中国上市公司债权对公司绩效影响的实证研究

关于债权的治理效应，代理成本理论和控制权理论都认为，企业资本结构中一定的负债有利于公司治理效率的提高。本文以2002～2004年度沪市上市公司为样本（样本总量为2284组数据），对我国上市公司的债权治理效率进行了实证分析。结果表明，我国上市公司负债对其绩效有重要影响：债权比例与公司绩效在统计上呈显著的负相关关系，即上市公司的负债比例越大，其绩效也会越差，公司绩效与负债还存在着显著的二次关系，当资产负债率（DAR）为21．79％时，若其他条件不变时，债权对公司绩效促进作用最大，超过这一比例，债权与公司绩效呈负相关。本文对这一结果进行了原因分析，并提出了政策建议。

Empirical Research on the Effect of Debt to Listed Company Performance

With the governance effect debt has a very important influence on corporate performance. The theory of agency cost and control right both consider debt in some range will favor corporate performance. This thesis draws a sample of listed companies in Shanghai Stock Market from 2002 to 2004(the total number is 2284), and analyzes the efficiency of debt governance. The results indicate that there is a prominent negative correlation between debt and corporate performance. Since the listed companies with an asset-liability ratio over 100% from the sample set are eliminated,we still find that corporate performance maintains nonlinear square connections with debt. This thesis analyzes the reasons for the empirical results, and proposes some suggestion,and hope to give some valuable guidances to public corporations.