我国上市公司债务融资期限结构与公司业绩关系的实证研究——基于制造业与商品流通业的对比分析

China listed company debt financing limit structure and company performance relation’s demonstrative research——comparative analysis basing on manufacture industry and commodity flow industry

本文以46家制造业A股上市公司和35家商品流通业A股上市公司的相关数据为样本。将样本公司的债务按期限划分为长期负债和短期负债两类,用SPSS15.0统计软件对样本公司2003～2007年间的相关数据进行统计分析,研究这两大行业的上市公司负债期限结构与公司业绩的关系。研究结果显示:无论是制造业还是商品流通业,短期负债与公司业绩均呈负相关关系;长期负债与公司业绩均呈正相关关系。

The essay chooses 46 share manufacturing listed companies and 35 share circulation of commodities listed companies as sample companies and analyzes their 2003-2007 data with SPSS15.0. According to the different maturity ,I divide the debt into longterm debt and short-term debt and discuss the relationship between debt maturity structure and firm’ s value .The regression results show： In the industrymanufacturing and the circulation of commodities, short-term debt produces negative effect on firm’s performance, while long-term debt produces positive influence on firm’s performance.