摘要
在汽车行业日益成为国民经济的重要支柱行业的大背景下,研究54家汽车行业上市公司2011—2015年的财务数据,在通过因子分析法得出公司业绩综合指标的基础上,运用面板门槛模型来考察资本结构对业绩的非线性影响,得出如下结论:中国汽车行业上市公司资本结构对业绩存在显著的双重门槛效应。随着企业负债水平从低到高,资产负债率的上升最初能够显著促进业绩的提高,而后对其提升幅度变小,在最后阶段,资产负债率的变化将不会对企业业绩产生显著影响。
This study was carried out at a time when the automobile industry has become an important pillar industry in China. The financial data from 2011 and 2015 of 54 listed companies in China＇s automobile industry were studied. After getting the comprehensive index of company performance using factor analysis, the non-linear relationship between capital structure and company performance was closely examined using the panel threshold model. The study comes to the following conclusion： Among the Chinese listed companies in the automobile industry, there is a significant double-threshold effect regarding the impact of capital structure on company performance. At the low debt level, the increase of debt ratio brings a significant increase in performance; at a medium debt level, the increase of debt ratio could still bring about an increase in performance, but a less significant increase; while at a high debt level, the change of company debt ratio will not bring about a significant change in company performance.
出处
《北京理工大学学报（社会科学版）》
CSSCI
北大核心
2018年第1期88-94,共7页
Journal of Beijing Institute of Technology：Social Sciences Edition
基金
国家自然科学基金资助项目"中国民间金融发展动因与治理路径研究"(71373029)
关键词
因子分析法
汽车行业
资本结构
公司业绩
factor analysis
automobile industry
capital structure
corporate performance
