智能工业负债融资与企业绩效实证研究

Empirical Research on Debt Financing and Corporate Performance of Intelligent Industrial

本文以2012至2014年沪深股市39公司家为研究对象,对各公司20个反映企业绩效的财务指标进行因子分析,把最终得出的各公司的综合绩效得分作为因变量,与作为自变量的负债相关变量建立面板数据模型,对整体的智能工业负债融资与企业绩效进行实证研究。研究结果显示:主要结论资产负债率与企业绩效呈负相关,并呈二次函数关系;呈倒"U"型结构;短、长期负债率分别与企业绩效呈正、负相关关系。因此,智能工业相关企业应当积极调整自身的资本结构,构建合理的负债结构,提高自身的企业效益和促进整体行业的良性发展;同时,本文的研究结果也可以为地方政府调整产业结构,工业升级改造提供一定的借鉴意义。

This paper regards intelligent industry-related companies of Shanghai and Shenzhen stock marketsfrom 2012 to 2014 as the study,20 financial indicators which reflect corporate performanceofResearch Companies are run actor analysis,the final results of the comprehensive performance of each company's score as the dependent variable,and constructpanel data model of the overall intelligent industrial debt financing and corporate performance empirical research with some related variables.The results show:Asset-liability ratio was negatively correlated with corporate performance;Asset-liability ratio and corporate performance have Quadratic function and shapean inverted 'U' structure;Short-term debt ratio was positively correlated with corporate performance;Long-term debt ratio and corporate performance was negatively correlated.