贵州上市公司资本结构及其业绩关系实证分析

上市公司资本结构往往与一定的治理结构相对应,企业治理结构是资本结构形成机理中的动因、目标和结果。贵州上市公司存在畸形的资本结构和有缺陷的治理结构,在治理上普遍存在大股东或内部人弄虚作假、不规范运作,掏空上市公司资金流,损害中小股东的利益。资本结构与业绩之间并不是单纯的一种正相关或负相关的关系,简单的提高负债率或降低负债率并不一定能提高业绩,它必须与公司治理结构联系起来。

Empirical Analysis of the Relations between the Capital Structure of Listed Company and its Performance

The capital structure of the listed company is often corresponding with the certain governance structure.The enterprise's governance structure is the causation,goal and result of the forming of the capital structure of the listed company.The listed companies in Guizhou,with the malformed capital structure and the defective governance structure,generally have the problems as the major stockholder or the internal person falsifying,operating illegally,pulling out the fund flow and harming the small share- holder's advantages.Therefore,the interrelation between the capital structure and the achievement is not the pure positive or negative correlation and simply enhancing debt rate or reducing the debt rate to enhance the achievement.It must contact governance structure to discuss the government structure cor- respondingly.