是负相关关系,且短期资产负债率比长期资产负债率的影响更大。

Empirical Analysis on Capital Structure of China's Listed Corporations and its Effect upon the Corporate Performance

To test the correlation between capital structure and corporate performance,this article uses the factor analysis and the regression analysis.In factor analysis,it uses the gross profit margin of sales,net profit margin of sales,gross profit margin of total assets,and net return of assets as factors to reflect corporate performance.It studies the asset-liability ratio,short-term asset-liability ratio and long-term asset-liability ratio to reflect the capital structure.With linear regression,this study shows a significant negative correlation between capital structure and corporate performance,with the effect of short-term asset-liability ratio greater than that of long-term asset-liability ratio.