上市公司的财务政策与绩效

本文通过理论和实证分析发现,上市公司的财务政策对绩效有影响作用。派息率作为反映经营者对投资者利益重视程度的指标,对生产效率与资本效益均具有显著性正面效应;长期投资比率作为反映经营者对企业成长偏好程度的指标,对生产效率与资本效益均具有显著性负面效应;而负债比率作为本应反映来自投资者事后惩治力度的指标,对资本效益却具有显著性负面效应。此外,属于竞争性行业的企业的生产效率不低于受保护行业的企业,但其资本效益劣于后者。

CORPORATE FINANCIAL POLICIES AND PERFORMANCE OF CHINESE LISTED FIRMS

After describing the behavior of Chinese listed firms with a model and then examining it empirically,we find that firm?s financial policies have significant effects on its performance. Payout ratio has a significantly positive effect on both the productivity and profitability but long-term investment ratio has a significantly negative effect on the both, and the debt ratio has no significant effect on productivity but a negative effect on profitability. In addition, compared with protected industries, firms...