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本文以2009—2011年我国中小民营企业IPO前三年到IPO后四年的数据为样本,运用因子分析法对企业绩效进行评价,通过面板数据回归模型对我国东部与中西部地区及其上市前后的资本结构与绩效之间的关系进行对比,得出我国中小民营上市公司资本结构不合理,短期债务的偿债风险压力和对公司资产的敏感性相对而言是有更强的约束力,债权性融资与企业综合绩效呈负向关系,中西部地区相比较而言负向关系更为明显。完善市场监督管理机制,改善企业资本结构,合理支持中小民营企业的上市,对我国中西部地区的经济发展意义重大。
Based on the data of three years after IPOs in China’s small and medium-sized private-owned companies from 2009 to 2011, the paper evaluates the performance of enterprises by using factor analysis. By using the panel data regression model, Compared with the relationship between the capital structure and performance, come to our country small and medium private listed companies capital structure is irrational, short-term debt repayment risk pressure and the sensitivity of the company’s assets is relatively speaking, there is a stronger binding, debt The negative relationship between the financing and corporate comprehensive performance is negative, and the negative relationship between the central and western regions is more obvious. Improving the market supervision and management mechanism, improving the capital structure of enterprises, and rationally supporting the listing of small and medium-sized private-owned enterprises are of great significance to the economic development in the central and western regions of our country.