论文部分内容阅读
本文选取33家文化创意产业上市公司2010~2012年度财务数据,运用时序全局主成分分析法,综合评价反映企业盈利能力的销售净利率、销售毛利率、资产净利率、净资产收益率4个指标的得分,并对反映企业融资结构的资本负债率指标进行回归分析。结果表明:企业盈利能力与负债规模呈中度负相关关系。这主要是因为我国文化创意产业资本市场尚未完全开放,债务融资成本相对较高,抑制了(适度)负债财务杠杆等作用的发挥。
In this paper, we selected the financial data of 33 cultural and creative industries listed companies from 2010 to 2012, using the time series of the global principal component analysis, the comprehensive evaluation reflects the company’s profitability sales net profit margin, sales gross margin, net asset margin, return on net assets four indicators Of the score, and reflect the corporate financing structure of the capital debt index regression analysis. The result shows that there is a moderate negative correlation between corporate profitability and debt scale. This is mainly because the capital market of China’s cultural and creative industries has not yet been fully liberalized, the cost of debt financing is relatively high, and the role of (moderately) debt financial leverage is restrained.