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本文以2006～2010年沪深股市已完成股权分置改革的72家房地产上市公司为研究样本,采用主成分分析法和多元线性回归方法分析资本结构与公司绩效的相关关系。实证研究结果表明:股权分置改革完成后,房地产上市公司绩效与负债结构负相关;国家股比例越大,政策倾斜使公司绩效越高;短期内,流通股比例与公司绩效相关性不大;股权集中度与公司绩效正相关。
This paper takes 72 real estate listed companies that have completed the non-tradable share reform in Shanghai and Shenzhen Stock Exchange from 2006 to 2010 as the research sample, and uses principal component analysis and multiple linear regression to analyze the relationship between capital structure and corporate performance. The results of empirical research show that the performance of real estate listed companies is negatively correlated with the debt structure after the split share structure reform is completed. The larger the proportion of national shares, the higher the company performance due to the policy slant. In the short term, the proportion of tradable shares is not correlated with the company performance. Ownership concentration is positively correlated with corporate performance.