农业上市公司债务融资期限结构对企业业绩的影响研究
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摘要
利用2012—2016年在沪深交易所上市的农业公司为研究样本,采用因子分析法得出研究企业绩效的总指标,用回归分析法具体验证农业上市公司债务融资期限结构与企业绩效之间的关系。结论发现:选取的这些样本公司的长期负债比率越大,企业绩效越好,两者成正比关系,而短期负债融资则正好相反。
Using the agricultural companies listed on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2016 as the research sample, the factor analysis method was used to obtain the total index of the research enterprise performance, and the regression analysis method was used to verify the relationship between the debt financing term structure of the agricultural listed company and the enterprise performance. The relationship concluded that the larger the long-term debt ratio of the selected sample companies, the better the company's performance, the direct relationship between the two, while the short-term debt financing is just the opposite.
Using the agricultural companies listed on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2016 as the research sample, the factor analysis method was used to obtain the total index of the research enterprise performance, and the regression analysis method was used to verify the relationship between the debt financing term structure of the agricultural listed company and the enterprise performance. The relationship concluded that the larger the long-term debt ratio of the selected sample companies, the better the company's performance, the direct relationship between the two, while the short-term debt financing is just the opposite.
引文
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[2] CAI,FAIRCHILD.Debt Maturity Structure of Chinese Companies [J].Pacific-Basin Finannce Journal,2008,16(3):268.
[3] DANISH,PETER.Debt Financing and Firm Performance:An Empirical Study Based on Swedish Data[J].The Journal of Risk Finance,2014,16(1):102.
[4] HALL,GRAHAM,HUTCHINSON.Industry Effects on the Determinants of Unquotde SMEs5 Capital Structure[J].International Journal of the Economics of Business,2000,7(3):297.DOI:10.1080/13571510050197203.
[5] NGUYEN T D K,RAMACHANDAAN N.Capital Structure in Small and Medium Sized Enterprises:The Case of Vietnam[J].ASEAN Economic Bulletin,2006(23):192.DOI:10.1353/ase.2007.0006.
[6]胡宪,熊正德.电力行业上市公司资本结构与公司绩效的关系[J].求索,2009(6):43.
[7]张永光.我国旅游类上市公司债务融资与绩效的相关性研究[D].锦州:渤海大学,2012.
[8]赵莎.钢铁业上市公司债务融资对企业绩效的影响研究[D].石家庄:河北经贸大学,2013.
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[10]刘晨曦、耿成轩.江苏省民营上市公司债务融资与企业绩效的实证分析[J].经济研究导刊,2011(6):206.DOI:10.3969/j.issn.1673-291X.2011.30.088.
[11]彭熠,陈清,徐国锋.债务水平、期限结构与公司绩效:基于汽车制造业上市公司数据的检验[J].工业技术经济,2015(2):3.DOI:10.3969/j.issn.1004-910X.2015.02.001.