摘要
以2012-2017年我国A股制造业上市公司为研究对象,对资本结构与企业绩效之间的关系进行了研究,并在此基础上重点考察了外部环境在资本结构与企业绩效关系中的正向调节作用。研究表明:资本结构与企业绩效之间存在显著负相关性,即资产负债率和产权比率的提高会使企业绩效下降。同时,外部环境在资本结构与企业绩效的关系中存在正向调节作用,具体表现为,政府干预程度的下降会削弱资产负债率和产权比率对企业绩效的负向影响;完善的法律环境和市场环境会削弱资产负债率和产权比率与企业绩效之间的负相关性。
With A-share manufacturing listed companies from 2012 to 2017 as the object of research,this paper studied the relationship between capital structure and firm performance,focusing on the positive moderating role of external environment in the relationship between capital structure and firm performance.The research shows that there is an obviows negative correlation between capital structure and firm performance,that is,the increase in asset-liability ratio and equity ratio will reduce firm performance.At the same time,the external environment has a positive moderating role in the relationship between capital structure and firm performance.Specifically,the reduction in government intervention will weaken the negative impact of asset-liability ratio and equity ratio on firm performance;the perfect legal environment and market environment will weaken the negative impact of asset-liability ratio and equity ratio on firm performance.
作者
王千
王渊
WANG Qian;WANG Yuan(School of Business,Zhengzhou University,Zhengzhou 450001,China)
出处
《中原工学院学报》
CAS
2019年第2期17-23,30,共8页
Journal of Zhongyuan University of Technology
基金
国家自然科学基金项目(U1504704)
教育部人文社会科学青年基金项目(15YJC630127)
关键词
资本结构
外部环境
企业绩效
公司治理
capital structure
external environment
firm performance
corporate governance
