我国上市公司资本结构与企业绩效的实证分析

自20世纪50年代MM理论提出后，关于公司融资（Corporate Finance）结构和其价值的研究不断取得突破，在考虑所得税和破产成本等因素后，西方学者从不同的角度证实了最优资本结构的存在性，并在实证分析中得出了企业绩效与公司资本结构的正相关关系，而我国上市公司的情况却与西方经典理论相悖。本文对我国有代表性的45家上市公司进行实证分析后，得出我国上市公司资本结构与其绩效呈显著的负相关关系的结论。

The example analysis of capital structure and corporate achievement in our listed Companies

Since the MM theory was brought in 1955, the studies of corporate finance structure and value have made a great breakthrough. After thinking the factor of the income tax, bankrupt cost and other things, the western scholars have proved the existence of the best capital structure and have drawn a conclusion, the corporate achievement having positive reactions with it's capital structure. However, the situations of our listed companies are opposite to the western classical theory. The situation of 45 representive listed companies is analyzed and a conclusion of the listed company's capital structure has negative reactions with corporate achievement in our country is drawn too.