| 股权集中度、债务融资与公司绩效——来自于四川省上市公司经验证据 |
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| 引用本文： | 王璐,余丽霞.股权集中度、债务融资与公司绩效——来自于四川省上市公司经验证据[J].西南民族学院学报(自然科学版),2014(4):618-624. |
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| 作者姓名： | 王璐 余丽霞 |
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| 作者单位： | 四川师范大学商学院,四川成都610101 |
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| 基金项目： | 四川省教育厅重点项目《金融产业集群对区域经济增长的效应研究--以成渝经济区建设为例》（13SA0135）和四川师范大学学生科创重点项目《会计稳健性与过度投资行为研究》基金资助. |
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| 摘 要： | 以2008年至2012年四川省的上市公司为研究样本,考察了股权结构特别是股权集中度、债务融资和公司绩效三者之间的关系.结果显示,公司负债与公司绩效呈一种非线性的倒"U"型关系;而股权集中度和公司绩效水平则呈一种非线性的"U"型关系;与此同时,股权集中度和公司绩效显著正相关.此外,还发现股权集中度通过影响负债进一步对公司绩效产生作用.
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| 关 键 词： | 股权集中度 债务融资 公司绩效 |
Ownership concentration,debt financing and corporate performance-- based on empirical evidence of listed companies in Sichuan |
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| WANG Lu,YU Li-xia.Ownership concentration,debt financing and corporate performance-- based on empirical evidence of listed companies in Sichuan[J].Journal of Southwest Nationalities College(Natural Science Edition),2014(4):618-624. |
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| Authors: | WANG Lu YU Li-xia |
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| Institution: | (School of Business, Sichuan Normal University, Chengdu 610101, P.R.C.) |
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| Abstract: | Taking Sichuan＇s listed companies between the year 2008 and 2012 as study subject, this paper analyzes the relationship between ownership concentration, debt financing and corporate performance. The empirical results show that, there is an inverted U-shaped relation between corporate performance and corporate debt, but a kind of nonlinear ＂U＂ shape relation between ownership concentration and debt. At the same time, ownership concentration is significantly positively related with corporate performance. Furthermore, the paper also finds that ownership concentration has an effect on corporate performance by affecting the debt. |
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| Keywords: | ownership concentration debt financing corporate performance |
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