【正文】 ability ratio, and affect the relationship is inconsistent, ROE is higher, the higher the total debt ratio, while the ROA high, the lower the rate of the total assets and liabilities, and shortterm liabilities ROA more obvious, this difference is mainly due to the special structure of listed panies due to the nature of the capital, and therefore need to improve the capital structure of listed panies, namely to reduce the total assets and liabilities rate debt structure and the need to reduce the proportion of shortterm debt in particular, in order to enhance the pany39。s financial leverage without the support, based on this, to select 378 samples from the 500 largest US panies, the researchers found that regardless of whether there is an optimal capital structure, the pany39。然面對于債務(wù)避稅的理論認(rèn)為，在其它條件相同的情況下，盈利性高的公司應(yīng)當(dāng)借更多債，因為它們利用債務(wù)避稅的需要更大，因此資產(chǎn)負(fù)債率更高。行業(yè)較高的總資產(chǎn)負(fù)債率尤其是極高的短期負(fù)債比重是其主要的經(jīng)營風(fēng)險之一，因此提高上市公司的償債能力尤其是短期償債能力(也就是要獲得穩(wěn)定的短期現(xiàn)金流)，是降低其資產(chǎn)負(fù)債率和經(jīng)營風(fēng)險的有效選擇。產(chǎn)生這種現(xiàn)象的原因可能是非國有控股上市公司更重視控制權(quán)收益，不希望股權(quán)融資稀釋其控制權(quán)，因而更傾向于債務(wù)融資，這可能也說明非國有控股上市公司更有利用財務(wù)杠桿做大做強(qiáng)企業(yè)的沖動?？紤]到數(shù)據(jù)搜集的便利，本文用速動比率和現(xiàn)金流量債務(wù)比分別表示短期償債能力和長期償債能力來研究對上市公司資本結(jié)構(gòu)的影響。s solvency. Therefore, to improve a pany39。另一方面，一個公司的償債能力越強(qiáng)也就越容易產(chǎn)生項目投資所需的現(xiàn)金，其總資產(chǎn)負(fù)債率也往往比較低，這與優(yōu)序融資理論的觀點相吻合。但是成長性對房地產(chǎn)上市公司負(fù)債率的影響較小(系數(shù)較小)。因此，上市公司從根本上應(yīng)該通過不斷成長發(fā)展來壯大企業(yè)，從而使總資產(chǎn)負(fù)債率具有較高的安全邊際，通過成長性來不斷化解財務(wù)風(fēng)險。隨機(jī)前沿面模型(Stochastic Frontier)在數(shù)據(jù)包絡(luò)分析(DEA)方法的基礎(chǔ)上，利用數(shù)學(xué)規(guī)劃方法估計出有效生產(chǎn)前沿面，即經(jīng)驗的前沿生產(chǎn)函數(shù)，克服了DEA方法不存在隨機(jī)誤差項的假定，比較好地反映了函數(shù)的客觀性與最優(yōu)性。s total assets and liabilities higher than the stateowned holding panies. The reason for this phenomenon may be nonstatecontrolled listed panies pay more attention to control benefits, do not want to dilute their control over equity financing, and therefore more inclined to debt financing, which may also explain the nonstatecontrolled listed panies better use of financial leverage enterprises bigger and stronger impulses. In addition, the actual control of listed panies category shortterm impact on assetliability ratio is a times its