财务杠杆率的影响因素及其对公司财务绩效的影响——基于沪深A股上市公司面板数据的简要分析

Influencing Factors of Financial Leverage Ratio and Its Impact on Firms’ Financial Performance—A Brief Analysis Based on Panel Data of Shanghai and Shenzhen A-Share Listed Companies

摘要: 在经济全球化与市场竞争日益激烈的背景下，财务杠杆作为企业财务管理决策中的关键概念对企业财务绩效影响深远。研究通过沪深A股上市公司2003~2022年的数据，运用SPSS软件进行分析，在一定程度上证明了三个重要假设：其一，公司规模与财务杠杆率正相关；其二，盈利能力与财务杠杆率负相关，盈利能力强的企业倾向内源融资，注重财务稳健性；其三，财务杠杆率与公司绩效呈倒U型关系。

Abstract: In the context of economic globalization and increasingly fierce market competition, financial leverage, as a key concept in corporate financial management decision-making, has a profound impact on corporate financial performance. The study analyzes the data of A-share listed companies in Shanghai and Shenzhen from 2003 to 2022 using SPSS software to prove three important hypotheses to a certain extent: first, company size is positively correlated with financial leverage; second, profitability is negatively correlated with financial leverage, and companies with strong profitability tend to have endogenous financing and pay attention to financial soundness; third, financial leverage has an inverted U-shaped relationship with company performance.