国企上市公司融资结构与企业绩效关系的实证研究——以深沪两市国有企业上市公司前100强为研究样本

An Empirical Research on the Relationship between Financing Structure and Enterprise Performance of State-Owned Enterprises Listed Companies:Taking Top 100 of State-Owned Enterprise Companies Listed on the Shenzhen and Shanghai as Research Samples

以在深沪两市上市的前100强国有企业为研究样本,基于2010-2012年的财务数据分析研究了融资结构与企业绩效的关系。经过实证研究发现,国有企业上市公司的融资结构与企业绩效之间存在线性关系;债权融资与企业绩效显著负相关,因为过高的负债率在财务杠杆的作用下会带来较高的财务风险,影响企业绩效的提高;股权融资与企业绩效显著正相关,因为目前的证券市场属于弱有效市场,股权融资的成本低,风险小;内源融资与企业绩效正相关,因为内源融资资金成本率最低,且无须分散股东所有权。

The relationship between the financing structure and corporate performance was researched,taking the top 100 enterprises listed companies in Shanghai and Shenzhen as research samples,based on the financial data analysis of 2010-2012.Through empirical studying it was found that debt financing and corporate performance was significantly negative relationship,and equity financing and corporate performance was significantly positive correlation,and positive correlation between corporate performance and endogenous financing.