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我国上市公司盈利能力与资本结构的实证分析 总被引:31,自引:2,他引:31
企业盈利能力是企业财务分析的重要内容之一,企业资本结构是否合理直接影响公司经营业绩和长远发展。本文选取了主要影响企业盈利能力的4个指标(销售净利率、销售毛利率、资产净利率、净资产收益率),利用主成分法提供的方法对其进行综合得分评价,并与影响企业资本结构的主要指标资产负债率进行相关分析与回归分析,得出企业盈利能力与资本结构的关系。 相似文献
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企业的资本结构是现代公司治理研究的核心问题。航空上市公司作为资本密集型企业,其资本结构与融资方式一直是人们重点研究的对象。本文采用实证研究的方法,对我国航空上市公司资本结构的影响因素进行了分析,实证结果表明:资本结构中的负债比率与盈利能力、企业规模、内部资源能力成负相关关系,与成长性、经营风险、偿债能力、非债务税盾、股权集中度成正相关关系。 相似文献
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本文探讨了资产专用性对企业资本结构的影响,在分析了企业资产专用性对企业投资盈利能力的基础上,重点探讨了企业资产专用性对企业融资成本的影响及如何选择合适的资本结构。 相似文献
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合理化的资本结构使企业在面临疫情冲击时能够平稳发展,因此有效的资本结构研究是我国上市公司关注的重点。以2017—2021年A股上市527家民营制造企业为研究对象,运用多元回归分析法分析疫情前后我国民营上市公司资本结构的影响因素变化。结果显示,企业规模、盈利能力、成长性、股权集中度四个因素均在显著的水平下对资本结构产生影响。根据回归分析结果,得出疫情前后企业规模、成长性两个因素与公司资本结构存在显著的正相关关系,盈利能力与股权集中度两个因素对公司资本结构产生负向影响的结论。根据相关结论对我国上市公司提出了合理化建议,同时为企业在面临突发市场状况时积极调整资本结构提供一定的参考。 相似文献
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企业资产专用性对资本结构的影响分析 总被引:1,自引:0,他引:1
本文探讨了企业资产专用性对企业资本结构的影响,在分析了企业资产专用性对企业投资盈利能力的基础上,重点探讨了企业资产专用性对企业融资成本的影响以及如何选择合适的资本结构. 相似文献
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创业板为高科技企业拓宽融资渠道,为风险资本提供退出机制,业已成为我国多层次资本市场的重要组成部分.文章在借鉴资本结构决定因素学派相关研究成果的基础上,以2009-2011年期间在深圳证券交易所上市的169家创业板公司为样本,选择影响创业板上市公司资本结构的主要动因进行实证分析.结果表明:盈利能力和企业规模两个因素对企业资本结构的选择有显著的影响,而成长性对企业资本结构的选择没有显著影响,体现了创业板上市公司资本结构的特殊性. 相似文献
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从理论上分析,EVA与资本结构两者判断标准一致,EVA的确会从盈利能力、成长性、企业规模等多个方面对企业的资本结构产生一定的影响,但从影响力和影响方向来看,具有不确定性。而企业资本结构的改变同样会以多种方式体现在EVA指标上。 相似文献
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刘姚潇洋 《中小企业管理与科技》2022,(1)
近年来,我国对房地产行业的调控与监管日益增强,房地产企业融资成本提高,负债压力高居不下,盈利水平下降。在这种背景下,房地产企业需要通过调整自身经营战略,改善资本结构和经营模式,规避风险,创造利润。论文以R集团为例,探究其资本结构与盈利能力的关系现状,并对优化R集团资本结构、提升盈利能力提出合理建议。 相似文献
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本文借助资本结构部分调整模型,运用我国中小企业板186家企业2007-2010年的平衡面板数据对中小企业资本结构的动态调整行为进行研究,从企业自身特质角度分析了最优资本结构变化及调整速度的影响因素。实证结果表明:企业规模与调整速度显著正相关,偏离最优资本结构的程度和盈利能力与调整速度显著负相关,成长性与调整速度负相关但不显著。企业调整速度较慢,调整成本较高,并且调整速度具有明显的行业差异。 相似文献
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Wen-ya Chang Hsueh-fang Tsai Ching-chong Lai 《Journal of Economic Dynamics and Control》2006,30(12):2859-2874
This paper presents a generic model to include public capital accumulation and the services of international public goods provided by a neighbor country. It examines the long-run and short-run responses of private and public capital accumulation in the home country to an anticipated increase in international public goods. It is found that the home economy in effect cuts its public capital stock, but keeps an unchanged private capital stock in the long run when a neighbor commits itself to expanding the stock of public goods in the future. The key factor determining the short-run responses of the home country is the extent to which it will match its government spending with a neighbor country's policy, which is associated with the relative difference between the marginal utility of consumption and that of home public capital affected by an increase in international public goods. 相似文献
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内容提要:基于2009—2017年沪深A股非金融上市公司的面板数据,本文构建针对非独立样本的空间门槛模型,使用企业之间的同伴效应表征社会互动,讨论企业资本结构决策的同伴效应特征及其异质性,验证产权归属和企业特征对资本结构决策同伴效应的非线性影响。研究结果表明,企业规模、偿债能力、盈利能力和成长性对其资本结构决策的同伴效应呈现显著的门槛边际变化特征,即企业会根据自身能力调整资本负债;同时,国有企业较非国有企业表现出更明显的正向资本结构决策同伴效应,但二者(同伴效应)的非线性形式存在差异。本文结论将拓展财务决策中同伴效应与空间经济学交叉领域的研究,并且丰富当前企业资本结构决策影响因素及其同伴效应的文献。 相似文献
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东、西部上市公司资本结构实证研究 总被引:1,自引:0,他引:1
本文试图通过对东、西部地区上市公司的资本结构的对比实证研究,找出我国资本结构的区域性特征。通过在资本结构的影响因素、资本结构对公司业绩的影响、以及资本结构与企业价值的曲线关系等几方面的对比,找到了东西部地区上市公司资本结构存在差异的原因。 相似文献
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This paper examines effects of different types of corporate borrowing on firm profitability in India. We show that in contrast to the conventional thinking on the importance of monitored debt in determining firm performance, what matters more is arm's‐length lending in the form of fixed deposits in influencing firm profitability. We argue that the strategic implications of fixed deposits can be mainly attributed to the fact that they are both unsecured and privately held, which make the creditors associated with this type of debt the most likely to monitor firms' performance. The results suggest that debt structure matters, and it is important to take into account institutional differences and the heterogeneity of debt in the analysis of capital structure on firm performance. Copyright © 2009 John Wiley & Sons, Ltd. 相似文献
