摘要
本文选择2003年——2004年非金融类上市公司数据为样本,对我国上市公司的资本结构、债务期限结构与公司收益的相关性进行了实证研究。发现:(1)我国上市公司存在最佳资本结构,在达到最佳资本结构前,每股收益与之正相关,达到最佳资本结构后负相关。(2)短期负债所占比例与公司收益呈显著负相关关系,短期负债所占比例越低,公司收益越高。这为债务期限结构的税收理论提供了证据支持,而与代理理论相悖。(3)资产规模对公司收益有显著影响:资产规模越大,公司收益越高。
This paper examines systematically the relationship between capital structure, debt maturity structure and earnings through empirical study, using the non-financial listed companies' data of 2003 and 2004. The analysis reveals that: (1) the best capital structure exists in the listed companies, which leads to the positive correlation between the capital structure and the earnings before the best capital structure is formed, and negative correlation after it is formed; (2) the listed companies' ratio of short term debt is negatively associated with the earnings. This result supports the tax theory, but goes against the agency theory; and (3) asset scale has a significant impact on the earnings. The larger asset scale is, the higher earnings are.
出处
《管理评论》
2007年第12期55-60,共6页
Management Review
基金
国家自然科学基金(70302008)
霍英东教育基金(101084)。
