装备制造业上市公司负债融资与公司业绩关系研究

Research on relationship between debt financing and company performance of listed companies of equipment manufacturing industry

对我国装备制造业上市公司的负债融资进行深层次分析,以期明确流动负债、长期借款、应付债券及商业信用与公司业绩之间的关系。在以往研究的基础上,选取多个业绩指标、负债指标和控制变量指标,运用多元线性回归模型,从负债融资整体、负债融资期限和负债融资种类3个角度详细研究装备制造业负债融资对企业业绩的影响。研究结果表明,流动负债与企业业绩指标呈显著负相关,长期借款、应付债券以及商业信用与企业业绩指标均呈正相关,从而为装备制造业上市公司资本结构优化提供参考。

Sound analysis on debt financing of listed companies of equipment manufacturing industry in China is accomplished in order to clarify the relationship between company performance and current liability,long-term liability,bond payable,and commercial goodwill.Based on previous studies,by using the multiple linear regression model,multiple performance indicators,debt indicators and control variable indicators are selected to study the influence of debt financing on company performance of equipment manufacturing industry in detail from 3 aspects,i.e.,overall debt financing,debt financing term and debt financing type.The result shows that current liability has significant negative correlation with company performance,while long-term liability,bond payable and commercial goodwill have positive correlation with company performance.That provides reference for capital structure optimization of listed companies of equipment manufacturing industry.