基于主成分分析的资本结构对公司业绩的影响分析——基于中国房地产上市公司的数据

Abstract

国内外学者对上市公司资本结构对公司业绩的影响进行了大量实证分析，但结果两极分化严重，其中资本结构指标众多难以选择是一个重要的原因。为此，本文以中国房地产上市公司为研究对象，利用主成分分析法构造了资本结构的新代表指标。同时，利用资本结构的新指标，对公司业绩的影响做了回归分析。结果表明，第一、利用主成分分析法构造的资本结构的新指标可以很好地代表资本结构的三个方面；第二、中国房地产上市公司业绩与资本结构综合指数显著正相关，与流动比率、速动比率、有息资产负债率、流动资产比率正相关，与资产负债率负相关。The domestic and foreign scholars have conducted a lot of empirical analysis to study the influence of listed corporation capital structure on the performance of the company, but the polarization of the results is serious. The difficult choice from numerous capital structure indexes is one of the important reasons. Therefore, this paper takes the Chinese real estate listed corporation as the object, and establishes a new representative indicator of capital structure by the method of principal component analysis. At the same time, it uses the new index of capital structure, to do regression analysis of impact on the performance of the company. The results show that, firstly, the new index of capital structure can well represent three aspects of capital structure; secondly, the performance of Chinese real estate listed corporation is in significant positive correlation with comprehensive index of capital structure, and in positive correlation with the current ratio, quick ratio, debt interest assets ratio, liquidity ratio, but negative correlation with asset liability ratio.