The basic reason for most enterprises 'poor performance is not because of the high Debt to Total Assets ratio, but because of the low capital utilizing efficiency. 大部分企业经济效益不佳的根本原因并不是因为其负债过高,而是资产利用效率低下。
The empirical results indicate that all measures of capital structure ( i.e., the total debt ratio, the long-term debt ratio, and the short-term debt ratio) are negatively related to the firm performance ( i.e., the return on assets and the market-to-book ratio). 实证结果表明,衡量公司资本结构的主要指标,例如总债务比例、长期债务比例、短期债务比例和公司绩效指标,如ROA和市值面值比附相关。