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中文摘要：
以2005—2009年我国工业行业的39个子行业作为研究样本，研究了环境动态性、资本结构与绩效的关系。实证结果表明，外部环境对资本结构与绩效的关系有调节效应，具体表现为：在动态性较强的环境里资本结构与绩效的关系相当密切，绩效对资本结构的解释程度高达91％；在动态性较弱的环境中，绩效与资本结构有显著的相关关系，但单凭绩效一个指标无法合理解释资本结构。
英文摘要：
This paper studies the relationships between environmental dynamism, capital structure and performance with the 39 sub-sectors from 2005 to 2009 of China＇ s industrial sector. The empirical results show that the external environment acts as a moderator between the relationship of capital structure and performance. In a high dynamic environment, there is tight relationship between performance and capital structure. Furthermore, performance can explain capital structure up to 91%. In a low dynamic environment, performance and capital structure are significantly correlated, but the capital structure cannot be reasonably explained with only performance.
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