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目前对于资本结构与企业绩效的关系,有正相关、负相关、不相关等观点。本文提出了一种检验最优资本结构的方法,试图以此来解释上述研究结论的差异,并且以造纸行业上市公司为研究对象,分区间对资本结构与企业绩效的关系进行了实证研究。研究发现,造纸行业上市公司存在最优资本结构区间。
At present, there is a positive correlation, a negative correlation, and an irrelevance between capital structure and firm performance. This paper presents a method of testing the optimal capital structure in an attempt to explain the differences between the above conclusions. Taking the listed companies in the paper industry as the research object, this paper makes an empirical study on the relationship between capital structure and firm performance. The study found that listed companies in the paper industry have the optimal range of capital structure.