商务服务业上市公司绩效及影响因素分析——基于2009-2013年的面板数据

The Performance of Commercial Service Industry Listed Companies and the Impact Factors- Based on the Panel Data of 2009~-~2013

在中国经济正由“工业主导型”向“服务主导型”转变的背景下，商务服务业的重要性凸显。以商务服务业20家上市公司为研究对象，用ROA和ROE测量其绩效，分析其基本特征、治理结构、股权结构和财务杠杆四个层面共12个变量对绩效的影响。发现商务服务业上市公司2009~2013年绩效未实现明显改善，在低ROA阶段徘徊；各上市公司间绩效存在显著差异；影响因素中，基本特征、股权结构、财务杠杆对绩效的线性回归模型通过了显著性检验。

In the context of transformation from a ＂Service-oriented＂ Chinese economy to ＂in- dustry-led＂ one, Commercial Service Industry has been becoming increasingly important. Taking 20 listed companies of Commercial Service Industry as the research object, this paper measures the performance with ROA and ROE, and analyzes the 12 variables impact on the performance from basic characteristics, governance structure, ownership structure and financial leverage four aspects. The conclusions are the following： the performance of 20 listed companies during 2009- 2013 staying at the low ROA level stage, without much improvement. The difference of perform- ance among the listed companies is Significant. Among the influencing factors, the linear regres- sion models of basic characteristics, ownership structure, financial leverage on the performance have passed the test of significance.