基于随机前沿方法的债权结构对企业集团公司绩效影响的实证分析——基于黑龙江省企业集团数据的分析

Effect of Creditor's Right Structure on Firm Performance of Enterprise Groups by the Stochastic Frontier Approach:A Case Analysis of the Enterprise Groups in Heilongjiang Province

根据代理理论的三个假说,公司资本结构和绩效间存在相互影响,利用随机前沿方法估计企业绩效并建立方程模型对黑龙江省企业集团进行实证检验,结果发现三个假说均不能有效解释企业集团债权结构与绩效之间的关系。用模型验证了影响债权结构和公司绩效的其他控制变量的有效性和显著性。

According to the three hypotheses of agency theory, there is some relation between capital structure and finn performance.The stochastic frontier approach （SFA） was used to estimate firm performance, and a model for testing the enterprise groups in Heilongjiang Province was established. The empirical result shows that the three hypotheses of agency theory cannot explain the interactive relationship between creditor＇s right structure and firm performance. The effectiveness and significant of some other control variables which affect the creditor＇s right structure and firm performance were also tested by the model.