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以某地区16家A股上市公司为调查对象,2003-2007年为考察期,以资产负债率作为资本结构衡量指标,以净资产收益率、资产净利率、每股收益和主营业务利润率综合评价公司的经营绩效,分析资本结构与经营绩效之间的关系。研究表明,债务作用具有有界性,即只是在一定负债率水平区间内,负债才有提高企业经营绩效的作用。并在此基础上提出优化上市公司资本结构的对策措施。
Taking 16 A-share listed companies in a certain area as the investigation object and 2003-2007 as the investigation period, the asset-liability ratio is taken as the measure of capital structure, and the net assets return, net assets interest rate, earnings per share and main business profit margin Comprehensive evaluation of the company’s operating performance, analysis of the relationship between capital structure and business performance. Research shows that the debt function is bounded, that is, it is only within a certain range of debt-to-debt ratio that liabilities can enhance the performance of an enterprise. And on this basis, put forward countermeasures to optimize the capital structure of listed companies.