摘要
本文通过理论分析和实证检验发现净资产收益率与资本结构之间的关系依赖于整体宏观经济环境和公司特征变量,当公司治理水平上升、增长机会增大、赢利能力增强、行业竞争程度下降时,净资产收益率与资本结构之间的相关系数上升。这表明净资产收益率与资本结构之间的关系并非绝对的正相关或负相关关系,有助于解释为什么学者在研究两者之间的关系时结论大相径庭。因此,提升经济发展水平、加强对投资者的保护、建立基于资本供求关系的利率体系有助于优化资本市场资本配置的基础性功能。
The paper conducts theory analysis and empirical study to find out that the correlation coefficient between ROE and capital structure depends on macroeconomic environments and company characteristics. The coefficient rises when corporate governance gets improved, corporate growth opportunity gets bigger, corporate earning power becomes stronger, and competition is no longer fierce. This finding contradicts with the opinion that the correlation between ROE and capital structure is either positive or negative. And it helps explain the discrepancy among so many opinions. In a word, we need to advance the economic growth, strengthen investor protection, and builds market-oriented interest rate system.
出处
《上海金融》
CSSCI
北大核心
2008年第6期24-29,共6页
Shanghai Finance
