体育用品上市公司资本结构与经营绩效的非线性研究——基于面板门限模型的实证检验

Nonlinear Research of Capital Structure and Operating Performance of Listed Sporting Goods Companies——Empirical Test Based on Panel Threshold Model

选取我国体育用品上市公司为研究对象,利用非线性面板门限模型实证分析了财务杠杆对公司价值的门限效应,以探讨是否存在最佳负债门限值使公司价值达到最大化。结果发现在衡量公司价值的变量中,代表公司内部无形资产与未来成长机会的Tobin q值存在显著的门限效果,且该门限值所区分的两机制影响系数呈现正向变动关系。而衡量公司价值的资产报酬率与权益报酬率的系数呈现门限区间上一正一负的非线性、非对称关系,表明合适的负债比率可以提高我国体育用品上市的公司价值,但超过一定比率后,公司价值会明显下降,从而公司管理层应妥善运用财务杠杆,并以此达到公司价值最大化。

Taking listedsports goods companies in China as research object, this paper analyzes the threshold effect offinancial leverage on corporate value through the nonlinearpanel threshold model, aiming to investigate whetheroptimal debt threshold can maximize the corporate value. it is found that among the variables measuring corporatevalue, the Tobin q , which represents company internal intangible assets and future growth opportunities,has significant threshold effect, and the two mechanism influence coefficients divided by the threshold value arein positive correlation. While the rate of return on assets and the rate of return on equity, which are used tomeasurecorporate value, present a nonlinear and asymmetrical relationship in the threshold value interval,showing that an appropriate debt ratio can improve the value of listed sports goods company in China. However,when the debt ration is over a certain percentage, corporate value will decrease significantly. Therefor, themanagement should properly use financial leverage to maximize corporate value.