我国中小上市公司经营绩效的实证分析——基于资本结构和股权结构视角

Empirical Analysis of the Operating Performance of China's Small and Medium Listed Corporation:Based on the Perspective of the Capital Structure and Ownership Structure

公司的资本结构、股权结构与经营绩效的关系一直以来都是金融界关注的热点问题之一,但对于它们之间的关系一直都没得出明确结论。本文以我国深市中小上市公司为样本,通过一定的假设和数据处理建立相关计量模型,对我国中小上市公司的资本结构、股权结构及其绩效关系进行实证分析,并用图形形象地展示它们之间的关系,期望对提高我国中小公司绩效提供有益参考。研究结果表明:中小上市公司经营绩效大致与资本结构呈倒U型关系,与股权结构呈U型关系。

The relationship of the capital structure, ownership structure and operating performance of the company has always been a concern of the financial community, but relations among them have not reached a definitive conclusion. Based on the samples of small and medium listed companies in Shenzhen, this paper makes an empirical analysis of the relationship of the capital structure, ownership structure and performance by establishing econometric model by certain assumptions and data processing, which shows the relationships between them with a graphic image, hoping to improve the performance of small and medium companies in China. Study results shows that operating performance of the small and medium listed companies has a inverted U-shaped relationship with capital structure while it has a U-shaped relationship with ownership structure.