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文章通过2001～2005年实证研究发现,当年资产负债率对当年公司绩效影响为负,往年资产负债率对公司绩效影响为正,与公司绩效之间存在着显著的倒“U”型关系,最优资产负债率为40%左右。不同的负债结构对公司绩效的影响不同,往年短期负债对公司绩效影响为正,当年短期负债对公司绩效影响为负;长期负债与公司绩效并不存在显著的相关关系。
Through the empirical research from 2001 to 2005, the article finds that the debt-to-asset ratio has a negative impact on the performance of the company in that year. In the past years, the debt-to-asset ratio has a positive impact on the company’s performance, and there is a significant inverted U-shaped relationship with the company’s performance , The optimal asset-liability ratio of about 40%. Different debt structures have different effects on company performance. In the past years, the impact of short-term liabilities on corporate performance was positive. Short-term liabilities had a negative impact on corporate performance in the past years. There was no significant correlation between long-term liabilities and corporate performance.