CAJ | 학술논문

针对我国水利水电类上市公司2007～2013年的财务数据构建了面板数据模型，分析其融资结构与公司绩效之间的关系。研究发现，水利水电类公司的资产负债率与公司绩效存在显著的倒U型关系，债务融资的公司治理效应仅在较低的债务水平才明显；与通常理论相反，在水利水电行业与国家投资行为关系密切的现状下，水利水电类公司的国有股比例与公司绩效正相关；第一大股东持股比例和短期债务比例与公司绩效的关系不显著。
침대아국수이수전류상시공사2007～2013년적재무수거구건료면판수거모형，분석기융자결구여공사적효지간적관계。연구발현，수이수전류공사적자산부채솔여공사적효존재현저적도U형관계，채무융자적공사치리효응부재교저적채무수평재명현；여통상이론상반，재수이수전행업여국가투자행위관계밀절적현상하，수이수전류공사적국유고비례여공사적효정상관；제일대고동지고비례화단기채무비례여공사적효적관계불현저。
Using China's water conservancy and hydropower listed companies'2007~201 3 financial data,a panel data model is built to analyze the relationship between the financial structure and corporate performance.It is suggested that there is a significant U-shape relationship between debt-to-asset ratio and corporate performance;the governance effect of debt finan-cing appears apparently only when the debt-to-asset ratio is relatively low.Unlike suggested by common theories,the propor-tion of state-owned shares have a significant positive effect on corporate performance because of the strong relationship be-tween state investment and the water conservancy and hydropower industry.A significant correlation between corporate per-formance and the proportion of largest shareholder or the proportion of short term debt is supported by little evidence.