民营企业财务杠杆与经营特征的U型关系——来自我国历年来民营上市公司的实证检验

The U-Type Relationship between Financial Leverage and Operating Characteristics of Private Enterprises: Evidence from China's listed Private Companies

本文以我国1990—2016年上市的1584家民营公司在2010—2016年的数据为样本,实证考察企业财务杠杆与经营特征之间的关系。文章首先统计描述了民营上市公司财务杠杆的静态总体特征和动态变化趋势;接着运用多元回归模型实证检验财务杠杆与经营特征之间的关系。检验结果显示:净资产收益率与公司规模对资产负债率的影响为负,而主营业务收入增长率、第一大股东持股比例对资产负债率的影响为正;总体上财务杠杆与各经营特征之间存在非线性关系,即呈现"U型"特征。本文最后对我国民营上市公司财务杠杆的监管与优化提出了两点对策建议。

This paper empirically examines the relationship between financial leverage and operating characteristics with the data from 2010-2016 of 1584 private companies which are listed in China between 1990 and 2016. Firstly, this paper describes the statistics of the financial leverage of listed private companies about the whole picture and dynamic trend.This paper then studies the relationship between financial leverage and operating characteristics with regression models, The results show that the rate of return of net assets and firm size have negative effects on asset liability ratio, the growth rate of main business income and the first large shareholder have positive impacts on asset liability ratio. This paper further finds that there is a nonlinear relationship between overall financial leverage and operating characteristics, namely the U-type characteristics.Finally we propose suggestions on optimizing the financial leverage of China＇s private listed companies.