家族企业资本结构对经营绩效影响的实证研究——以深圳市上市家族企业为例  

An Empirical Study of the Influence of the Capital Structure in Family Firms on Business Performance:Based on Data from Listed Family Firms in Shenzhen

作　　者：曾爱军[1] 傅阳[2] 

机构地区：[1]广东商学院会计学院,广东广州510320 [2]暨南大学管理学院,广东广州510632

出　　处：《中南财经政法大学学报》2011年第5期122-126,144,共5页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金项目"经济周期视角下投资者心理偏差对资产定价的影响研究"(10CGL043);国家自然科学基金项目"经济责任审计创新及其信号传递效应研究--基于财政资金配置效率视角"(71172224)

摘　　要：上市家族企业资本结构与企业经营绩效之间存在复杂关系,基于我国深圳市上市家族企业相关数据,借助回归分析法及相关系数法,本文分析得出以下结论:深圳市上市家族企业资本结构与每股收益之间存在负相关关系;资本结构与摊薄净资产收益率之间存在强的正相关关系;资本结构与每股经营现金流之间存在负相关关系但不明显。同时根据深圳市上市家族企业的实际情况及实证结论,完善家族企业公司治理结构,应该从金融体系的建立、融资结构的安排及融资期限的协调等方面入手。There is complex relationship between capital structure and the business performance of listed family firms.Based on regression analysis and correlation coefficients of the financial data of listed family firms in Shenzhen,we can safely draw the conclusiones:there is a strong negative correlation between the capital structure and earnings per share,and there is a strong positive correlation between the capital structure and diluted net assets yield.When it comes to the relationship between the capital structure and operating cash flow per share,it prove to be negative.According to these fact and results,government should rebuild the finance system,reorder the financial structur and coordinate the financial period.

关 键 词：家族企业 资本结构 经营绩效 公司治理 产权结构 

分 类 号：F275.5[经济管理—企业管理]