本文選題：資本結(jié)構(gòu) + 公司績(jī)效�。� 參考：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：2010年1月22日,國(guó)資委決定從中央企業(yè)負(fù)責(zé)人第三任期開(kāi)始,在中央企業(yè)中全面推行經(jīng)濟(jì)增加值(EVA)業(yè)績(jī)考核。但是,EVA不只是一種業(yè)績(jī)考核指標(biāo),更重要的是企業(yè)經(jīng)營(yíng)者的經(jīng)營(yíng)管理理念的全面轉(zhuǎn)變,根據(jù)企業(yè)自身經(jīng)營(yíng)情況建立一個(gè)基于EVA的價(jià)值管理體系是必要的。而資本結(jié)構(gòu)影響并決定著上市公司的治理結(jié)構(gòu),繼而影響上市公司的經(jīng)營(yíng)績(jī)效。一個(gè)合理的公司資本結(jié)構(gòu)可以提高公司的治理效率,由于資本結(jié)構(gòu)是企業(yè)的相關(guān)利益者權(quán)利和義務(wù)的結(jié)果,因此規(guī)范企業(yè)行為,可以提高企業(yè)績(jī)效。以往的學(xué)者只是從某個(gè)行業(yè)進(jìn)行分析資本結(jié)構(gòu)與公司績(jī)效的關(guān)系,但是行業(yè)特征是資本結(jié)構(gòu)一個(gè)非常重要的影響因素,因此本文將分行業(yè)研究資本結(jié)構(gòu)對(duì)公司績(jī)效的影響,并且利用EVA評(píng)價(jià)體系下的單位經(jīng)濟(jì)增加值(DEVA)來(lái)評(píng)價(jià)上市公司的經(jīng)營(yíng)績(jī)效,主要是考慮到EVA是一個(gè)相對(duì)數(shù)指標(biāo),不便于不同規(guī)模的上市公司比較分析,使用DEVA會(huì)使本文的研究更有說(shuō)服力,期望給我國(guó)上市公司的經(jīng)營(yíng)管理起到一定的指導(dǎo)作用。 本文著眼于上市公司資本結(jié)構(gòu)與公司績(jī)效的相關(guān)性研究,利用EVA評(píng)價(jià)體系下的單位經(jīng)濟(jì)增加值(DEVA)來(lái)評(píng)價(jià)上市公司的經(jīng)營(yíng)績(jī)效,然后研究它與資本結(jié)構(gòu)的關(guān)系。文章首先篩選出符合條件的上市公司,最終選取出深、滬兩市A股制造業(yè)(機(jī)械、設(shè)備、儀表)(153家),水電煤氣(48家),信息技術(shù)(57家),批發(fā)零售(64家)和房地產(chǎn)業(yè)(64家)五個(gè)行業(yè)共386家的上市公司為研究對(duì)象。然后,對(duì)這386家公司的截面數(shù)據(jù)進(jìn)行多元線性回歸,發(fā)現(xiàn)在分析時(shí)段2008-2010年,樣本公司面板數(shù)據(jù)的資產(chǎn)負(fù)債率與公司績(jī)效呈不太顯著地負(fù)相關(guān)；國(guó)有股與公司績(jī)效的關(guān)系不確定;流通股比例與股權(quán)集中度與公司績(jī)效顯著相關(guān)。同時(shí),本文還對(duì)五個(gè)行業(yè)進(jìn)行了對(duì)比分析,研究發(fā)現(xiàn)：除了信息技術(shù)行業(yè)的資產(chǎn)負(fù)債率與公司績(jī)效正相關(guān)外,其他行業(yè)的資產(chǎn)負(fù)債率與公司績(jī)效關(guān)系呈負(fù)相關(guān)；股權(quán)結(jié)構(gòu)與公司績(jī)效的關(guān)系不明確；水電煤氣、批發(fā)零售和房地產(chǎn)業(yè)的成長(zhǎng)性與公司績(jī)效存在線性正相關(guān)關(guān)系；機(jī)械設(shè)備儀表業(yè)的成長(zhǎng)性與公司績(jī)效負(fù)相關(guān)；信息技術(shù)行業(yè)成長(zhǎng)性與公司績(jī)效不存在顯著的相關(guān)性。最后,本文從實(shí)證結(jié)論的視角提出了優(yōu)化公司資本結(jié)構(gòu)的建議,并闡述了本文研究的局限性。
[Abstract]:On January 22, 2010, SASAC decided to implement the EVA (Economic value added) performance appraisal in the central enterprises from the third term of the head of the central enterprise. However, EVA is not only a performance evaluation index, but also a comprehensive change of the business manager's management concept. It is necessary to establish a value management system based on EVA according to the enterprise's own operating conditions. The capital structure influences and determines the governance structure of the listed company, and then affects the operating performance of the listed company. A reasonable corporate capital structure can improve the efficiency of corporate governance, because the capital structure is the result of the rights and obligations of the relevant stakeholders of the enterprise, so standardizing the enterprise behavior can improve the performance of the enterprise. Previous scholars only analyze the relationship between capital structure and corporate performance from a certain industry, but industry characteristics are a very important factor affecting capital structure, so this paper will study the impact of capital structure on corporate performance by industry. And using the unit economic added value (DEVA) under the EVA evaluation system to evaluate the operating performance of listed companies, mainly considering that EVA is a relative index, which is not convenient for the comparative analysis of listed companies of different scales. The use of DEVA will make the research of this paper more persuasive, hoping to play a guiding role in the management of listed companies in our country. This paper focuses on the study of the correlation between capital structure and corporate performance of listed companies, using the unit economic added value (EVA) under the EVA evaluation system to evaluate the operating performance of listed companies, and then studies the relationship between capital structure and capital structure. The article first selects the listed companies that meet the requirements, and finally selects the Shenzhen, Shanghai and Shanghai A-share manufacturing industries (machinery, equipment, A total of 386 listed companies in five industries, including 153 meters, 48 hydropower and gas plants, 57 information technology companies, 64 wholesale and retail companies, and 64 real estate companies, were studied. Then, the cross-section data of 386 companies are analyzed by multivariate linear regression. It is found that in the period of 2008-2010, the asset-liability ratio of sample company panel data is not significantly negatively correlated with corporate performance, and the relationship between state-owned shares and corporate performance is uncertain. The proportion of tradable shares and the degree of ownership concentration are significantly related to corporate performance. At the same time, the paper makes a comparative analysis of the five industries, and finds that, except for the positive correlation between the asset-liability ratio and corporate performance in the information technology industry, there is a negative correlation between the asset-liability ratio and the corporate performance in other industries; The relationship between ownership structure and corporate performance is not clear, the growth of hydropower gas, wholesale and retail and real estate industry has a linear positive correlation with corporate performance, the growth of mechanical equipment and instrumentation industry is negatively correlated with corporate performance. There is no significant correlation between IT industry growth and corporate performance. Finally, from the perspective of empirical conclusions, this paper puts forward suggestions to optimize the capital structure of companies, and expounds the limitations of this study.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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