公司资本结构对盈利能力影响的实证研究_来自安徽省上市公司数据.pdfVIP

, 2008, 22( 2): 65~ 69 Journal of Anhu i Sc ience and T echnology Un iver ity 来自安徽省上市公司数据 张淑英, 张 菊, 蒋 蕊 ( , 233100) : 本文以安徽省 46家上市公司 2003- 2005年的财务数据为样本, 首先用因 分析方法得出代表上 市公司盈利能力的综合指标- 综合因 得分, 然后用该指标作为被解释变量, 以资产负债率长期负债与 资产比值代表资本结构作为解释变量, 对安徽省上市公司资本结构与盈利能力的关系进行回归分析经 分析发现资产负债率与上市公司的盈利能力存在负相关关系, 而长期负债资产比率与盈利能力没有显著 的相关性说明安徽省上市公司要适当调整资本结构, 提高其盈利能力 : 资本结构; 获利能力; 因 分析; 实证研究 : F276. 6 : A : 1673- 8772( 2008) 02- 0065- 05 An Empirical Study on Profitability from Capital Structure of L isted Com panies data Ba ed on L i ted Companie in Anhui Prov ince ZHANG Shu- y ing, ZHANG Ju, JIANG Ru i ( School of M anagem ent, Anhu i Sc ience and T echnology Un iver ity, Fengyang 233100, China) A bstract: By u ing the financial data includ ing 46 li ted com panie in Anhui Prov ince during year 2003 to 2005, fir tly, th i article u e factor analy i m ethod to get the comprehen ive proxy of profitab ility of li ted com panie . Secondly, th i paper attem pt to analyze the relation h ip betw een cap ital tructure and firm prof itab ility app ly ing a et- liability ratio , a et - long liability a independent variable in de crib ing firm capital tructure and profitab ility a dependent variab le . The m ain conclu ion of the tudy i that cap ital tructure and prof itab ility have a po itive relation h ip, a et - long liability ha no relation hip w ith prof itab ility. atla t, th i article call for the regu irem ent that li ted firm hould in u late cap ital tructure and mi prove prof itab ility. K ey words: Capital Structure; Profitab ility; Factor Analy i; Em p irical Study , , , , , , ( ) , , M a u li ( : ( 1) ; ( 2) ; ( 3) 0. 23- 0. 45H ari Raviv ( 1988) , , , : 2007- 10 - 22