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上市公司资本结构与公司绩效互动关系实证研究
  • 摘要

    通过建立资本结构与公司绩效的联立方程,应用三阶最小二乘法估计方程拓展已有的研究.在控制相关变量下,实证结果表明:①资本结构与公司绩效存在互动关系;②财务杠杆与公司绩效负相关;③第一大股东持股比例与公司绩效成反向的U型关系;④除风险外,影响发达国家资本结构的公司特征因素也以同样的方式影响中国上市公司资本结构.

  • 作者

    肖作平  XIAO Zuo-ping 

  • 作者单位

    清华大学,经济管理学院,北京,100084

  • 刊期

    2005年3期 ISTIC PKU CSSCI

  • 关键词

    资本结构  公司绩效  联立方程模型  三阶段最小二乘法  面板数据 

参考文献
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