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以所属范围为浙江的上市公司为研究对象,运用面板数据,通过固定效应变截距模型研究了其资本结构对经营绩效的影响。实证结果表明:上市公司的资产负债率对公司绩效具有正面影响;上市公司的第一大股东持股比例对于公司绩效的影响不显著,但股权制衡度对公司绩效有正面影响;上市公司具有一定的国有股能对绩效产生正面影响。浙江的上市公司在加强风险管理的同时,可以适当提高负债水平,保持适中的股权集中度,优化股权结构。同时,浙江应重视发展债务市场,规范债务市场法律依据。
Taking the listed companies in Zhejiang as their research objects, this paper uses panel data to study the impact of their capital structure on business performance through the fixed-effects intercept model. The empirical results show that: the debt-to-asset ratio of listed companies has a positive impact on corporate performance; the shareholding percentage of the largest shareholder of listed companies has no significant effect on corporate performance, but equity balance has a positive impact on corporate performance; listed companies have certain Of state-owned shares can have a positive impact on performance. While strengthening the risk management, the listed companies in Zhejiang can appropriately raise the level of debt, maintain the moderate ownership concentration and optimize the ownership structure. At the same time, Zhejiang should attach importance to the development of the debt market and regulate the legal basis for the debt market.