中小板上市公司绩效与资本结构关系研究

Relationship between Company Performance and Capital Structure of Chinese SME Board Listed Company

选取中小板227家上市公司作为经验研究对象,采用集成思想、熵权法、序号总和法、绝对值偏差和法等获得了经验证相对准确的长三角经济圈中小板上市公司绩效水平代理变量取值;通过分析比对,确定了资产负债率、流动资产比重、非流动资产比重、有形资产比重等10个解释变量;对被解释变量之间的关系进行了假设推演,构造了4个假设;对各变量之间的相关性进行分析,并进行曲线拟合,构造了6个多元非线性回归模型;最后,对假设进行了验证与讨论。获得2个具有战略意义的数值:资产负债率为50%、有形资产比重为60%。

Firstly, based on the empirical data of 227 companies from SME Board, this paper gets verified variables of the performance of listed companies of Yangtze River Delta Economic Ring by applying the Compositive Theory and Entropy Method, etc. Then, through comparison and analysis, ten explanatory variables are determined, including LEV, RCA, RICA, RTA, RID, RCL, ES, AES, EM1, EM2. Secondly, the relationship among the explained variables is hypothesized and inferred, and four hypotheses are obtained. Thirdly, the relativity among variables is analyzed. Based on this, a curve fitting is conducted and then six regression models are constructed. Finally, the hypotheses are tested and verified, and lastly two important data are obtained ： LEV is 50%, RTA is 60%.