财务关系与公司绩效的相关性研究——基于我国零售业上市公司的实证分析

本文综合契约理论、期望理论以及资本循环理论,从理论上分析了财务关系与公司绩效间的内在关系。在此基础上,以2000-2009年我国零售业上市公司数据为样本,运用全局主成分分析方法构建财务关系综合指标;并运用面板数据模型对该指标与公司绩效相关关系进行实证分析。结果显示财务关系与公司绩效存在相关关系,管理者应该充分重视财务关系在公司绩效提升过程中的重要作用,构建完善的财务关系体系,进一步提高企业绩效。

A Study on the Correlation Between Financial Relation and Company Performance:Empirical Analysis of Chinese Listed Retail Companies

This paper synthesizes contract theory, expectation theory and circulation of capital theory and analyzes the intrinsic relationship between financial relation and company performance. We choose 2000-2009 Chinese listed companies as the study sample, and build a comprehensive indicator of financial relationship.We conduct an empirical study on the relationship between comprehensive indicator of financial relation and company performance using panel data model. The results suggest that there is a significant...