| 上市公司资本结构与公司绩效互动关系实证研究 | |
| 肖作平 ; XIAO Zuo-ping | |
| 2010-06-07 ; 2010-06-07 | |
| 关键词 | 资本结构 公司绩效 联立方程模型 三阶段最小二乘法 面板数据 Capital structure Corporate performance Simultaneous equation model Three-stage least square(3SLS) Panel data F224 |
| 其他题名 | Empirical Study on the Interactive Relation between Capital Structure and Corporate Performance of Listed Companies |
| 中文摘要 | 通过建立资本结构与公司绩效的联立方程,应用三阶最小二乘法估计方程拓展已有的研究。在控制相关变量下,实证结果表明:①资本结构与公司绩效存在互动关系;②财务杠杆与公司绩效负相关;③第一大股东持股比例与公司绩效成反向的U型关系;④除风险外,影响发达国家资本结构的公司特征因素也以同样的方式影响中国上市公司资本结构。; The paper extends previous studies by constructing simultaneous equation models of capital structure and corporate performance,applying three-stage least square and panel data to estimate the equations. Controlling relative variables, empirical results show that, there is an interactive relation between capital structure and corporate performance; financial leverages are negatively related to corporate performance; there is an inverted U-shaped relation between corporate performance and the share ratio that the first largest shareholder holds; apart from except for risks, capital structure in Chinese listed companies seem to be affected in the same way and by the same types of firm-specific characteristics that affect the capital structures in developed countries.; 国家自然科学基金资助项目(70472048) |
| 语种 | 中文 ; 中文 |
| 内容类型 | 期刊论文 |
| 源URL | [http://hdl.handle.net/123456789/39028]  |
| 专题 | 清华大学 |
| 推荐引用方式 GB/T 7714 | 肖作平,XIAO Zuo-ping. 上市公司资本结构与公司绩效互动关系实证研究[J],2010, 2010. |
| APA | 肖作平,&XIAO Zuo-ping.(2010).上市公司资本结构与公司绩效互动关系实证研究.. |
| MLA | 肖作平,et al."上市公司资本结构与公司绩效互动关系实证研究".(2010). |
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