互联网公司融资结构对公司绩效的影响——基于沪深A股互联网企业的实证研究

Effect of Financing Structure of Internet Listed Companies on Company Performance——Empirical Research Based on Shanghai and Shenzhen A-share Internet Enterprises

不同的融资方式具有不同的成本和效应,不同比例的融资方式组合成的融资结构对公司绩效的影响作用也存在差异.利用多元回归模型分析总体融资水平和具体融资结构对互联网公司经营绩效的影响,发现:内源融资率、资产负债率、主营业务增长率、短期借款融资率与经营绩效呈显著正相关关系;股权融资率、商业信用借款率与经营绩效呈显著负相关关系;公司规模、流动负债率、长期负债率、股权集中度、长期借款融资率与经营绩效没有显著相关关系.

Different financing methods have different costs and effects. The financing structure combined with different proportion of them has different influence on company performance. The multiple regression model is used to analyze the impact of overall financing level and specific financing structure on the performance of internet company. It can be found that the endogenous financing rate, asset -liability ratio, main business growth rate and short-term borrowing financing rate exert positive impacts while the equity financing ratio and commercial credit rate have negative influence on the company performance. And there is no significant correlation between the company size, current debt rate, long-term debt rate, the equity concentration as well as long-term loan financing rate and the operating performance.