我国家电行业上市公司资本结构与经营绩效的实证研究

以中国28家A股家电上市公司为样本,2003~2006年为考察期,研究了资本结构与经营绩效之间的关系。结果发现,中国家电行业上市公司的资本结构保持着较低的有息负债水平,资本结构与经营绩效之间不存在显著相关关系,这说明资金短缺的"硬约束"已经成为中国家电行业上市公司进一步发展的瓶颈,现行的股权再融资规定存在不合理方面,有必要进行修订。

An Empirical Analysis on Capital Structure and Operating Performance of Chinese Listed Companies in Household Appliance Industry

Taking 28 listed companies in Chinese A-share market in household appliance industry in China as examples,the paper studies the relationship between capital structure and operating performance.The results show that the capital structure of the listed companies has low rate of interest-bearing liabilities,and no significant correlation exists between capital structure and operating performance of the companies.The finding suggests that the lack of money has become the bottleneck of the development of the companies,and the existing seasoned equity offering provisions have to be revised for its drawbacks.