【摘要】：資本結(jié)構(gòu)問題是學術(shù)界一直關(guān)注的重要的公司治理問題之一。從上個世紀起,西方學者就提出了不同的理論,探討了資本結(jié)構(gòu)對公司價值的影響,但在我國仍沒有形成有關(guān)資本結(jié)構(gòu)的系統(tǒng)理論�，F(xiàn)代財務管理的最終目標是企業(yè)價值的最大化,通過研究資本結(jié)構(gòu)與公司績效的關(guān)系,找到提升企業(yè)績效的方法,從而實現(xiàn)企業(yè)價值的最大化,無論從理論上還是實踐上都很有意義。 2009年我國深圳證券交易所獲準設(shè)立創(chuàng)立板市場,并實現(xiàn)了首批28家企業(yè)掛牌上市,迄今為止,已有355家企業(yè)實現(xiàn)創(chuàng)業(yè)板掛牌上市。這不僅豐富了我國資本市場的組成,更是解決了中小型高新技術(shù)企業(yè)融資難的問題。創(chuàng)業(yè)板市場的建立是我國構(gòu)建多層次資本市場的重要舉措,對高科技企業(yè)的發(fā)展也起到了極大的推動作用,對我國經(jīng)濟長遠發(fā)展有著深遠的影響。證監(jiān)會對在創(chuàng)業(yè)板發(fā)行上市要求達到的條件與主板不同,創(chuàng)業(yè)板市場主要是針對規(guī)模較小、創(chuàng)立時間不長、科技含量高、發(fā)展?jié)摿薮蟮母咝滦推髽I(yè)而設(shè)立的。正是由于與主板的不同,因此前人研究的資本結(jié)構(gòu)與公司績效關(guān)系的結(jié)論是否適合創(chuàng)業(yè)板仍需進一步探討�，F(xiàn)有的研究創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與公司績效關(guān)系的文章,由于創(chuàng)業(yè)板成立時間較短的限制,數(shù)據(jù)選取幾乎都是一年的截面數(shù)據(jù),且可供研究的上市公司數(shù)量較少,這難以滿足實證研究大樣本的要求。對創(chuàng)業(yè)板進行資本結(jié)構(gòu)與公司績效關(guān)系的研究很有必要。 本文正是基于這樣的考慮,選取了創(chuàng)業(yè)板上市公司2010年154家、2011年282家、2012年355家共三年的樣本數(shù)據(jù),進行了資本結(jié)構(gòu)與公司績效關(guān)系的實證研究�，F(xiàn)有研究多數(shù)只研究了資本結(jié)構(gòu)對公司績效的影響,并未考慮二者的內(nèi)生性,本文通過hausman設(shè)定檢驗發(fā)現(xiàn)二者之間是相互影響的,因此本文建立了聯(lián)立方程回歸模型,選用基于因子分析的公司綜合績效值作為公司績效的代理變量,選用資產(chǎn)負債率作為資本結(jié)構(gòu)的代理變量,通過二階段最小乘法對聯(lián)立方程進行了估計。為保證結(jié)果的穩(wěn)健性,進一步選用了托賓Q值作為公司績效的代理變量進行研究,最后得出了與前文一致的結(jié)論：資本結(jié)構(gòu)與公司績效是相互影響的負相關(guān)關(guān)系。企業(yè)財務杠桿的增加不利于經(jīng)營績效的提高；經(jīng)營績效越好的公司,負債融資比例越低。 本文的內(nèi)容共分為以下五個部分： 第一部分是緒論。包括文章的研究背景、研究意義,并闡述了本文的研究內(nèi)容、研究方法以及創(chuàng)新點,指出了本文研究的價值。 第二部分介紹了資本結(jié)構(gòu)與公司績效的相關(guān)理論。首先界定了資本結(jié)構(gòu)與公司績效的定義范圍,其次闡述了資本結(jié)構(gòu)的理論基礎(chǔ),最后對國內(nèi)外關(guān)于資本結(jié)構(gòu)與公司績效關(guān)系的研究文獻進行了回顧及評述。 第三部分介紹了創(chuàng)業(yè)板市場的特點,并進行了資本結(jié)構(gòu)與公司績效的現(xiàn)狀分析。這一部分通過與主板市場進行比較,闡述了創(chuàng)業(yè)板市場的特殊性,指出了目前創(chuàng)業(yè)板市場融資結(jié)構(gòu)的特點,公司績效的整體水平。 第四部分是本文的核心部分,是對資本結(jié)構(gòu)與公司績效關(guān)系進行的實證研究。首先提出了本文的假設(shè),并選取了本文的研究樣本,設(shè)置了研究變量,建立了聯(lián)立方程檢驗模型；然后進行實證分析,包括對公司績效選取了多個指標進行因子分析,對聯(lián)立方程的描述性統(tǒng)計分析、相關(guān)性檢驗、二階段最小二乘法的回歸分析及穩(wěn)健性檢驗。 第五部分是根據(jù)實證的結(jié)論提出的建議及意見。首先總結(jié)文章得出的主要結(jié)論；然后根據(jù)研究結(jié)論提出優(yōu)化創(chuàng)業(yè)板上市公司資本結(jié)構(gòu),提高企業(yè)績效的建議；最后指出本文研究的不足之處及未來的研究方向。
[Abstract]:Capital structure is one of the important corporate governance issues that academics have been paying close attention to. Since last century, western scholars have put forward different theories and discussed the influence of capital structure on corporate value. However, there is still no systematic theory about capital structure in China. The ultimate goal of modern financial management is to maximize corporate value. Dahua, through studying the relationship between capital structure and corporate performance, finds a way to improve corporate performance, so as to maximize corporate value, both in theory and practice is very meaningful.
In 2009, Shenzhen Stock Exchange of China was allowed to set up the founding board market, and the first batch of 28 enterprises were listed on the market. So far, 355 enterprises have listed on the GEM. This not only enriches the composition of the capital market in China, but also solves the financing difficulties of small and medium-sized high-tech enterprises. China's important measures to build a multi-level capital market have also played a great role in promoting the development of high-tech enterprises and have a far-reaching impact on China's long-term economic