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对于公司资本结构的研究往往会得出截然相反的结论 --有的研究结果表明负债比率越高,公司绩效越好;也有的研究结果却恰恰相反——这被称为资本结构之谜。为了破解这一谜题,本文提出了公司规模可能影响资本结构与公司绩效之间关系的猜想,并分别对在A股主板和中小版上市的公司进行了比较分析,发现不同规模的公司其资本结构与经营绩效之间的关系确实不同,这也就证实了我们提出的猜想。
Research on the company’s capital structure often leads to the opposite conclusion - some studies show that the higher the debt ratio, the better the company’s performance; and the other, the exact opposite - the mystery of capital structure. In order to solve this puzzle, this paper presents the conjecture that the size of a company may affect the relationship between capital structure and firm performance, and makes a comparative analysis of the companies listed on A-share motherboards and small and medium-sized companies respectively. It finds that the capital of companies of different sizes The relationship between structure and business performance is indeed different, which confirms our conjecture.