本文關鍵詞：我國機械制造業(yè)上市公司資本結(jié)構與公司績效的實證研究　出處：《東北財經(jīng)大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 機械制造業(yè) 資本結(jié)構 公司績效

【摘要】：MM定理的提出之后,資本結(jié)構問題就成為了現(xiàn)代財務管理研究的重要問題。對于資本結(jié)構如何影響公司績效這一問題,也是在研究資本結(jié)構時的首要話題。資本結(jié)構不但與公司的治理結(jié)構和企業(yè)特征有關,而且對公司績效有著很重要的影響,進而會影響到一個產(chǎn)業(yè)甚至是一個國家的經(jīng)濟發(fā)展。所以,企業(yè)進行資本結(jié)構的優(yōu)化可以改善公司治理結(jié)構、提高競爭力、優(yōu)化資源配置,從而對公司績效的提高起到非常重大的作用。 目前,西方學者對資本結(jié)構與公司績效關系的研究較為充分,但由于我國的證券市場沒有發(fā)達國家完善,上市公司的現(xiàn)況與發(fā)達國家有很大的差異,所以在我國研究兩者關系時并不能直接沿用發(fā)達國家的結(jié)論�，F(xiàn)階段,國內(nèi)學者對全部上市公司或者國有上市公司資本結(jié)構與公司績效的關系的研究較為多見,而對機械制造行業(yè)的研究卻很罕見。制造業(yè)是上市公司中的主導行業(yè),而機械制造業(yè)又是制造業(yè)的不可缺少的重要部分,其對我國資本市場的健康發(fā)展起著重要作用,因此全面分析機械制造業(yè)上市公司的資本結(jié)構與公司績效的關系是十分必要的。 本文主要包括以下五大部分： 第一章是緒論。這一部分說明了研究背景、理論意義和現(xiàn)實意義,介紹了本文的研究方法、論文結(jié)構以及本文的創(chuàng)新點。 第二章為理論分析。本部分首先綜合各種理論后考慮了所得稅等因素的影響下資本結(jié)構與公司績效的關系。然后對國內(nèi)外相關研究文獻進行評述,為后文的研究假設提供理論依據(jù)。 第三章對我國機械制造業(yè)上市公司的資本結(jié)構及公司績效現(xiàn)狀進行了分析。首先對我國機械制造業(yè)上市公司總體情況作了概括分析,然后又對機械制造業(yè)上市公司的資本結(jié)構和公司績效的現(xiàn)狀作了具體的研究。 第四章為實證分析部分,是全文最重要的部分。在第二部分理論分析的基礎上提出了本文的主要研究假設,選擇了樣本并確定了變量。然后,根據(jù)變量指標設計了回歸模型,采用描述性統(tǒng)計的方法對資本結(jié)構和公司績效的各指標的均值、最大最小值等進行了說明。最后,根據(jù)前文的描述,對模型進行回歸。 第五章為結(jié)論與建議。首先,對實證結(jié)果進行了總結(jié)及分析。然后,對我國機械制造業(yè)上市公司資本結(jié)構的優(yōu)化提出相關建議和措施。最后,總結(jié)了本文的不足之處以及對后續(xù)研究提出建議。 本文采用的研究方法主要是理論研究與實證研究相結(jié)合的方法,并綜合運用了定性分析和定量分析方法來綜合研究我國機械制造業(yè)上市公司資本結(jié)構與公司績效的關系問題。 研究結(jié)果表明：(1)負債率略微偏高且負債結(jié)構不合理；(2)我國機械制造業(yè)上市公司的公司績效的影響因素復雜；(3)資產(chǎn)負債率與公司績效呈顯著負相關關系；(4)流動負債比例與公司績效呈顯著正相關關系；(5)國有股比例與公司績效負相關；(6)公司績效與股權集中度呈非顯著正相關；(7)流通股比例與公司績效并無顯著相關關系；(8)公司規(guī)模及成長性與公司績效顯著正相關；(9)用財務績效指標和市場績效指標的回歸結(jié)果出入較大等。 本文的主要創(chuàng)新點在于選擇我國機械制造業(yè)作為研究對象,并選取了最新的數(shù)據(jù)進行實證研究,在變量的選擇上增加了新的變量。
[Abstract]:The MM theorem proposed, the problem of capital structure has become an important issue of modern financial management. How capital structure affects the corporate performance, is the main topic in the study of capital structure. The capital structure and company governance structure and enterprises not only features, but also has a very important influence on the company the performance, which will affect an industry or even a country's economic development. Therefore, the enterprise capital structure optimization can improve the corporate governance structure, improve competitiveness, optimize the allocation of resources, and to the very important role to improve the performance of the company.
At present, the western scholars research on the relationship between capital structure and company performance more fully, but because of China's securities market in developed countries is not perfect, there are great differences in the status of Listed Companies in developed countries and in our country, so the research of the relationship between them and not directly follow the conclusion of developed countries. At present, the domestic scholars research the relationship of all the listed companies or state-owned listed companies, capital structure and company performance is more common, and the research of machinery manufacturing industry is very rare. The manufacturing industry is the dominant industry of Listed Companies in the machinery manufacturing industry, and it is an important and indispensable part of the manufacturing industry, which plays an important role in the healthy development of our China's capital market, so the relationship between the comprehensive analysis of mechanical manufacturing industry capital structure and corporate performance of listed companies is very necessary.
