基于分位回归的资本结构与高新技术企业绩效相关性研究

资本结构通过作用于企业的治理效率对企业绩效产生影响，向投资者传递有关企业经营状况的有效信息。高新技术上市公司在任何一个生命周期，都需要各种渠道的资金投入，其资本结构的合理与否直接关系到公司资本成本的高低和市场价值的大小。我们通过对沪深两市341家高新技术上市公司2006年～2009年的相关数据进行分位回归分析发现，国有股比例、流通股比例、长、短期资产负债率对企业绩效有着显著的负向效应，在50％-75％的分位点上企业绩效与股权集中度呈显著正相关，高管持股比例对企业绩效的敏感性缺失。基于该回归结果，我们提出了企业人力资本股权化、建立知识产权保护体系、加速发展风险投资业等优化高新技术企业资本结构，提高企业绩效的相关建议。

Study of Correlation of Capital Structure with Performance in High-tech Enterprises Based on Quantile Regression

Capital structure＇s impact on performance, acting by the efficiency of corporate governanee, conveys to investors the effective information about business conditions. In any stage of life cycle, listed high-tech company needs various funding sources, and its eapita] structure directly affects the level of the capital eo,~t and the market value. The quantile regression model analysis based on 341 listed high-tech companies＇ data from 2006 to 2009 shows that the proportions of state-owned shares and tradable shares, long and short-term capital debt ratio on titan performance have significant negative effects. On pefformanee＇s 0.5-0.75 quantile, the ownership concentration is positively related to it while the proportion of managerial own- ership sensitivity lost. Then such suggestions are proposed as corporate human capitalization, establishing intellectual property protection system, accelerating development of venture capital industry anti other policy recommendation.