非金融类上市公司融资结构与公司绩效的关系

Gao Yan-ru, Lan Hui, L. Liang
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引用次数: 1

摘要

融资结构的合理与否对公司的业绩至关重要。本文以非金融部门的上市公司融资结构与公司绩效的关系为主要研究对象,从理论和实证两个层面探讨了中国非金融部门的上市公司融资结构对公司绩效的影响。本文以沪深交易所193家非融资类上市公司为样本,对2010 - 2012年融资结构与公司治理绩效之间的关系进行实证检验。实证检验结果表明,股权融资比例与中国非金融部门上市公司经营绩效显著正相关;内生融资比例与公司绩效之间没有显著的线性关系;债务融资比率与经营绩效呈负相关。
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Relations with non financial listed companies financing structure and corporate performance
Financing structure is reasonable or not is critical to the company's performance. In this paper, take the relationship between non financial sectors of the financing structure of listed companies and corporate performance as the main object of study, from both theoretical and empirical levels explores the impact of China's non financial sectors financing structure of listed companies on corporate performance. This paper chooses 193 non-financing sectors listed companies of Shanghai and Shenzhen stock exchanges as samples, conducts an empirical test on the relationship between financing structure and corporate governance performance from 2010 to 2012. The results of empirical test show that the equity financing ratio and operating performance of non financial sectors listed companies in China was a significant positive correlation; no significant linear relationship between the endogenous financing ratio and corporate performance; the debt financing ratio and operating performance is negatively correlated.
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