不同成长机会下资本结构与经营绩效之关系研究  

Relationship between Capital Structure and Performance with Different Growth Opportunities

作　　者：连玉君[1] 程建[1] 

机构地区：[1]西安交通大学金禾经济研究中心,陕西西安710049

出　　处：《当代经济科学》2006年第2期97-103,共7页Modern Economic Science

基　　金：西安交通大学人文社会科学基金(2400-573001)资助。

摘　　要：本文从委托代理理论出发,在考虑公司成长机会差异的情况下,采用门槛面板模型对上市公司资本结构与经营绩效间的关系进行了研究。结果表明,负债率与经营绩效间会因为公司所拥有的成长机会的多寡而呈现出显著的区间效应,表现为当成长机会较少时,资本结构与经营绩效负相关,而成长机会较多时,二者正相关。这与国外经典代理理论的预期结果完全相悖,我们从我国上市公司的代理成本入手对上述结果进行了分析,并提出了一些政策建议。This paper empirically tests the effect of capital structure on corporate performance with different growth opportunities using panel threshold model from perspective of agency theory.The results show significant regime effects between capital structure and performance relying on corporate growth potential.Capital structure and performance are negatively related for high growth firms and positively related for low growth ones.This is contradictory with classical agency theory.We try to give an explanation by an analysis of agent cost of the China listed firms and propose policy recommendations.

关 键 词：成长机会 资本结构 经营绩效 面板门槛模型 

分 类 号：F224[经济管理—国民经济]