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本文以1233家我国民营上市公司为样本,按照企业生命周期理论把样本数据划分为成长期、成熟期和衰退期。探讨了在不同企业生命周期阶段下资本结构与公司绩效(EVA)的关系,实证结果表明:在成长期和衰退期,资产负债率与公司绩效显著负相关,在成熟期,资产负债率与公司绩效显著正相关;第一大股东持股比例在成长期、成熟期和衰退期皆与公司绩效显著正相关;股权制衡度在成长期、成熟期和衰退期与公司绩效的相关性分别为显著负相关、显著负相关和负相关。
Based on the sample of 1233 private listed companies in China, this paper divides the sample data into growth period, maturity period and recession period according to the enterprise life cycle theory. Explored the relationship between capital structure and firm performance (EVA) in different stages of enterprise life cycle. The empirical results show that in the growing period and recession period, the debt ratio is significantly and negatively correlated with firm performance. At maturity, the ratio of debt- There was a significant positive correlation between performance and performance; the proportion of the largest shareholder in the growth, maturity and recession were significantly and positively related to the company’s performance; Equity balance in the growth, maturity and recession and company performance were significantly Negative correlation, significant negative correlation and negative correlation.