文化产业上市公司资本结构与企业绩效实证分析

本文以18家文化产业上市公司为代表,实证研究了资本结构与企业绩效的关系,得出了资产负债率与净资产收益率成正相关,并且存在一个最优的资产负债率结构使得企业净资产收益率最大,同时也得出了企业资本结构与企业成长性关系不明确,与托宾Q值之间存在一次正相关,但二次回归不存在最优资本结构,使得托宾Q值最优。应通过创新和扩大外援融资,提高文化产业上市企业的绩效。

Empirical Analysis of Capital Structure and Corporate Performance of Listed Companies in Cultural Industries

This paper made an empirical study on the relationship between capital structure and corporate performance on behalf of 18 listed companies in cultural industries,which obtains positive correlation between asset-liability ratio and return on equity,and exists in an optimal structure of asset-liability ratio which can make maximum return on equity for enterprise,meanwhile,gets the unclear relationship between enterprise capital structure and enterprise growth,and there is a positive correlation between enterprise capital structure and Tobin＇s Q value,however,there is no optimal capital structure from the results of quadratic regression which make Tobin＇s Q value best.We should improve the performance of listed companies in cultural industries through innovation and expansion of foreign aid financing.