An Empirical Study On The Impaction Of The Liabilities On Performance Of China's Listed Companies

Since 1950s, research on the corporate capital structure became one of the hot issues in the financial theory field. China's scientists still couldn't make a satisfactory conclusion on whether the international classic corporate capital structure theories were effective in China. The thesis puts China's listed companies as researching target. Based on the data of some asset/ liabilities ratios and the performance indicators of China's native listed companies since 2001 to 2004, the thesis sets up simple linear regression models and multivariate models. Through the above empirical analyzing, the thesis draws the following conclusions: The asset/ liabilities ratio of China's listed companies has a strong negative correlation with companies' performance indicators, which is not consistent with the international classic theories;The asset/ liabilities ratio which can make the highest performance indicators in China's listed companies is far lower than it in foreign countries. Based on these conclusions, the author considers that the efficiency of financial leverage is too low, and the capital from liabilities is not enough in China's listed companies.