文化产业上市公司资本结构与企业绩效实证分析

Empirical Analysis of Capital Structure and Corporate Performance of Listed Companies in Cultural Industries

本文以18家文化产业上市公司为代表,实证研究了资本结构与企业绩效的关系,得出了资产负债率与净资产收益率成正相关,并且存在一个最优的资产负债率结构使得企业净资产收益率最大,同时也得出了企业资本结构与企业成长性关系不明确,与托宾Q值之间存在一次正相关,但二次回归不存在最优资本结构,使得托宾Q值最优。应通过创新和扩大外援融资,提高文化产业上市企业的绩效。

This paper made an empirical study on the relationship between capital structure and corporate performance on behalf of 18 listed companies in cultural industries,which obtains positive correlation between asset-liability ratio and return on equity,and exists in an optimal structure of asset-liability ratio which can make maximum return on equity for enterprise,meanwhile,gets the unclear relationship between enterprise capital structure and enterprise growth,and there is a positive correlation between enterprise capital structure and Tobin＇s Q value,however,there is no optimal capital structure from the results of quadratic regression which make Tobin＇s Q value best.We should improve the performance of listed companies in cultural industries through innovation and expansion of foreign aid financing.