股权集中度、债务结构与企业绩效——基于企业生产效率视角

Ownership Concentration,Debt Structure and Corporate Performance——Based on Production Efficiency Perspective

企业债务结构与企业生产效率之间存在相互影响的关系,具体来说,生产效率高的企业会选择更高的负债水平,债务水平越大的企业其生产效率越高,且企业存在最优的债务水平。另外,股权集中度对企业生产效率、负债结构有着显著影响,具体而言,随着股权集中度增大,其企业生产效率先增后减,表现为一个倒"U"型关系,而企业负债水平则下降。

There are interactions between corporate debt structure and production efficiency. Specifical ly, corporate with high level of production efficiency will choose a higher level of debt. In turn, the higher level of debt the corporate has, the greater production efficiency it gets, and there exists an optimal level of corporate debt. In addition, ownership concentration has a significant effect on corporate production effi- ciency and debt structure. Specifically, with the increase of ownership concentration, corporate production efficiency firstly increased and then decreased, which is presented as an inverted ＂U＂ shaped relationship, while the level of corporate debt decreased.