债务对企业效益的影响：来自法国服务业的证据
The effect of debt on corporate profitability : Evidence from French service sector
摘要：
本研究旨在为债务对企业效益的影响提供新的经验证据。这种影响可以用三个基本理论来解释：信号理论、税收理论和代理成本理论。采用1999-2006年法国2240家服务业非上市公司的面板数据样本。通过对盈利能力比率（PROF 1、PROF 2和ROA）的三种度量方法的广义矩方法（GMM）计量分析，我们发现，无论企业规模大小（VSE、SME或LE），负债比率对企业效益能力没有影响
英文摘要：
Current study aims to provide new empirical evidence on the impact of debt on corporate profitability. This impact can be explained by three essential theories: signaling theory, tax theory and the agency cost theory. Using panel data sample of 2240 French non listed companies of service sector during 1999-2006. By utilizing generalized method of moments (GMM) econometric technique on three measures of profitability ratio (PROF1, PROF2 and ROA), we show that debt ratio has no effect on corporate profitability, regardless of the size of company (VSEs, SMEs or LEs)
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