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资本结构影响公司治理的结果最终会体现在公司绩效的变化上。本文通过对1992-2004年间我国上市公司资本结构影响公司绩效的实证分析发现:资产主营业务净利润率、经营费用率和资产利用率三个指标比股票价值能更好地解释资本结构对公司绩效的影响;国家股比例对公司绩效的负向影响越来越不显著;法人股比例和负债融资比例对公司绩效有不显著的正向影响等。这些结论表明,完善资本结构是完善我国上市公司治理结构从而提高公司绩效的重要途径之一。
The consequences of capital structure affecting corporate governance will ultimately be reflected in changes in corporate performance. Through empirical analysis of the capital structure of listed companies in our country from 1992 to 2004, we find that the net profit margin, operating expense ratio and asset utilization ratio of the main business of assets can better explain the capital structure of the company The negative impact on the corporate performance from the proportion of national shares is less and less significant; the proportion of legal person shares and debt financing have no significant positive impact on corporate performance. These conclusions show that improving the capital structure is one of the important ways to perfect the governance structure of listed companies in our country so as to improve the corporate performance.