摘要
本文的研究以2003年我国上市公司不同行业的实际数据为考察样本,运用实证分析方法,通过分析我国上市公司不同类型行业财务杠杆与公司业绩之间的相关关系来验证财务杠杆封公司业绩敏感度的行业性差异。分析结果表明:在我国大多数行业中财务杠杆都是公司业绩的敏感性因素,而且其敏感度存在着较大的行业性差异,并提出不同行业企业应该根据自身特点以及财务杠杆封公司业绩敏感度的大小,合理利用财务杠杆,相机选择不同的融资方案,进行最佳的资金和财务决策,使其资本结构达到最优化。
This paper analyzes the correlation between corporation performance and financial leverage. Real data samples of companies listed on China's Stock Exchange from different industries are used in our analysis. The result shows that the financial leverage is the sensitive factor of corporation performance, and the correlations between corporation performance and financial leverage vary considerably among corporations from different industries. Consequently, the corporations from different industries should use financial leverage properly, choose the different finance plans, make the best fund decision and optimize the capital structure.
关键词
财务杠杆
公司业绩
敏感度
行业性差异
financial leverage
corporation performance
sensitivity
variances among different industries