摘要
本文采用能源行业65家上市公司2001年至2004年的资料，研究了用托宾Q值代替的公司绩效与总资产负债率、第一大股东持股比例之间的关系。实证结果表明，经营绩效佳的公司，绩效与总资产负债率负相关；而经营绩效相对不佳的公司，绩效与总资产负债率显着正相关；公司绩效与第一大股东持股比例没有显示出倒U型关系。
Using a sample of 65 listed companies in the energy industry from 2001 to 2004, this paper studies the relationship between the company performances and the total debt ratio and the stock proportion of the first shareholder. In this paper the company performances are represented by the Tobin＇s Q value. The empirical results show that the company＇s performances are inversely related to the total debt ratio in the company whose performances are good and are positively related to the total debt ratio in the company whose performances are bad. There isn＇t an inverted U-shaped relationship between the company＇s performances and the stock proportion of the first shareholder.
