摘要
资本结构是否影响企业价值?是否存在最优资本结构?这个问题不仅是财务理论研究的热点,在现实中也一直存在存在着争议。本文基于2012-2014年我国创业板上市公司的经验数据,探究创业板上市公司是否存在最优资本结构,并从股权视角和债权视角检验了资本结构对公司绩效的影响。研究结果显示:我国创业板上市公司存在一个最优资本结构区间为17.8%-27%,使得公司绩效达到最优;从股权视角来看,我国创业板上市公司的公司绩效与第一大股东持股比例之间具有显著正相关关系与股权集中度之间具有显著的负相关关系;从债权视角来看,我国创业板上市公司的公司绩效与短期负债率、长期负债率之间具有显著的负相关关系。
The paper is based on the experience of The Gem Listed Companies in China in 2012- 2014 data,explore the existence of optimal capital structure of The Gem Listed Companies and from the perspective of equity and creditor＇s rights perspective tests the influence of capital structure on corporate performance. The results showed that： The Gem Listed Companies in China are an optimal capital structure between 17. 8% and 27% to achieve the optimal corporate performance; From the perspective of equity,in The Gem Listed Companies in our country,the largest shareholder has a significant positive on the corporate performance,and ownership concentration has significant negative on the corporate performance; From the creditor＇s rights perspective,short- term debt,long- term debt ratio has significant negative on the corporate performance.
出处
《宜春学院学报》
2016年第10期10-15,51,共7页
Journal of Yichun University
基金
安徽省教育厅高校人文社科重点项目"政府创新补贴的扭曲效应及约束机制研究"(SK2015A213)
关键词
最优资本结构
股权结构
债权结构
公司绩效
the optimal capital structure
ownership structure
creditor＇s rights structure
corporate performance