development. It is precisely because of the difference from the main board that whether the conclusions of previous studies on the relationship between capital structure and corporate performance are suitable for GEM still needs further discussion. It is difficult to satisfy the requirement of large sample of empirical research because the time limit is short, and the data selection is almost one year cross-sectional data, and the number of listed companies available for study is small. It is necessary to study the relationship between capital structure and corporate performance of GEM.
Based on this consideration, this paper selects 154 GEM listed companies in 2010, 282 in 2011 and 355 in 2012 for three years to conduct empirical research on the relationship between capital structure and corporate performance. Ausman hypothesis test finds that there is mutual influence between the two, so this paper establishes a simultaneous equation regression model, chooses the comprehensive performance value based on factor analysis as the proxy variable of corporate performance, chooses asset-liability ratio as the proxy variable of capital structure, and estimates the simultaneous equation by two-stage least multiplication. In order to ensure the robustness of the results, Tobin Q value is selected as the proxy variable of corporate performance, and the conclusion is consistent with the previous one: capital structure and corporate performance are negatively correlated. The lower the proportion.
The contents of this article are divided into five parts:
The first part is the introduction, including the research background, research significance, and expounds the research content, research methods and innovations of this paper, pointing out the value of this study.
The second part introduces the related theories of capital structure and corporate performance. Firstly, it defines the definition scope of capital structure and corporate performance. Secondly, it expounds the theoretical basis of capital structure.
The third part introduces the characteristics of the GEM market, and analyzes the status quo of capital structure and corporate performance. By comparing with the main board market, this part expounds the particularity of the GEM market, points out the characteristics of the financing structure of the GEM market and the overall level of corporate performance.
The fourth part is the core of this paper, which is an empirical study of the relationship between capital structure and corporate performance. First, this paper puts forward the hypothesis, selects the sample of this study, sets up the research variables, establishes the simultaneous equation test model, and then conducts empirical analysis, including the selection of multiple indicators of corporate performance for reasons. Subanalysis, descriptive statistical analysis of simultaneous equations, correlation test, regression analysis of two-stage least squares method and robustness test.
The fifth part is based on the empirical conclusions of the recommendations and suggestions. First, summarize the main conclusions of the article; then according to the conclusions of the study put forward to optimize the capital structure of listed companies on the GEM, improve corporate performance recommendations; finally pointed out the inadequacies of this study and future research directions.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：2214581