中国上市公司资本结构与公司绩效相关性的实证研究——基于金融业.doc

中国上市公司资本结构与公司绩效相关性 的实证分析 基于金融业 由于金融市场的不断发展，金融业内竞争更加激烈。对于如何 提升自身竞争力，丙方企业管理理论在很早就提出通过资本结构的管 理与优化来完成公司战略布局，满足发展要求。由于金融业上市公司 资本规模大，所处行业重要性和垄断性强，因此针对我国金融业上市 公司资本结构的研究一直是该领域的重点。鉴于此，本文在阐述资本 结构与公司绩效等相关概念的基础上，整合我国16家金融业上市公 司2011-2015年报和数据库，使用因子分析法对其进行实证分析，得 出我国金融业上市公司资本结构与公司绩效之间呈负相关关系。最后 根据我国金融业上市公司的实际情况，提出建议和政策，优化其资本 结构，增强公司绩效。 关键词：金融业；资本结构；公司绩效；因子分析法 An Empirical Analysis of the Correlation between Capital Structure and Corporate Performance of Chinese Listed Companies Abstract： As the financial market continues to develop, the competition in the financial industry is more intense. For how to enhance their own competitiveness, Western business management theory in the early proposed by the capital structure management and optimization to complete the companys strategic layout to meet the development requirements. Due to the large scale of the capital of listed companies in the financial industry, the importance and monopoly of the industry is strong，so the research on the capital structure of listed companies in China’s financial industry has always been the focus of this field. In this paper, based on the concept of capital structure and corporate performance, this paper integrates the 2011 annual report and database of 16 listed financial companies in China, and uses the factor analysis method to analyze it, and obtains the listed companies of China’s financial industry There is a negative correlation between capital structure and firm performance. Finally, according to the actual situation of Chinas financial industry listed companies, make recommendations and policies to optimize its capital structure and enhance corporate performance. Keywords： Financial industry; capital structure; corporate performance; factor analysis in 11.1 11 .1 .2 .2 .2 .2 .3 .4 .4 .4 .5 .7 .7 .7 .8 .9 12 12 12 12 13 13 14 14 15 17 17 ■ Abstract -XX- -1 ▲ 目 IJ g 一、 资木结构与公司绩效研究的理论分析 （一） 资本结构的理论分析 资本结构的含义 经典资本结构理论 新资本结构理论 （二） 公司绩效的理论分析 公司绩效的含义 公司绩效评价理论 （三） 资本结构与公司绩效之间的关系 二、 金融业上市公司资本