中国上市公司融资结构与公司业绩关系的实证研究

Relationship between Capital Structure and Company's Performances of Listed Company in China

选取了收益现金比率指标,代替原有的以资产负债表和利润表为基础的会计指标,作为衡量企业经营业绩的指标,对我国上市公司的融资结构与治理绩效的关系进行了实证研究。研究表明,我国上市公司大股东治理在10%的置信度下显著发挥作用,管理层持股在1%的水平上与公司业绩显著正相关,说明管理层持股能够提高公司治理效率,降低代理成本;银行负债融资率在5%的水平上与公司业绩显著正相关,说明我国上市公司债权治理的软约束特征有所改善,银行业的股份制改革初见成效。

Relationship between capital structure and financial performance of listed company in China was studied. Results indicate that the big shareholder governance of listed company in China play an important role under the confidence degree of 10%. The governance of executives who hold stock in listed company in China contribute greatly under the confidence degree of 1 %, which shows that it improved the efficiency of governance and reduces agency costs. Bank creditor＇s governance mechanism plays an important role under the confidence degree of 5%. This indicates that soft budget restrain phenomenon of creditor＇s rights in listed company of China has changed. The joint-stock reform of the banking sector has achieved initial success.