河北省上市公司资本结构与绩效相关性实证分析

摘要

Fit and unfit quality of enterprise performance reflects both corporate profitability and the company management level, and it is also the focus of investors. Related model has been established based on the comprehensive performance scores by analyzing the performance indicators taken from 2013 annual reports of 47 listed companies in Hebei province. Regression analysis was carried out on the capital structure and control variables. It turns out that there is no significant correlation between the comprehensive performance scores and the capital structure. It is found that the asset-liability ratio is low in the capital structure of listed companies in Hebei province, and the current liability ratio is high and the long-term liability ratio is low. Equity financing is given priority in external financing of listed companies in Hebei province. There is a strong preference to equity financing.%企业的绩效优劣既反映了企业盈利能力高低以及公司经营管理水平，同时也是投资者关注的重点。对河北省47家上市公司2013年年报财务数据提取的绩效指标进行因子分析获得的综合绩效得分作为被解释变量，建立相关模型，对资本结构与控制变量进行回归分析，发现综合绩效得分与资本结构间并不存在显著的相关关系。通过统计分析发现河北省上市公司资本结构中资产负债率偏低，流动负债比率偏高，长期负债比率偏低；河北省上市公司在外部融资中以权益融资为主，存在强烈的股权融资偏好。