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David Heald 《European Accounting Review》2013,22(2):325-349
The franchising of public service activities (concessions de service public) has traditionally played a significant role in infrastructural provision in France, notably in the public utility sectors of electricity, gas and water. Concession accounting is troubled by two major problems. First, operating capability maintenance (OCM) is not achieved, primarily because of the failure to tackle the issue of backlog depreciation. In sectors with high capital intensity, long asset lives and marked technological change, the restrictive legislation pertaining to asset revaluation and, hence, depreciation, aggravates this OCM problem. Second, financial capital maintenance (FCM) is not achieved, particularly when amortization of the enterprise's investment in those concession assets which are surrendered to public authorities (I'amortissement de caducité) is abandoned. This evaluation of French practice is policy relevant for two distinct reasons. First, given the significance of concessions in France, it is important to establish a coherent translation of the principles of the Plan comptable général 1982 to concession assets; this will not be achieved by the proposals of the 1992 Committee on Concessions, whose implementation would represent a retreat from economic relevance. Second, the concession model is experiencing both a revival in francophone Africa and extension to the United Kingdom. 相似文献
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Chau-Chen Yang Cheng-few Lee Yan-Xiang Gu Yen-Wen Lee 《The Quarterly Review of Economics and Finance》2010,50(2):222-233
Titman and Wessels (1988) utilize a structural-equations model (LISREL) to find out the latent determinants of capital structure. Maddala and Nimalendran (1996) indicate that the problematic model specification causes the poor results in Titman and Wessels’ research. Chang, Lee, & Lee (2009) apply a Multiple Indicators and Multiple Causes (MIMIC) model to re-examine the same issue as Titman and Wessels did but found more convincing results. We extend Titman and Wessels’ research from using a single-equation approach to a multi-equations approach. In addition to the determinants of firms’ capital structure, those of stock returns are determined simultaneously. Literature indicates that a firm's capital structure may affect its stock returns (Bhandari, 1988), and the reverse is true too (Baker and Wurgler, 2002, Lucas and McDonald, 1990, Welch, 2004). Hence, a firm's determinants of its capital structure and those of its stock returns should be decided simultaneously, rather than independently. By solving the simultaneous equations, we examine the empirical relationship between the two endogenous variables: capital structure and stock returns and find out their common determinants as well. Our results show that stock returns, expected growth, uniqueness, asset structure, profitability, and industry classification are the main factors of capital structure, while the primary determinants of stock returns are leverage, expected growth, profitability, value and liquidity. The level of debt ratios and stock returns are mutually determined by the aforementioned factors and themselves. 相似文献
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John A. Buzacott 《Decisions in Economics and Finance》2016,39(2):235-258
This paper considers investment decision making when returns have a multivariate gamma distribution which has the particular correlation structure of Furman’s ladder gamma distribution. With an exponential utility function It is shown that there is a subset of the candidate investment opportunities to which investment should be allocated. This subset can be readily identified in a two step process that results in a list of candidate investments that is ranked in sequence of decreasing risk. The last investment opportunity on this list will be no risk cash. Investments are then selected from this list in sequence up to a cutoff point that depends on the investors capital and degree of risk aversion. If capital and degree of risk aversion are sufficiently large so that it is optimal to allocate some to no risk cash, then the capital allocated to each risky investment is a constant fraction of the total capital allocated to risky investments irrespective of how risk averse is the investor. 相似文献