资本结构影响经营绩效的实证研究——以物流业上市公司为例

An Empirical Study on the Impact of Capital Structure on Business Performance--A Case Study of Listed Companies in the Logistics Industry

本文选取我国32家物流上市公司2017-2021年的资本结构与经营绩效数据,对其样本进行描述性统计分析,分别建立债权结构、股权结构与经营绩效的回归模型,完成对资本结构与经营绩效之间关系的检验。最终得出结论:企业资产负债率、非流动负债比率与物流业经营绩效呈负相关关系;企业股权集中度与物流业上市公司经营绩效呈正相关关系;公司规模、公司成长性与企业经营绩效呈正相关关系。

This paper selects the capital structure and operating performance data of 32 logistics listed companies in China from 2017-2021,conducts descriptive statistical analysis on their samples,establishes regression models of debt structure,equity structure and operating performance respectively,and completes the test on the relationship between capital structure and operating performance.Finally,it is concluded that:corporate gearing ratio and non-current debt ratio are negatively correlated with operating performance of logistics industry;corporate equity concentration is positively correlated with operating performance of listed companies in logistics industry;company size and company growth are positively correlated with operating performance of companies.