财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2015年
3期
78~83
,共null页
商务服务业上市公司 绩效 影响因素
商務服務業上市公司 績效 影響因素
상무복무업상시공사 적효 영향인소
Commercial service industry listed companies; Performance; Influencing factors
在中国经济正由“工业主导型”向“服务主导型”转变的背景下，商务服务业的重要性凸显。以商务服务业20家上市公司为研究对象，用ROA和ROE测量其绩效，分析其基本特征、治理结构、股权结构和财务杠杆四个层面共12个变量对绩效的影响。发现商务服务业上市公司2009~2013年绩效未实现明显改善，在低ROA阶段徘徊；各上市公司间绩效存在显著差异；影响因素中，基本特征、股权结构、财务杠杆对绩效的线性回归模型通过了显著性检验。
在中國經濟正由“工業主導型”嚮“服務主導型”轉變的揹景下，商務服務業的重要性凸顯。以商務服務業20傢上市公司為研究對象，用ROA和ROE測量其績效，分析其基本特徵、治理結構、股權結構和財務槓桿四箇層麵共12箇變量對績效的影響。髮現商務服務業上市公司2009~2013年績效未實現明顯改善，在低ROA階段徘佪；各上市公司間績效存在顯著差異；影響因素中，基本特徵、股權結構、財務槓桿對績效的線性迴歸模型通過瞭顯著性檢驗。
재중국경제정유“공업주도형”향“복무주도형”전변적배경하，상무복무업적중요성철현。이상무복무업20가상시공사위연구대상，용ROA화ROE측량기적효，분석기기본특정、치리결구、고권결구화재무강간사개층면공12개변량대적효적영향。발현상무복무업상시공사2009~2013년적효미실현명현개선，재저ROA계단배회；각상시공사간적효존재현저차이；영향인소중，기본특정、고권결구、재무강간대적효적선성회귀모형통과료현저성검험。
In the context of transformation from a ＂Service-oriented＂ Chinese economy to ＂in- dustry-led＂ one, Commercial Service Industry has been becoming increasingly important. Taking 20 listed companies of Commercial Service Industry as the research object, this paper measures the performance with ROA and ROE, and analyzes the 12 variables impact on the performance from basic characteristics, governance structure, ownership structure and financial leverage four aspects. The conclusions are the following： the performance of 20 listed companies during 2009- 2013 staying at the low ROA level stage, without much improvement. The difference of perform- ance among the listed companies is Significant. Among the influencing factors, the linear regres- sion models of basic characteristics, ownership structure, financial leverage on the performance have passed the test of significance.
