资本结构、动态能力与企业绩效——基于西部资源型上市公司数据的研究

发布时间：2018-03-09 08:45

本文选题：资本结构　切入点：动态能力　出处：《经济问题探索》2017年10期 　论文类型：期刊论文

【摘要】：西部资源型企业资金密集、业务周期长,受宏观经济和政策调控影响较大。为建立良好的资本结构,提升企业绩效,本文研究资本结构、动态能力和企业绩效之间关系,以及动态能力是否在资本结构对企业绩效的影响中发挥中介作用。本文选取2013至2015年我国西部地区158个资源型上市公司的数据,应用SPSS统计分析发现,西部资源型上市公司资产负债率对公司绩效有显著的负向影响,流动比率对企业绩效和动态能力均有显著的正影响,股权集中度对企业绩效和动态能力均有显著的正影响,股权制衡度对公司绩效有显著的负向影响,动态能力对企业绩效有显著的正影响,动态能力在资本结构和企业绩效之间发挥部分正向中介作用。这一结论丰富了资本结构、动态能力理论,为西部资源型企业提高资本结构、动态能力和绩效水平提供了理论和实践指导。
[Abstract]:The western resource type enterprise capital intensive, long period of service, by the macroeconomic and policy influence. In order to establish a good capital structure, improve the performance of enterprises, the study of the capital structure, the relationship between dynamic capabilities and enterprise performance, and the dynamic ability play the intermediary role in the effect of capital structure on corporate performance. This paper selects 2013 to 2015, China's western region 158 resource-based listed company data, using SPSS statistical analysis found that the western resources asset liability ratio of listed companies has a significant negative impact on corporate performance, the current ratio significantly positive impact on enterprise performance and dynamic capabilities are the ownership concentration significantly on enterprise performance and dynamic capabilities have positive effect on corporate performance, equity balance degree has a significant negative impact, dynamic capability has a significant positive effect on enterprise performance, dynamic force in the capital Structure and business performance play a positive mediating role. This conclusion enriches capital structure. Dynamic capability theory provides theoretical and practical guidance for Western resource-based enterprises to improve capital structure, dynamic capabilities and performance levels.

【作者单位】：云南财经大学;
【分类号】：F275;F832.51

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