融资结构对公司绩效影响的实证研究——基于内蒙古上市公司面板数据的分析

融资结构直接影响企业的税收情况、财务政策，它对企业融资成本产生影响．进而影响企业的治理结构和代理人行为，并最终影响企业的整体经营绩效。通过对15家内蒙古上市公司2003年至2011年的融资结构对公司绩效的影响所进行的实证分析结果显示：内蒙古上市公司股权集中度、银行借款、长期负债和短期负债均与公司绩效呈负相关，流通股数、商业信用和应付债券与公司绩效没有显著关系。针对实证研究的结论及内蒙古上市公司存在的一些问题，应通过优化股权结构、大力发展债券市场、完善退市机制和破产机制、充分发挥银行监督作用等措施，促进融资结构的优化，提高企业经营绩效。

Empirical Research on the Impact of the Financing Structure on the Company Performance Based on Neimenggu Listed Company Panel Data

The financing structure has a direct impact on corporate tax and financial policy. Because of its influences on corporate financing costs, the corporate governance structure and agent behavior might be impacted, and then the overall business performance of the enterprise will be affected ultimately. 15 Inner Mongolia listed companies were selected to do the empirical aualysis on the effects of the financing structure on the company＇s performance during from 2003 to 2011. The results showed that the ownership concentration, bank loan, long-term liabilities and short-term liabilities of these Inner Mongolia listed companies were all negatively related to the corporate performance. In addition, the corporate performance had no significant association with floating stock, commercial credit and bonds payable. According to the conclusion of the empirical study and some problems of the listed company in Inner Mongolia, some measures should be taken, such as optimizing equity structure, developing the corporate bond market, giving full play to the bank＇s supervisory role, perfecting delisting mechanism and bankruptcy mechanism. Therefore, the optimization of the financing structure can be promoted and corporate operating performance can be improved.