摘要
以2011—2014年的40家文化产业上市公司财务数据为研究样本,从债务融资水平、债务期限和债务来源3方面分析了债务融资对我国文化产业上市公司绩效的影响。研究结果表明:我国文化产业负债比整体较低,且主要以短期负债为主;债务融资水平、短期债务比、长期债务比与我国文化产业上市公司的绩效呈显著正相关,但是对少数负债比例过高的公司而言,债务融资水平对公司绩效表现出了弱的负作用;从债务的来源角度来看,企业债务中来源于银行等金融机构的借款占比与企业的绩效呈显著正相关,而商业信用借款占比对其的影响并不显著。
Based the financial data of 40 listed companies in cultural industries from 2011 to 2014,this paper makes an empirical analysis of the impact of debt financing on corporate performance of listed companies in cultural industries from three respects： the debt financing level,the period of debt and the source of debt. The results show that the cultural industry debt ratio in China is low in general and gives priority to the short-term debt. There are remarkable positive correlations between the debt financing level,short-term debt ratio,long-term debt ratio,and corporate performance of listed company in cultural industry,but as to the minority company with a high debt ratio,a weak negative correlation is presented for the level of debt financing. Seen from the perspective of the debt source,corporate debt ratio from banks and other financial instituitions is significantly positively related to corporate performance,while the commercial credit financing ratio has little influence on corporate performance.
出处
《重庆理工大学学报（社会科学）》
CAS
2016年第7期66-73,共8页
Journal of Chongqing University of Technology（Social Science）
关键词
债务融资
债务融资水平
债务期限
债务来源
公司绩效
debt financing
level of debt
period of debt
source of debt
corporate performance
