我国上市公司融资行为特征及绩效实证研究

An Empirical Research on the Feature of Financing Behavior and Performance of China's Listed Companies

以2013年我国上市公司数据为样本,采用多元回归方程对我国上市公司融资行为与绩效之间的关系进行了实证研究。研究发现我国上市公司资产负债率和债务融资比例较高,并且偏好于短期融资;扣除非经常性损益后的净资产收益率与流动负债率、应付债券比例、长期借款比例和营业收入增长率呈显著的正相关关系,与资产负债率呈显著的负相关关系。

Employing multiple regression analysis on the data of the year 2013, this paper studies the relationship between listed companies＇ financing behavior and performance.The result shows that China＇ s listed company pre- fers debt financing and short-term liabilities and its asset-liability ratio is high. The rate of return on common stock- holders＇ equity cutting non-recurring profit and loss has an outstanding positive correlation between Current liabili- ties ratio , bond payable ratio, long-term borrowing ratio and Operating income growth rate, and has an outstanding negative correlation between asset-liability ratio.