传媒上市公司资本结构与绩效相关性研究

以中国传媒上市公司为例,通过构建Panel Data模型,对其资本结构与公司绩效关系进行实证检验.实证结果表明,传媒上市公司资本结构与公司绩效存在显著的正相关关系;公司绩效与流动资产负债率和公司规模显著负相关;前五大股东持股比例与绩效正相关.针对这一结论,为改善传媒上市公司的业绩,应注重融资方式的合理选择、优化股本和资本结构、充分利用债券市场、提高资金使用效率等.

Research on the Correlation between the Capital Structure of China's Listed Media Companies and their Corporate Performance

By creating a panel data model,this paper does an empirical analysis of the relationship between the capital structure of China's listed media companies and their corporate performance. The empirical results show that there is a significant positive correlation between them;corporate performance is negatively related to short-term loan ratio and company size;the stake percentage of the top five shareholders is positively related to corporate performance. Then a series of advices on the improvement of corpor...