上市公司债务期限结构与经营业绩关系的实证研究

Empirical Stud of the Relationship between Structure of Debt Maturities and Operation Performance in Listed Companies

以2000年12月31日前在沪深两地上市的905家A股公司为研究对象，以2001-2004年度为研究区间，考察了债务期限和债务总额比例对上市公司经营业绩的影响状况，研究结果表明，债务期限和债务总额比例均对上市公司的经营业绩具有显著的影响，但债务期限的影响作用远不如债务总额比例大，且债务期限的影响作用为正，债务总额比例的影响作用为负。此外，利用综合指标来计量公司的经营业绩显著优于单指标；而就单指标而言，净资产收益率事实上是最差的一个业绩衡量指标。

This paper selects the 905 companies listed as A shares on Shanghai and Shenzhen stock exchanges by December 31, 2000 and takes 2001-2004 as the research time limit. It mainly surveys the influence of debt maturity and the total debt on the operation performance in listed companies. The research shows that both the debt maturity and total debt exerts distinct impact on the operation performance, though the debt maturity plays a much bigger role than the total debt. Moreover, the debt maturity plays a positive role and the total debt a negative role. In addition, it is found out that the comprehensive index is superior to a single index in measuring a listed company＇s performance. As for the single index, of the four single indexes used in this paper, ROE is the worst index in measuring performance, though it is widely used by many researchers.