作　　者： ; ;

机构地区： 华南师范大学经济与管理学院

出　　处： 《华南师范大学学报（社会科学版）》 2011年第6期72-78,158,共7页

摘　　要： 以上市公司融资结构与经营绩效的相关性为研究对象,对广东省2003-2010年上市公司的财务面板数据进行计量分析,发现债务水平与经营绩效呈倒U型结构;存在股权融资偏好,股权融资率与净资产收益率呈显著负相关关系。从分行业以及融资内部结构角度来看,内源融资与债权融资对绩效的影响存在显著的行业差异性,而股权融资呈现一致负相关。所以上市公司需注重行业特征,调整内源融资和债权融资的比例;监管机构营造上市优胜劣汰机制,规范股权融资。这意味着融资结构优化可以改善上市公司的经营绩效。 This paper studies the correlation between the financing structure and firm performance using a sample of listed companies in Guangdong from 2003 to 2010. The empirical result shows:the inverse U-shaped relations hip between debt levels and firm performance; the preference for equity financing and the negative effect on return. From the perspective of industry, internal financing and debt financing have significant differences between industries. Equity financing all has a negative effect. Therefore, listed companies should focus on industry characteristics and diversify financing structure; and the government should create a survival of the fittest mechanism to enhance the competitiveness of the industry. This means that optimizing financing structure can improve the listed company’s performance.

关 键 词： 上市公司 融资结构 经营绩效 分行业

领　　域： [经济管理]