摘 要

本篇文章采用的样本数据是从新浪财经板块中搜索的10家家具上市企业近五年既2010到2014年度的财务数据，再结合如负债与所有者权益比率、股东权益比率、资产负债率以及长期负债率、前十大股东持股比例等资本结构变量和一些比如净资产收益率、每股收益、销售毛利率、主营业务利润率以及总资产净利润率作为公司绩效变量数据作为本文的面板数据，对家具上市公司的治理结构与公司绩效进行描述性分析，再通过实证分析做出相对应的结构模型。最后得出结论，并且以此作为依据，给出对于家具上市公司治理结构的一些建议，并以此希望能促进家具行业的公司绩效的提高。

关键词：家具上市公司；治理结构；公司绩效；实证分析

Forestry Listed Companies' Capital Structure and Corporate Performance Research

ABSTRACT

Using 10 furniture listed companies in 2010 to 2014 years of financial data as the sample data, combined with such as liabilities and owners' equity ratio, equity ratio, asset liability ratio and long-term liabilities rate, the proportion of shares held by the top ten shareholders and other capital structure and some such as rate of return on net assets, earnings per share, sales margin, main business profit rate and total assets net profit rate as the company performance variable data as the panel data, governance structure and corporate performance of listed companies of furniture were analyzed by descriptive analysis, then through the empirical analysis to make a corresponding structure model. Finally, it draws the conclusion, and based on this, gives some suggestions for the management of furniture listing Corporation, and hopes to improve the performance of the company's furniture industry.

Key words：Furniture listing Corporation; governance structure; corporate performance; empirical analysis

目 录

1 引言………………………………………………………………………………………………………..1

1.1研究背景…………………………………………………………………………….........................1

1.2文献综述…………………………………………………………………………….........................1

2 家具上市公司治理结构与公司绩效的描述性分析…………………………………………4

2.1样本选取和数据来源…………………………………………………………………………….......4

2.2变量选取及定义………………………………………………………………………………….......4

2.2.1资本结构的变量选取………………………………………………………………………....4

2.2.2公司绩效的变量选取................................................................................................................5

2.3家具上市公司治理结构与公司绩效的描述性分析………………………………………………...5

2.3.1家具上市公司治理结构变量描述性统计分析数据…………………………………………5

2.3.2家具上市公司公司绩效变量描述性统计分析数据…………………………………………6

3 家具上市公司治理结构与公司绩效关系的实证分析 ……………........................................................8

3.1研究假设和模型建立……………………………………………………………………………...…8

3.1.1 研究假设……………………………………………………………………………………..8

3.1.2 模型建立……………………………………………………………………………………..9

3.2家具上市公司治理结构与公司绩效关系的实证分析……………………………………………..9

3.2.1 家具上市公司公司绩效与资本结构相关分析……………………………………………..9

3.2.2家具上市公司公司绩效与资本结构回归分析………………………………………….....11

3.3 实证分析及小结…………………………………………………………………………………...11

结论与建议....................................................................................................................................................13

致谢 ……………………………………………………………..................................................................15

参考文献 ………………………………………………………..................................................................16

1 引言