新能源汽车上市公司资本结构对企业绩效影响的实证研究——基于124家上市公司  

Impact of Capital Structure of Listed Enterprises of New Energy Automobile Industry on Corporate Performance:Based on 124 Listed Enterprises

作　　者：胡仁昆 HU Renkun(Hubei Changjiang Industry Assets Management Co.Ltd,Hubei,Wuhan 430070,China)

机构地区：[1]湖北长江产业资产经营管理有限公司,湖北武汉430070

出　　处：《山东商业职业技术学院学报》2024年第2期8-14,共7页Journal of Shandong Institute of Commerce and Technology

摘　　要：选取A股新能源汽车产业上市公司1232组数据,运用主成分分析法构建公司绩效方程,采用混合回归、固定效应回归、最小二乘虚拟变量回归和随机效应回归等模型,确定面板模型最优形式,研究资本结构对公司绩效的影响。研究表明,股权融资率、留存收益融资率、第一大股东持股比例与公司绩效显著正相关,折旧融资率与公司绩效显著负相关,资产负债率、流动负债率、前十大股东持股比例、Z指数与公司绩效相关性不显著。个体效应和时间效应对公司绩效影响显著。This paper selects 1232 sets of data from A-share listed companies of new energy automobile industry,uses principal component analysis to build a company performance equation,adopts the model of mixed regression,fixed effect regression,least square dummy variable regression and random effect regression to confirm optimal form of panel model,and studes the impact of capital structure on corporate performance.The research shows that equity financing rate,retained earnings financing rate and the proportion of the largest shareholder are positively correlated with corporate performance,while depreciation financing ratio is negatively correlated,the asset-liability ratio,current-liability ratio,the proportion of the top ten shareholders and z-index have no significant correlation with corporate performance.Individual effect and time effect have a significant impact on corporate performance.

关 键 词：公司绩效 主成分分析 个体效应模型 最小二乘虚拟变量法 豪斯曼检验 

分 类 号：F276[经济管理—企业管理]