我国钢铁行业上市公司资本结构与企业业绩关系实证研究

Empirical Study on Correlations between Capital Structure of Chinese Steel Listed Firms and Their Performance

借鉴国内外相关研究成果,选取净资产收益率作为企业业绩指标,选取资产负债率和长期负债率作为资本结构指标,分别建立一次回归模型和二次回归模型,并采用我国钢铁行业上市公司数据进行实证研究。一次回归结果表明,我国钢铁行业上市公司资本结构与其业绩成负相关关系;二次回归拟合效果更好,表明我国钢铁行业上市公司资本结构与其业绩成倒U型关系,并存在最优资产负债率(值为0.3738),使得业绩指标达到最大值。由于我国钢铁行业总体资产负债水平较高,在二次曲线的右边,右侧区间表现出负相关关系,也验证了一次回归呈负相关。应积极发展债券市场,大力完善破产制度,以此来优化我国钢铁行业上市公司的资本结构进而提高其业绩。

Using the domestic and foreign relevant research results for reference,this paper selects rate of return of net assets as enterprise performance index,debt-assets ratio and long-term leverage ratio as capital structure indexes,establishing lineal regression model and the quadratic regression model.Data of Chinese steel listed firms is for empirical research.A first time regression results show that China＇s capital structure of steel listed companies and their performance is negatively correlated;the quadratic regression fit better,and correlations between capital structure of Chinese steel listed firms and their performance is an inverted U shape.The optimal number of debt-assets ratio is 0.3738.Because of the high level liabilities of Chinese steel listed firms,most of these numbers are in the right side of the quadratic curve.This interval shows a negative correlation between the two factors.It also proves that the first regression was negatively correlated.Finally,this paper puts forward some suggestions for optimizing the capital structure and enhancing performance of Chinese steel listed firms： developing bonds markets and improving bankruptcy system.