资本结构对公司绩效影响的实证研究——以江苏省上市公司2001—2012年为例

A Study of the Influence of Capital Structure on Corporate Performance:A Case Study of the Listed Companies of Jiangsu Province in 2001—2012

以江苏省2001—2012年上市公司为例研究公司资材结构对公司绩效的影响,对样本进行整体回归、分行业回归和分地区回归,结果分析表明公司资产负债率与净资产收益率是负相关,即资产负债率与公司绩效呈现负相关。而随着行业和地区的不同,国有股持股比例和长期负债率与净资产收益率的关系强弱也会发生变化,但是总体上国有股持股比例和长期负债率与净资产收益率是呈现弱负相关。

This paper makes a case study of the listed companies of Jiangsu Province in 2001--2012, studies the influ- ence of capital structure on corporate performance via total regression, professional regression and regiorxal regression, and concludes that asset liability ratio and corporate performance are negatively relate. Due to professional and region- al differences, the proportion of state-owned shares and long-term liability ratio will vary with net asset profit ratio, while the proportion of state-owned shares and long-term liability ratio will be negatively related with net asset profit ratio in some way.