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本文以我国广播电视行业8家上市公司2008～2012年的数据为样本,采用因子分析法得到描述企业经营业绩的综合指标,并采用面板回归模型研究了该行业资本结构与经营业绩的关系。实证结果显示,资本负债率与经营业绩负相关,长期负债率与经营业绩正相关。因此,中国广播电视行业应该从整体上降低资产负债率,调节负债结构,进而达到提升经营业绩的目标。
Based on the data of 8 listed companies in China’s radio and television industry from 2008 to 2012, this paper uses factor analysis to get the comprehensive index to describe the business performance of the enterprise. The panel regression model is used to study the relationship between capital structure and business performance in this industry. Empirical results show that the gearing ratio is negatively correlated with business performance, and the long-term debt ratio is positively correlated with business performance. Therefore, the Chinese broadcasting and television industry should reduce the asset-liability ratio as a whole and adjust the liability structure so as to achieve the goal of improving business performance.