我国文化产业上市公司资本结构与企业绩效的实证分析

本文通过对我国A股市场中文化产业类上市公司的资本结构和绩效进行描述性分析，选择2006-2011年间文化产业上市公司的样本数据，进行主成分和线性回归分析，结果发现：我国文化产业类上市公司资本结构存在资产负债率低、流动资产负债率高和股权集中度过高的特点；文化产业类上市公司资本结构与公司绩效存在显著的负相关关系，但并不存在一定的二次曲线关系，流动资产负债率与公司绩效显著负相关。

An Empirical Analysis of Capital Structure and Corporate Performance of Listed Companies in China＇s Cultural Industries

This paper analyzes capital structure and corporate performance of listed companies in cultural industries and makes an empirical study on their relationship based on sample data （2006--2011） of listed companies. The results show that the capital structure of these listed companies is marked by a low asset liability ratio, a high current asset liability ratio, and a high equity concentration. While there is a significant negative correlation between corporate performance and capital structure, the current asset liability ratio is negatively related with corporate performance.