基于EVA我国上市公司资本结构与经营绩效关系的实证研究  

Empirical Research on the Relationship of Capital Structure and Listed Firm Performance Based on EVA

作　　者：毛英[1] 赵红[2] 

机构地区：[1]西安交通大学经济与金融学院,西安710049 [2]西安交通大学管理学院,西安710049

出　　处：《经济问题》2010年第5期86-90,共5页On Economic Problems

基　　金：西安交通大学"985工程"二期项目(07200701);国家社会科学基金项目(07BJY025)

摘　　要：选取了我国沪市制造类,水电煤气供应类,交通运输、仓储类,信息技术类,批发零售类和综合类等六类共648家上市公司,以其2004～2006年连续三年年报数据为依据,基于EVA对其资本结构与经营绩效的关系进行实证分析。研究表明,除水电煤气供应行业外,资本结构与企业绩效为显著负相关关系;企业规模与企业绩效有显著相关关系;股权集中程度与企业绩效无关。This paper is designed to find out whether the capital structure of sample companies affects their performances. The study chooses 6 industries from Shanghai stock market including manufacturing industry,water electricity and gas supply industry,transportation industry,information industry,retail industry and comprehensive industry （there are totally more than 600 listed-companies in Shanghai stock market ）,based on the financing data from the year 2004 to 2006. We find that capital structure and corporate performance show a significant negative correlation except for water electricity and gas supply industry. Besides,the size of enterprise has a significant relationship with business performance while the concentration of equity has nothing to do with it.

关 键 词：经营绩效 资本结构 企业规模 股权集中程度 

分 类 号：F830.91[经济管理—金融学]