创业板上市公司融资结构与企业绩效关系实证研究

摘要

创业板市场作为我国多层次资本市场的重要组成部分与企业绩效的发挥紧密相连.基于此,本文以212家创业板上市公司2011-2015年的财务数据为基础,研究不同的融资方式对企业绩效的影响.实证结果表明,企业绩效与资产负债率、流通股比例、长期借款比率、商业信用比率和短期借款比率呈负相关关系,与内源融资率、大股东持股比例、长期负债比率、公司规模呈正相关关系.最后根据研究结论,提出现阶段优化融资结构提高企业绩效的相关建议.%GEM market as an important part of the multi-level capital market in our country, is closely linked with corporate performance.So this research based on the 212 gem listed companies in 2011-2015 financial datas as the foundation in order to find out the relationship between different ways of financing and corporate performance.The empirical results show that corporate performance has a negative relationship with asset-liability ratio, current ratio, long-term loans ratio, commercial credit ratio, and short-term borrowing rate, while has a positive relationship with endogenous financing rate, major shareholders holdings, long-term debt ratio and the company scale.Finally, according to the research conclusion put forward some suggestions of financing structure to improve corporate performance at this stage.