资本结构与企业绩效的相关性——基于中国房地产上市公司的实证分析

The Relation Between Capital Structure and Corporate Performance:An Study Based on China's Real Estate Listed Companies Data

运用中国A股上市房地产公司2008-2012年相关数据,对资本结构与企业绩效的相关性进行分析。结果表明:资产负债率与企业绩效负相关,流动负债比率与企业绩效负相关,前十大股东股权集中度与企业绩效正相关,国有股比例与企业绩效之间呈负相关关系,银行借款比率与企业绩效正相关,第一股东持股比例与企业绩效正相关。这对于中国房地产上市公司企业治理有一定的启示。

Based on China＇s A-share listed real estate companies data from 2008 to 2012, this paper analyze the capital structure and corporate performance correlation. The results show that the asset-liability ratio is negatively related to the enterprise performance, the same between current debt ratio and enterprise performance, and between the proportion of state-owned shares and corporate performance, and between bank loan ratio and corporate performance. However the top 10 shareholders ownership concentration is positively related to corporate performance, the same between the first shareholder ownership and corporate performance. The corporate governance of China＇s real estate listed companies has the certain enlightenment.