资本结构选择偏好与企业绩效的关系研究——基于上市公司“过度负债”与“财务保守”行为的实证分析

On the relationship between capital structure choice preference and business performance—an empirical analysis on the behaviors of "over-debt" and "financial conservatism" in Chinese listed companies

面对普遍存在于上市公司中的“过度负债”与“财务保守”行为，本文将公司的资本结构选择偏好划分为敝进型和保守型两种类型。以上市公司1999—2003年度报告的平衡面板数据为基础，选取623家上市公司为样本，以资产负债率作为资本结构的度量指标，以规模、资产流动性、成长性、现金流量等公司特征作为控制变量，针对资产负债率高于均值和低于均值的两个子样本，分别构建了两组多元线性回归模型，对上市公司资本结构偏好类型与企业绩效关系进行了实证分析，并对其实证结果进行了检验与分析。

According to the popular behaviors of ＂over -debt＂ and ＂financial conservatism＂ in Chinese listed companies, the paper classifies the capital structure choice preference into radical capital structure and conservative capital structure. Based on the balanced panel data of yearly financial reports of listed companies in 1999 - 2003, the paper selects 623 samples, and takes total debt ratio as the proxy of capital structure, and takes size, liquidity of assets, grow opportunities, cash flows as the other variables. With respect to the two sub - samples in which the total debt ratio is more than or less than the mean of the whole sample, the paper builds two groups of multivariate linear regression models, and makes an empirical analysis on the relationship between the capital structure preference and business performance, then tests and analyzes the regression results.