信息类上市公司融资结构与经营绩效实证分析——基于企业生命周期视角.doc

PAGE PAGE 36 信息类上市公司融资结构与经营绩效实证分析 ——基于企业生命周期视角 摘要：融资结构与经营绩效关系的研究一直是热门课题之一，但较少有人关注资本密集型的新兴行业——信息技术行业，对信息技术行业进行研究有利于丰富该课题的研究成果，为该行业的融资决策提供参考建议。本文从企业生命周期视角研究信息类上市公司的融资结构与经营绩效的相关性，基于2010至2014年A股信息技术行业上市公司的财务数据，通过因子分析法构建综合绩效指标作为因变量，以资产负债率、有息债务率和无息债务率作为自变量，将企业规模和成长性作为控制变量，构建四个回归模型并运用SPSS数据统计软件进行实证分析。结果表明，我国信息类上市公司在初创期融资结构与经营绩效正相关，在成长期融资结构与经营绩效呈U型关系并且正处于负相关阶段，在成熟期融资结构与经营绩效负相关。建议信息类上市公司在初创期适当提高债务融资比例，成长期根据U型关系选择合适资本结构，成熟期降低债务融资比例，从而提高经营绩效。 关键词：融资结构；经营绩效；企业生命周期；信息类上市公司 Empirical Analysis on Capital Structure and Corporate Performance of IT Listed Companies ——Based on Enterprise Life Cycle Theory Abstract: The study on the relationship between capital structure and corporate performance is always one of the hot subjects. However, few people pay attention to an emerging capital intensive industry -- the Information technology industry, research on which will be conducive to enrich the conclusion of the subject and provide reference for the financing decisions of the industry. From the perspective of enterprise life cycle, the paper analyses the relationship between capital structure and corporate performance of the Information technology listed companies from A share, based on the financial figure during 2010-2014. The study selects comprehensive performance index by factor analysis as dependent variable, and selects asset-liability ratio, interest-bearing debt ratio and interest-free debt ratio as independent variable, as well as introduces two control variables, enterprise’s size and development ability. The study builds four regression models and uses the software SPSS to carry out the empirical analysis. The results indicate that when IT companies are in the start-up period, the relevance between capital structure and corporate performance is positive. When they are in the growth period, there is a U curve correlation and the relevance is negative. When they are in the maturity period, capital structure is negatively related to performance. Based on the results, the pa