长期负债比率

实证结果中，长期负债比率与投资支出也呈负相关，理论分析认为长期负债可能引起资产替代行为，加重负债代理成本。

The empirical results indicate that it shows negative correlation between long-term liability rate and investment expenditure . Seeing from theoretical analysis , long-term liability may induce the action of asset substitution which may aggravate liability costs .

第二步对资产负债率、长期负债比率等与经营绩效指数进行回归分析。

Second , we make regressive analysis in debt concentration , long - term debt proportion and performance index .

通过回归分析，找出资产负债率、短期负债比率、长期负债比率等资本结构因素与公司绩效的相关关系，得出结论。

By means of regression analysis , we find the asset-liability ratio , short-term debt ratio , the rate of long-term debt capital structure and performance of the company and related conclusions .

长期负债比率、境内法人股比例和流通A股比例对公共事业和纺织行业上市公司经营绩效影响均不显著。

Long-term liability ratio , cisborder legal person shares ratio , and circulating shares ratio are not significantly related to the performance of the listed companies in public affairs industry and textile industry .

而沪深300指数成份股的上市公司得出的结论是，在2004年和2007年，长期负债比率对公司绩效表现为正的线性相关，公司绩效会随着长期负债比率的上升而上升。

But 300 index component of the conclusion of the listed companies , in 2004 and 2007 , long-term debt ratio on company performance for the linear correlation with corporate performance , the long-term liabilities rate rise .

另一方面，短期负债比率与企业的盈利能力及股利支付率有更为显著的相关性，而长期负债比率则与企业规模及增长机会变量的相关性更为显著。

On the other hand , the relationship between the short debt ratio and profitability , rate of dividend is more remarkable ; while the relationship between the long debt ratio and firm size , growth opportunity is more remarkable .

其中，流动负债比率和长期负债比率对实物投资呈显著负相关关系；流动负债比率对股权投资没有显著影响，长期负债比率与股权投资存在显著负相关关系。

Ratio of current liabilities and long-term debt is a significant negative correlation of the physical investment ; current liabilities ratio has no significant effect to the equity investment , but long-term debt has a significantly negative correlation with equity investment .

结果发现，我国国有上市公司资本结构对代理成本的影响在股权分置改革后表现出较好的相关性，在一定范围内长期负债比率的增加可以降低代理成本，提升企业价值。

It was found that capital structure can effectively reduce the agency costs , in the post-split share structure reform . The increase in the ratio of long-term liabilities can reduce agency costs and enhance enterprise value , to a certain range .

因此本文选取净资产收益率作为衡量企业价值的指标，根据MM理论选取了保费对数、企业资产对数、长期负债率、现金比率和双赫指数作为自变量，并以盈利虚拟作为控制变量。

Therefore , this article selects the ROE indicator as a measure of enterprise value . According to the MM theory , we select premiums , corporate assets , long-term debt ratio , cash ratio and HH index as independent variables , and earnings virtual as a control variable .

长期负债／总资产比率与盈利无相关；

Long-term debt / total assets are not relevant to profit ;