交通行业上市公司资本结构与经营绩效相关性分析

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1、AbstractAbstraetThetheoryofmodemcapitalstructuresindicatedthat：Undertheefficientmarket,varietyofcapitalstructureswillaffectthevalueofacompany,meanwhilecomparedtostockholderfinancing，debtfinancingismolevaluabletoacompany．Undermoreefficientmarket，manycapita

2、lstructuresofdevelopedcountrieshaveprovedthistheory．Thispapertriedtofindoutwhichvariableofthelistedcompanies’capitalstructuresaffectedthecompanies’businessperformance，inwhichaspectandtowhatextentdoesthevariablesplayitsrole．Thispaperusethetrafficindustryco

3、mpanieslistedonAtypestockstradedinSHExehangeandSZExchange弱samples．IusemultipleregressionmodelandtheoriesincludingCapitalStructuresTheory、AgencyTheoryandCorporateGovernanceTheorytomakeaPositiveeconomicanalysisrefertotherelationbetweenthecapitalstructuresan

4、dcompanybusinessperformances．ThispaperUSeTobin’sQ，rateoftotalassetsrevenuetoreflectthebusinessperformanceoflistedtrafficindustrycompaniesandUSedebtassetratio、stockrightdegreeofconcentration、theholdingproportionofthebigtwoshareholders．IdiscoveredⅡlatdebtas

5、setratiohasanegativecorrelationtobusinessperformanceanddegreeofconcentrationhasapositivecorrelationtobusinessperformancebylinearregression．ThedataIusedforregressionchosefrom33listedtrafficindustrycompaniesdatedfrom2004tO2007andallthechosecompaniesWaSliste

6、dbefore2003．Thecapitalstructuresofacorporationhaveinfluencesonitsvaluedemonstratesthattherealesomevariablesofthecompanystructureshaveeffectontheefficiencyofcompany,throughthewayofcompanymanagementfinallychangethefinancialperformanceofthecompany．Itriedtofi

7、ndoutthesevariablesofcapitalstructureswhichhaveafundamentalinfluence013businessperformance．Itisalsothemaintargetofthepositiveeconomicanalysis．Atlast，somestrategiesaleproposedforoptimizingthecapitalstructuresoftrafficindustryandpromotingbusinessperformance

8、．FromthepositiveeconomicanalysisWeconsider廿1attrafficindustryisnaturalIIcapitals仃ucnlreswhichhasmorebindingcharacteroncompanymanagement，perfectthecorporategovernances仃uctures，onlyinthisway,Callweboostcorecompetitive