我国民营企业资本结构和公司绩效相关性研究.pdf

我国民营企业资本结构与公司绩效相关性研究 民营企业资本结构与绩效呈负相关关系，该结论与当前国内的许多研究基 本一致，但有悖于当代资本结构理论，这与我国民营企业所处的发展阶段、盈 利水平和缺乏债券融资等因素有很大关系；另外，由于所处行业的不同，流动 负债、长期负债与公司绩效呈现出不同的相关关系，这对于我国民营企业如何 利用债务的期限结构来提高公司绩效具有现实意义；从债务的利息结构来看， 有息负债与公司绩效呈负相关关系，说明我国的民营企业应注重企业形象和信 用的提升，更多地利用商业信用负债达到融资的目的。 关键词：民营企业；公司绩效：资本结构 II Abstract Abstract s缸．uctI聪hasbeen a researchwith theoretical Capital beinggreat topic great valueand the ofChinese practicalsignificance．Whileagainstbackdrop special be and differencesbetweenstate-controlled may companies system，theresignificant in financingenvironment，corporate privatecompanies governance．Atpresent，the researchofthe between structureand relationshipcapital corporateperformance focusedonalllisted oftheAshare some mainly companies market．Although researcheshavebeenconductedandstudiedonlisted privateenterprisecompanies of some didnothavea measurement by scholars，they comprehensive private the and focusedon useof enterprises’operatingperformancethey manyprofitability indicatorsof to their between privateenterprisesexplorerelationshipcapital and the reflectionof structure corporate