资本结构与公司业绩的动态交互效应——基于A股市场面板数据的实证检验

采用2003年-2011年的面板数据检验了资本结构与公司业绩的动态交互效应，发现资本结构与公司业绩之间存在一定的动态交互效应；公司业绩对资本结构具有显著动态影响，好的业绩会造成负债率的进一步增加；资本结构对公司业绩的动态影响不显著，即负债率的增加很难进一步提高经营效率（ROA）；股东对高权益净利率和低代理成本的要求是动态交互效应存在的原因。好的财务业绩会进一步扩大财务风险，从而给那些绩优上市公司一些警示。

The Dynamic Interaction Effect between Capital Structure and Corporate Performance --Based on an empirical analysis from panel data of Share Market A

This paper empirically analyses the interactive relation between capital structure and corporate perfor- mance and its conductive effect of the listed companies in Share Market A using panel data from 2003 to 2011 and draws some conclusions. There is significant interactive relation that has significant conductive effect between capital structure and corporate performance. Corporate performances significantly change the capital structure dynamically but capital structure cannot. Combined with the political and economic circumstances, this paper makes a further analysis of the exis- tence of the interactive relation and its conductive effect and makes some recommendations to improve credit distribution.