论文部分内容阅读
企业资本结构不仅影响企业的资本成本和企业总价值,也影响企业的治理结构和激励机制,进而影响企业行为特征和企业绩效。如何对债务在其中的作用做出评价,一直是资本结构理论重要的内容。本文以浙江上市公司为例,对债务如何影响企业绩效进行了实证分析。证明了债务作用的有界性,即只是在一定负债率水平区间内,负债才有提高企业经营绩效的作用。这一结论对如何评价债务的作用提供了新的佐证,也对规范企业融资行为,完善企业经营管理具有参考意义。
Corporate capital structure not only affects the cost of capital and the total value of the enterprise, but also affects the corporate governance structure and incentive mechanism, thus affecting the corporate behavior characteristics and corporate performance. How to evaluate the role of debt in it has always been an important part of the theory of capital structure. In this paper, Zhejiang listed companies, for example, the debt on how to affect the performance of an empirical analysis. It proves the boundedness of the debt function, that is, only in a certain level of debt ratio, debt can improve the performance of enterprises. This conclusion provides new evidence on how to evaluate the role of debt and also has reference value for regulating corporate financing behavior and perfecting enterprise management.