资本结构与企业绩效关系实证分析——以信息技术业上市公司为例

An Empirical Analysis of the Relationship between Capital Structure and Corporate Performance—Taking Listed Companies in the Information Technology Industry as an Example

摘要: 以在沪深A股上市的187家信息技术业上市公司作为研究对象，选择2015~2019年为样本时间段，通过实证分析以探究我国信息技术业上市公司资本结构与企业经营绩效之间的关系。首先，对盈利能力、偿债能力、营运能力、成长能力四个方面的9个指标进行因子分析，根据得出的综合得分值评价公司绩效；然后选择面板数据模型进行回归分析，得到资本结构与经营绩效之间的关系；最后，根据实证分析结果提出相关建议。实证结果表明，我国信息技术业上市公司的资产负债率与经营绩效呈负相关关系；流动负债比率与经营绩效之间呈负相关关系；前十大股东持股比例与经营绩效呈正相关关系。

Abstract: 187 listed companies are selected as the research objects in the information technology industry that are listed on the Shanghai and Shenzhen A-shares, and conducts an empirical analysis of sam-ple period from 2015 to 2019 to explore the relationship between the capital structure of listed companies in the information technology industry in my country and corporate operating per-formance. First, through factor analysis of 9 indicators in four aspects: profitability, solvency, op-erating ability, and growth ability, the comprehensive performance value is obtained; then, the panel data model is selected for regression analysis to obtain the capital structure and operating performance. Finally, make relevant suggestions based on the results of empirical analysis. The conclusions are drawn as follows through empirical analysis, the debt-to-asset ratio of listed com-panies in the information technology industry in my country is negatively correlated with operating performance; the current debt ratio is negatively correlated with operating performance; operating performance is positively correlated.