汽车制造业上市公司资本结构与财务绩效关系研究.docVIP

汽车制造业上市公司资本结构与财务绩效关系研究 　　摘要探讨了我国汽车制造业上市公司资本结构对财务绩效的影响.对汽车制造业上市公司?Y本结构与财务绩效相关数据进行了描述性统计分析，对资本结构和财务绩效综合因子之间的关系进行了因子分析和回归分析.结果表明：汽车制造业上市公司资产负债率与财务绩效不显著负相关，流动负债率与财务绩效显著负相关，股权集中度与财务绩效不显著正相关.并针对性地提出了对策：合理降低资产负债率和流动负债率、适度提高股权集中度、发展多元融资. 　　关键词财务管理；财务绩效；SPSS；资本结构；汽车制造业上市公司 　　中图分类号文献标识码A 　　Research on the Correlation between Capital Structure and Financial Performance of Chinese Automobile Manufacturing Listed Companies 　　Yiming CHEN，Wenbin GONG，Zhengchu HE 　　（Changsha University of Science Technology，Changsha 410114，China） 　　AbstractThe influence of capital structure on financial performance in Chinese automobile manufacturing listed companies was discussed.The related data of capital structure and financial performance of listed companies in automobile manufacturing industry was analyzed.Factor analysis and regression analysis were carried out on the relationship between capital structure and financial performance comprehensive factors.The results show that there is no significant negative correlation between asset liability ratio and financial performance of the listed companies in the auto manufacturing industry，financial performance is significantly negatively related to the current debt ratio and is not significantly positively related to the concentration of ownership.Countermeasures are put forward：reducing assetliability ratio and current liability ratio reasonably，increasing equity concentration modestly，developing diversified financing. 　　Key wordsfinancial management；financial performance；SPSS；capital structure；automobile manufacturing listed companies 　　1引言 　　国内外学者对上市公司资本结构与公司绩效之间的关系进行了多方位探讨，结论有以下几个方面.一是正相关关系.Simerly（1999）[1]指出，在相对稳定的环境中，公司绩效与资本结构呈正比.Jordan（2003）[2]以英国275家小型企业作为样本进行研究，发现资本结构与企业获利率呈正相关关系.二是负相关关系.牛丽文（2016）[3]发现，煤炭上市公司的资产负债率与企业价值呈负相关关系.Booth（2002）[4]通过对十个发展中国家的公司的实证研究，发现其中九个公司的绩效水平与资本结构之间存在显著的负相关关系.Schuhmacher（2002）[5]发现，当市场需求处于不确定状态时，资产负债率与公司利润成负相关关系.Titman（1988）[6]和Rajan（1995）[7]分别在美国和西方七个发达国家中选择了具有代表性的公司进行实证研究，发现资本结构与盈利能力呈负相关关系.Hall（2