摘要
负债融资的股权结构效应是从负债融资与股权结构的相互作用关系的角度,分析负债率的变化,产生股权结构的变化,最终导致公司绩效发生变化这样一个作用机制。论文通过对我国上市公司的实证分析,得出负债融资的股权结构效应极为微弱,而且其作用方向也是负面的,不仅没有起到提高公司绩效的作用,反而不利于公司绩效提高的结论。这对传统融资结构理论所证明的负债能通过对股权结构的优化,提高公司绩效的结论作出了新的修正。
The effect on equity structure of listed company in debt financing is a mechanism, which can be analyzed from the perspective of the interaction between debt financing and equity structure. The change of equity structure led by the change of liabilities ratio in turn contributes to the change of companies' performance. By the empirical study on domestic listed companies, the paper concludes that the effect on equity structure of listed company in debt financing is very weak and the action is negative. The effect not only cannot promote companies' performance, but also acts as an adverse factor. The conclusions correct the traditional theory of financing structure that believes debts can promote companies' performance by optimizing equity structure.
出处
《中国软科学》
CSSCI
北大核心
2005年第3期61-66,共6页
China Soft Science
关键词
上市公司
负债融资
效应
listed company
debt financing
effect on equity structure
