融资结构对经营绩效的影响——基于安徽省上市公司数据的实证研究

Influence of Financing Structure on Operating Performance——An Empirical Study Based on the Figure of Anhui Province's Listed Companies

基于安徽省上市公司上市当年及其上市后三年的数据,从债权融资和股权融资两方面实证检验了融资结构对经营绩效的影响。检验结果表明:安徽省上市公司在沪深交易所上市后,债权融资呈上升趋势,而股权融资呈下降趋势,但整体上偏好股权融资;债权融资与经营绩效显著负相关,而股权融资与经营绩效呈倒U型关系。

Based on the figure of Anhui Province＇s listed companies in the listing year and three years atter the listing, this paper examines the impact of financing structure on the operating performance from two aspects, i.e. debt financing and equity financing. The results show that the debt financing demonstrates a rising trend since Anhui Province＇s listed companies have listed in Shanghai and Shenzhen Stock Exchange. By contrast, the equity financing, Which is favored by Anhui Province＇s listed companies, indicates a downward tendency. It is also suggested that there is a significant negative correlation between the debt financing and the operating performance, and an inverted U-shaped correlation between the equity financing and the operating performance.