This article mainly includes the following five parts:
The first chapter is the introduction. This part explains the research background, the theoretical significance and the practical significance, and introduces the research methods, the structure of the paper and the innovation point of this article.
The second chapter is theoretical analysis. Firstly, after considering all kinds of theories, the relationship between capital structure and corporate performance under the influence of income tax and other factors is reviewed. Then, the related research literatures at home and abroad are commented, providing theoretical basis for the research hypothesis.
The third chapter analyzes the current situation of capital structure of Chinese Listed Companies in machinery manufacturing industry and company performance. Firstly, summarize and analyze the overall situation of China's machinery manufacturing industry listed companies, and then the status quo of capital structure and corporate performance of Listed Companies in machinery manufacturing industry for the specific research.
The fourth chapter is the empirical analysis part, is the most important part of the article. Based on the analysis of the second part on the theory of the main research hypothesis, selecting the sample and determining the variables. Then, according to the design variables regression model, mean method using descriptive statistics of each index of the capital structure and corporate performance., the maximum and minimum values are given. Finally, according to the above description, the regression model.
The fifth chapter is the conclusions and recommendations. First, the empirical results are summarized and analyzed. Then, relevant suggestions and measures are put forward for the optimization of capital structure of Chinese machinery manufacturing listed companies. Finally, the shortcomings of this paper and suggestions for further research are summarized.
The research methods adopted in this paper are mainly the combination of theoretical research and empirical research. The qualitative analysis and quantitative analysis method are used to comprehensively study the relationship between capital structure and corporate performance of China's machinery manufacturing listed companies.
The results show that: (1) slightly higher debt ratio and the debt structure is unreasonable; (2) the influence factors of China's machinery manufacturing industry listed company performance complex; (3) there was a significant negative correlation between asset liability ratio and corporate performance; (4) showed a significant positive correlation between current liabilities ratio and corporate performance; (5) the proportion of state-owned shares has negative correlation with corporate performance; (6) the performance of the company and the ownership concentration was non significant positive correlation; (7) the proportion of shares in circulation was not significantly correlated with corporate performance; (8) is positively related to firm size and growth and corporate performance; (9) using the regression of financial performance index and market performance indicators there is a big discrepancy.
The main innovation of this paper is to choose China's machinery manufacturing industry as the research object, and select the latest data for empirical research, adding new variables to the selection of variables.

【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】：2012
【分類號】：F426.4;F832.51;F224

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