农业上市公司资本结构与经济增加值关系实证研究

The Empirical Study on the Relationship between the Capital Structure and Economic Value Added of the Agricultural Listed Companies

资本结构与公司绩效关系问题是理论界与实务界研究的热门问题,也是一个财务问题。因此二者的研究被广泛用于解答财务问题。以单位经济增加值来研究资本结构与绩效的关系。选取1999年12月31日前上市的A股公司中剔除2000年—2005年被ST、PT以及绩效异常后的11家农业上市公司为样本,根据有关证券网站及Wind等方式得到原始数据,计算出资产负债率,推出单位经济增加值,同时对样本公司的截面数据进行线性回归和二次函数回归,并进行相关检验,最终结果说明仅仅就2000年至2005年六年的截面数据而言,农业上市公司资本结构存在着最优区间。

The research of the relationship between the companies＇ capital structure and the performance becomes the focus of the theoretical research and practical research, also is a financial question. Formerly the researcher were many by the sole financial norm studied the capital structure and the achievements relations, the findings reliability is not high. the comprehensive achievements target and the EVA per capital are used to describe the relationship between the companies＇ capital structure and the performance. The sectional December 31, before 1999 to go on the market rejects in 2000 to 2005 by ST, PT as well as the achievements exceptionally after 11 agriculture goes on the market the company is the sample,The sectional data from 11 companies in communications and transportation industry, which are listed before 2000 Rates of Debts of Sample Company and the EVA per capital,We find their capital structure and firm performance are related significantly. Then the section data are quadric regressed, the result is also related, which indicates that the capital structure of listed companies has the best range.