發(fā)布時間：2018-02-16 08:59

  本文關鍵詞： 汽車制造業(yè) 資本結構 企業(yè)績效 因子分析法 多元線性回歸　出處：《北京化工大學》2014年碩士論文　論文類型：學位論文

【摘要】：作為企業(yè)發(fā)展的基礎與核心,資本結構反映了所有者和債權人的權利義務關系,明確規(guī)定了與企業(yè)資本要素所有者密切相關的公司治理結構,影響著資金投入運營的效果,進而影響企業(yè)的經(jīng)營績效和企業(yè)價值。學者們對于資本結構與企業(yè)績效的理論和實證研究,由于選取數(shù)據(jù)樣本、設計變量指標等不同,得到的結論并不一致。本文以我國汽車制造業(yè)上市公司2009-2013年的年報數(shù)據(jù)為研究樣本,通過因子分析多角度全面的將企業(yè)的16個績效指標綜合起來衡量企業(yè)業(yè)績,對企業(yè)的債務結構、股權結構進行了描述性分析,通過多元線性回歸對綜合績效指標與所選取的代表債務結構的兩個變量和股權結構的四個變量進行實證分析。實證結果表明：我國目前汽車制造行業(yè)的資本結構水平下,企業(yè)績效與資產負債率呈負相關,與流動負債率負相關,與第1大股東持股比例和前5大股東持股比例正相關,與股權制衡度和國有股持股比例的正相關性不顯著。根據(jù)理論研究和實證研究結果,針對汽車制造業(yè)從宏觀政策和微觀結構兩方面提出了加強信息披露管理、繼續(xù)國有股減持改革、拓寬融資渠道以及通過合理調整債務結構、優(yōu)化股權結構進一步完善企業(yè)治理結構,同時增大該行業(yè)的技術研發(fā)投入,從而提高品牌影響力,實現(xiàn)規(guī)模經(jīng)營等建議。
[Abstract]:As the basis and core of enterprise development, capital structure reflects the relationship between owner and creditor, and clearly defines the corporate governance structure closely related to the owner of capital elements of the enterprise, which affects the effect of capital investment. And then affect the business performance and enterprise value. Scholars on the capital structure and corporate performance theory and empirical research, due to the selection of data samples, design variables and other indicators, This paper takes the annual report data of China's automobile manufacturing listed companies from 2009-2013 as the research sample and synthesizes 16 performance indicators of enterprises through factor analysis to measure the performance of enterprises. In this paper, the debt structure and equity structure of the enterprise are analyzed in a descriptive way. Through multiple linear regression, the paper makes an empirical analysis of the comprehensive performance index, two variables representing debt structure and four variables of equity structure. The empirical results show that: under the current capital structure level of automobile manufacturing industry in China, There is a negative correlation between corporate performance and asset-liability ratio, a negative correlation between corporate performance and current debt ratio, a positive correlation between the first largest shareholder's shareholding ratio and the first five largest shareholders' shareholding ratio. According to the results of theoretical and empirical studies, this paper proposes to strengthen the management of information disclosure from the macro policy and micro structure of automobile manufacturing industry, according to the results of theoretical and empirical research, which has no significant positive correlation with the degree of equity checks and balances and the proportion of state-owned shares. We should continue to reform the reduction of state-owned shares, broaden financing channels, and further improve the corporate governance structure by rationally adjusting the debt structure, optimizing the equity structure, and increasing the investment in technology research and development in the industry, thus increasing the brand influence. Realization of scale management and other suggestions.
【學位授予單位】：北京化工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.471

【參考文獻】

相關碩士學位論文 前1條

1 雷卿然;資本結構與公司績效互動關系研究[D];西南財經(jīng)大學;2012年

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本文編號：1515146