资本结构选择偏好、成长性与公司绩效  

Capital Structure Preference,Growth and Corporate Performance

作　　者：陆珩瑱[1] 吕睿[1] 

机构地区：[1]南京航空航天大学经济与管理学院

出　　处：《投资研究》2012年第3期114-124,共11页Review of Investment Studies

基　　金：南京航空航天大学基本科研业务费专项科研项目(NR2011005);教育部社科基金(10YJA790211)

摘　　要：本文通过基于不同资本结构选择偏好和成长性分类对上市公司资本结构和绩效的关系进行研究,研究发现:我国上市公司资本结构与绩效整体呈负相关;考虑内生性基础上,资本结构对绩效的负面影响提高了;不同负债水平下,资本结构对绩效的影响存在显著差异,且负债水平越高,资本结构对公司绩效的影响越大;在不同成长性水平下,资本结构与绩效都是负相关的,且成长性越低负面影响越大。This paper conducts an empirical study on the relationship between capital structure and corporate performance based on different capital structure choice preference and growth opportunities. The study suggests that： the overall performance of China＇ s listed companies has a negative relation with their capital structure; traditional method underestimate the influence exerted by capital structure on performance; the impact of capital structure on corporate performance are significantly distinctive under different debt levels, specially the higher debt levels, the greater the impact of capital structure on firm performance; capital structure and performance are negatively correlated under different growth groups, and the lower the growth, the greater the negative impact.

关 键 词：资本结构 公司绩效 成长性 偏好 

分 类 号：F275[经济管理—企业管理]