上市公司融资结构对公司绩效的影响——以河北省为例

本文以河北省上市公司为例,对融资结构与公司绩效之间的关系进行研究。通过选取河北省2007-2011年上市公司财务面板数据进行实证分析,揭示了二者之间的内在关系,发现公司内源融资率与净资产收益率正相关,债权融资率、股权融资率与净资产收益率负相关。政策建议包括建立有效的管理层激励和监督机制、相应调整上市公司的股权结构、强化债务融资的约束机制以及对股权融资偏好加以限制。

Based on the empirical analysis of the finance panel data of the listed companies in Hebei Province from 2007 to 2011, this paper studies and reveals the inherent relationship between financing structure and operating performance, and points out that company internal financing and net assets yield are positively？ correlated, and debt financing efficiency, equity financing ef- ficiency and net assets yield are negatively correlated. Suggestions include building an effective management incentive and supervision mechanism, adjusting ownership structure of listed companies and so on.