当前上市体育公司融资结构对公司绩效与风险影响研究——兼论最优资产负债率

Impact of Current Listed Sports Company’s Financing Structure on Corporate Performance and Risk:Also on Optimal Asset-liability Ratio

运用定性资料与定量数据相结合的研究方法,基于2015—2018年45家A股上市体育公司面板数据,实证分析体育公司融资结构对绩效、风险的影响。研究发现,融资结构中股权融资与绩效、风险之间呈反向关系,留存收益融资对绩效产生显著正效应,与风险之间呈负相关关系;当前上市体育公司融资结构尚不合理,主要依靠股权融资和留存收益融资,股权融资效率相对较低,未能充分发挥正向作用;净资产收益率与资产负债率呈倒U型关系,测算出样本中上市体育公司最优资产负债率为48.99%。

Based on the panel data of 45 A-share listed companies from 2015 to 2018,this paper empirically analyzes the impact of sports companies’ financing structure on their performance and risk by using the research method of combing qualitative data with quantitative data.It is found that:1)There is an inverse relationship between equity financing and performance and risk in financing structure,and retained earning financing has a significant positive effect on performance and has a negative correlation with risk;2)The current financing structure of listed sports companies is still unreasonable,mainly relying on equity financing and retained earning financing,and the equity financing efficiency is relatively low and fails to fully play its positive role;3)The relationship between the return on net assets and asset-liability ratio is inverted U-shaped.The optimal asset-liability ratio of listed sports companies in the sample is estimated to be 48.99%.