摘要
以所属范围为浙江的上市公司为研究对象,运用面板数据,通过固定效应变截距模型研究了其资本结构对经营绩效的影响。实证结果表明:上市公司的资产负债率对公司绩效具有正面影响;上市公司的第一大股东持股比例对于公司绩效的影响不显著,但股权制衡度对公司绩效有正面影响;上市公司具有一定的国有股能对绩效产生正面影响。浙江的上市公司在加强风险管理的同时,可以适当提高负债水平,保持适中的股权集中度,优化股权结构。同时,浙江应重视发展债务市场,规范债务市场法律依据。
Listed companies in Zhejiang are taken as the object of the study,which researches the influence of the capital structure on the business performance by means of the model of fixed variable intercept with the panel data. The results indicate that the asset-liability ratio of the listed company has a positive influence on the business performance; and the ratio of the proportion of the largest shareholder of the listed company has no obvious influence on the business performance while the equity balance degree has a positive influence on the business performance; and the listed companies will take advantage from the owning of the state-owned shares. The listed companies in Zhejiang should improve their asset-liability ratio in the condition of enhancing the risk management and keeping a medium ownership concentration. Meanwhile,Zhejiang should attach importance to the development of the debt market and regulate its legal basis.
基金
浙江省重点学科发展基金资助项目(ZX100205004-15)
关键词
资本结构
经营绩效
固定效应变截距模型
面板数据
capital structure
business performance
fixed variable intercept model
panel data
