上市公司资本结构与业绩相关性的实证研究

上市公司资本结构与业绩之间存在双向互动的相关关系。现有研究大多都是在一组样本中只选择一个业绩指标来检验上市公司资本结构与业绩之间的单向相关性。本文在同一组样本中选取了包括每股收益、加权平均净资产收益率、主营业务利润率和总资产利润率在内的多个业绩指标同时对上市公司资本结构与业绩的相关性进行双向回归分析,得出了“资本结构与多个业绩指标之间的双向相关关系均为负相关关系”的结论,并在对这个结论产生的原因进行分析的基础上,提出了在优化我国上市公司资本结构的同时提高公司业绩的对策建议。

An Empirical Study on Capital Structure and Firm Performance of the Listed Companies

There exists two-way interacting relationship between the capital structure and the performance of a listed company. So far Most research only choose one performance index to examine the one-way relevance between the capital structure and the performance of listed company. In this text we have chosen many performance indexes from the same sample, which include the Earnings per Share (EPS), Rate of Return on Assets, Return Rate of Main Business and Return Rate of Total Assets, to analyze the two-way relevance between the capital structure and performance index simultaneously.The essay also analyzes possible reasons for this conclusion and gives some suggestions on how to improve our nation's listed companies' performance while optimizing their capital structures.