资本结构与公司绩效——来自中国国有控股上市公司和民营上市公司的经验证据

Capital Structure and Corporate Performance——The Empirical Evidence from State Holding Listed Companies and Private Listed Companies

近年来,资本结构如何影响公司治理从而影响公司绩效,是颇受我国财务学界和经济学界关注的一个研究领域。本文以2000—2004年国有控股上市公司和民营上市公司为研究对象,通过对这一问题的实证分析发现:民营上市公司的绩效要好于国有控股上市公司,资本结构是造成这种差异的重要因素。这一结论的政策意义主要在于:完善资本结构有助于我国上市公司改善经营和治理;我国政府要进一步推进民营化改革,以不断提高我国上市公司的质量。

The ways of capital structure effecting on the corporate governance and then on the corporate performance is one of the important fields for financier and economist. This paper focuses on the company of state holding listed companies and private listed companies of China from 2000 to 200d, the result shows that： the performance of private Listed Companies is better than the state holding listed companies, capital structure is the one of the important factor for the difference . The policy meaning of the result is that perfecting capital structure is one of the important approaches to improve corporate performance and optimize corporate governance, Our governance should continue to privatization to improve our listed company＇ s performance.