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不同行业间上市公司的融资结构价值效应差异较大,本文通过理论与实证分析发现:上市公司产权性质属于国有性质的经营收益率越低。农业上市公司组与非农业上市公司组相比较而言,农业上市公司组中的债务率和长期债务率对经营绩效的影响程度更大。研究有助于理解我国制度环境下不同行业间上市公司的融资结构价值效应差异,得出启示并提出一定的政策建议。
The value structure of financing structure of listed companies in different industries is quite different. Through theoretical and empirical analysis, this paper finds that: the property rights of listed companies are owned by state-owned enterprises, the lower the operating profit rate. Compared with non-agricultural listed companies, agricultural listed companies have more influence on business performance because of their debt ratio and long-term debt ratio. The research helps to understand the difference in the value effect of financing structure of listed companies in different industries under the institutional environment of our country, draw enlightenment and make some policy suggestions.