發(fā)布時間：2018-05-26 17:21

  本文選題：創(chuàng)業(yè)板上市公司 + 資本結(jié)構(gòu)��； 參考：《陜西科技大學(xué)》2013年碩士論文

【摘要】：經(jīng)過十年的籌備，首批28家創(chuàng)業(yè)板公司于2009年10月30日正式在深圳證券交易所上市，短短三年多時間，創(chuàng)業(yè)板市場發(fā)展迅猛。截止到2012年12月31日，創(chuàng)業(yè)板市場共有355家上市企業(yè)，這意味著越來越多的中小企業(yè)登陸資本市場。創(chuàng)業(yè)板的推出為高科技、高成長性的中小企業(yè)提供上市交易場所和融資渠道；為風(fēng)險資本營造安全高效的退出機制；為完善我國資本市場體系建設(shè)添磚加瓦。相應(yīng)的，有關(guān)創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)研究也日益受到學(xué)術(shù)界的關(guān)注。 資本結(jié)構(gòu)作為公司資金來源的集中體現(xiàn)，不僅影響著企業(yè)的資本成本和企業(yè)價值，而且還影響著企業(yè)的行為特征和治理結(jié)構(gòu)等諸多方面。如何優(yōu)化資本結(jié)構(gòu)，必須正確把握資本結(jié)構(gòu)與績效的關(guān)系。目前國內(nèi)對資本結(jié)構(gòu)與績效關(guān)系的研究，主要是以主板和中小板的上市公司為研究對象。對創(chuàng)業(yè)板的上市公司研究較少，所以有必要對創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)與績效相關(guān)性進行全面系統(tǒng)的研究，探尋優(yōu)化資本結(jié)構(gòu)、提高公司績效的方法，具有十分重要的意義。 在上述背景下，本文在分析國內(nèi)外學(xué)者研究成果的基礎(chǔ)上，以我國創(chuàng)業(yè)板上市公司為研究對象，選取2009——2011三年間的財務(wù)數(shù)據(jù)為樣本，對其資本結(jié)構(gòu)與績效關(guān)系進行實證研究。首先，系統(tǒng)介紹了資本結(jié)構(gòu)和績效相關(guān)的理論；然后，采用描述性統(tǒng)計的方法對創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與績效的現(xiàn)狀和特點進行了比較詳細的數(shù)據(jù)分析，分析得出我國創(chuàng)業(yè)板上市公司存在資產(chǎn)負債率偏低、債務(wù)結(jié)構(gòu)不合理、流動負債率偏高、公司績效差異性較大等特征；其次，采用主成分分析法，將反映企業(yè)盈利能力、營運能力、償債能力、發(fā)展能力和現(xiàn)金流量能力的22個財務(wù)指標進行數(shù)據(jù)壓縮，提取貢獻率最大的因子合并為綜合績效指標，并將該指標作為被解釋變量，將反映企業(yè)資本結(jié)構(gòu)的資產(chǎn)負債率、流動負債率等4個指標作為解釋變量，，利用回歸分析的方法對資本結(jié)構(gòu)與績效的相關(guān)性進行實證研究，實證分析得出：資本結(jié)構(gòu)與公司績效呈負的線性相關(guān)；流動負債率與公司績效呈負的線性相關(guān)；長期資本負債率與公司績效呈正的線性相關(guān)；有息負債率與公司績效呈負的線性相關(guān)。最后，針對我國創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)和公司績效的現(xiàn)狀、成因以及二者相關(guān)性的實證結(jié)果，從外部融資環(huán)境和企業(yè)內(nèi)部治理結(jié)構(gòu)兩個方面，提出了完善創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)、提高公司績效的對策建議。
[Abstract]:After ten years of preparation, the first batch of 28 gem companies were officially listed on the Shenzhen Stock Exchange on October 30, 2009. In a short period of more than three years, the gem market developed rapidly. As of December 31, 2012, there are 355 listed enterprises in the gem, which means that more and more small and medium-sized enterprises are entering the capital market. The launch of gem provides high technology, high growth SMEs with listed trading places and financing channels; for venture capital to create a safe and efficient exit mechanism; to improve the construction of the capital market system in China. Accordingly, the research on the capital structure of gem listed companies has been paid more and more attention by academia. The capital structure, as the concentrated embodiment of the company's capital source, not only affects the capital cost and the enterprise value, but also affects the behavior characteristics and governance structure of the enterprise. How to optimize the capital structure, we must correctly grasp the relationship between capital structure and performance. At present, the research on the relationship between capital structure and performance is mainly focused on listed companies with main board and small board. There is little research on the listed companies in the gem, so it is necessary to conduct a comprehensive and systematic study on the correlation between the capital structure and the performance of the listed companies on the gem. It is of great significance to explore the methods of optimizing the capital structure and improving the corporate performance. On the basis of analyzing the research results of domestic and foreign scholars, this paper takes the listed companies on the gem as the research object, and selects the financial data from 2009 to 2011 as the sample. The relationship between capital structure and performance is studied empirically. Firstly, the paper systematically introduces the theory of capital structure and performance, and then analyzes the current situation and characteristics of capital structure and performance of gem listed companies by descriptive statistical method. It is concluded that the listed companies in gem have some characteristics, such as low asset-liability ratio, unreasonable debt structure, high current debt ratio and great difference in corporate performance. Secondly, the principal component analysis method is used to reflect the profitability of enterprises. The 22 financial indicators of operating capacity, solvency, development capacity and cash flow capacity are compressed to extract the factors that contribute the most to the consolidated performance indicators, which are taken as the explanatory variables. Taking the asset-liability ratio and current debt ratio, which reflect the capital structure of the enterprise, as explanatory variables, this paper makes an empirical study on the correlation between capital structure and performance by means of regression analysis. The empirical analysis shows that the capital structure has a negative linear correlation with corporate performance, the liquidity debt ratio has a negative linear correlation with corporate performance, and the long-term capital debt ratio has a positive linear correlation with corporate performance. There is a negative linear correlation between interest-bearing debt ratio and corporate performance. Finally, in view of the current situation of capital structure and corporate performance of listed companies in gem, the causes and the empirical results of the correlation between the two, from the external financing environment and corporate governance structure two aspects, The paper puts forward some countermeasures to improve the capital structure and corporate performance of gem listed companies.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1938164