融资结构对我国纺织行业上市公司盈利能力的影响--基于变截距面板数据模型

Influence of Financing Structure on the Profitability of Listed Textile Enterprises in China--based on Variable Cross-section Panel Data Model

通过构建变截距面板数据模型,实证分析了融资结构对我国纺织行业上市公司盈利能力的影响。研究结果表明,商业信用负债率对企业盈利能力具有显著的正向影响;资产负债率、短期负债率、内源融资率、外部债务融资率对企业盈利能力也有正向影响,但影响不显著;而股权融资率、企业规模对企业盈利能力有显著的负向影响。最后,本文就优化融资结构以提升企业盈利能力,提出几点建议。

Based on the foundation of Variable Cross-section Panel Data Model,this paper makes an empirical analysis on the influence of financing structure on the profitability of listed textile enterprises in China.The results show that the commercial credit ratio has a great positive impact on the profitability of listed textile enterprises;the asset-liability ratio,the short-term debt ratio,the endogenous financing rate,and the external debt financing rate have a small positive impact on the profitability of listed textile enterprises;the equity financing rate and the scale of enterprise have a great negative impact on the profitability of listed textile enterprises.At last,this paper puts forward some suggestions about optimizing the financing structure to improve the profitability of enterprises.