所有权、资本结构与公司效率

Ownership,Capital Structure and Corporate Efficiency

使用2007-2010年中小板上市公司平衡面板数据作为样本,本文分析资本结构、公司所有权和公司效率之间的关系。采用非参数数据包络分析的方向性距离函数计算公司效率,在此基础上分组检验公司所有权性质对效率和资本结构的影响;并建立联立方程模型探讨资本结构与公司效率之间的关系。结果表明,不同所有制性质公司的效率明显不同,杠杆没有显著差异;而公司杠杆与效率之间显著负相关。

The relation between capital structure and firm performance is investigated using 2007- 2010 listed firms' balance panel data in China Small and Medium Enterprise Board.Directional distance function and non-parametric data envelopment analysis(DEA) methods are employed to measure firm efficiency.Based on these performance measures,the effect of corporate ownership nature on capital structure and firm performance is examined.Then a simultaneous equations model is established to test the linkage relations between capital structure and firm efficiency.The results show that compared to non- state firm,state firm' s efficiency is lower.More efficient firms with less debt in their capital structure are also obtained.