环境动态性、资本结构与公司绩效关系的实证研究

An Empirical Study on the Relationship of Environmental Dynamism,Capital Structure and Performance of Listed Companies in China

有关资本结构选择的研究受到了业界、理论界越来越多的关注 ,因为资本结构决定治理结构 ,进而与公司绩效紧密相联。目前 ,国内对资本结构与公司绩效之间关系的研究缺乏理论依据和实证检验。本文通过融合组织经济学和战略管理学理论 ,研究环境动态性对我国上市公司资本结构及公司绩效的关系。文章对深交所截至 2 0 0 1年 1 2月 31日的共 1 5 3家上市公司 ( 765个样本观测值 )的环境动态性、资本结构与公司绩效关系进行了实证研究 ,旨在检验在我国这样一个以环境动态性为主要特征的转轨经济国家 ,上市公司资本结构与公司绩效之间的关系。

Studies on capital structure have become prominent in academia and practitioners,because capital structure determines the management structure and it influences a company's performance. So far we have limited theoretical as well as empirical researches on the relationship between capital structure and company performance in China. This article aims at testing the interactive influence that environmental dynamism and capital structure have on performance, by integrating organizational economics with the strategic management theories. It takes 153 listed companies ended on Dec 31, 2001 from the year 1997 to 2001 (in total 765 sample observations within these five years) for an empirical test and analyses the relationships of dynamism, capital structure and company performance. The finding reveals the relationship between capital structure of the listed companies and their performance in transitional China, which is characterized with its high degree of dynamism.