我国上市公司资本结构与经营业绩相关性分析——以家电行业为例

The Factor Analysis Using in Capital Structure and Operating Performance of Chinese Listed Companies——Taking the Electrical Industry as Sample

在研究实际问题时往往希望尽可能多地收集相关变量,以期能对问题有比较全面、完整的把握和认识。但由于收集的变量较多,变量间的相关性问题给统计方法的应用带来障碍,为解决这些问题,最简单和最直接的解决方案是削减变量个数,但又会导致信息丢失和信息不完整等问题产生。因子分析正是这样一种能有效降低变量维数,又不会造成信息大量丢失,并已得到广泛应用的分析方法。本文选取了影响企业经营业绩的4个指标(销售毛利率、主营业务利润率、净资产收益率、总资产利润率)以我国家电行业上市公司2003～2006年财务数据为样本,采用因子分析和回归分析相结合的方法,对我国家电行业上市公司的资本结构与经营业绩的关系进行实证分析。

When researching actual problem ,we often wish to collect the correlation variable as far as possible and comprehensively have the integrity assurance by the time to the question with the understanding. But because collecting variable more, the variable relevant question brings the barrier for the statistical method application,in order to solve these problems, the most simple and direct solution is reducing the variable integer. But it will cause many questions such as information loss and information integrity .The factor analysis is precisely such one kind that can effectively reduce the variable dimension, and will not create the information massive losses, This analysis method has been widespread. This article selects 4 indexes influencing the enterprise＇s performance （sales gross profit rate,main revence profit rate, net asset income rate, total property profit rate）,taking the financial data of Chinese electrical appliances listed companies in 2003-2006 as sample, and using the combination of factor analysis and regression analysis method.The article does empirical analysis on the correlation of the capital structure and the operating performance of Chinese electrical appliances listed companies.