【摘要】：經(jīng)濟(jì)的全球化發(fā)展使得服務(wù)業(yè)發(fā)展逐漸壯大，其產(chǎn)值在社會總產(chǎn)值中所占的比重逐漸上升，全球很多國家，尤其是中等收入國家已經(jīng)逐步向服務(wù)型社會經(jīng)濟(jì)開始轉(zhuǎn)型。而在眾多的服務(wù)業(yè)中，批發(fā)零售業(yè)的發(fā)展表現(xiàn)尤為突出。隨著批發(fā)零售業(yè)的不斷發(fā)展和壯大，制造業(yè)的領(lǐng)軍地位也逐漸受到了威脅，并且批發(fā)零售業(yè)也逐漸成為一個國家或者地區(qū)經(jīng)濟(jì)發(fā)展的衡量指標(biāo)。雖然我國的批發(fā)零售業(yè)的發(fā)展態(tài)勢良好，但是其在發(fā)展和壯大的過程中也存在一些問題，如批發(fā)零售業(yè)的企業(yè)規(guī)模相對較小，居民對批發(fā)零售業(yè)的消費意愿受到物價波動的影響較大，批發(fā)零售業(yè)企業(yè)的管理水平偏低。 本文以資本結(jié)構(gòu)對企業(yè)績效的影響機理為理論基礎(chǔ)，對資本結(jié)構(gòu)與企業(yè)績效的相關(guān)理論和研究現(xiàn)狀進(jìn)行分析，然后通過對我國批發(fā)零售業(yè)上市公司的資本結(jié)構(gòu)與企業(yè)績效的現(xiàn)狀研究，來對其整體發(fā)展進(jìn)行探索。基于此，根據(jù)收集的相關(guān)數(shù)據(jù)，通過因子分析與面板數(shù)據(jù)模型來對我國批發(fā)零售業(yè)上市公司的資本結(jié)構(gòu)與企業(yè)績效的關(guān)系進(jìn)行實證研究。最后從多個方面對我國批發(fā)零售業(yè)上市公司的資本結(jié)構(gòu)優(yōu)化給出建議。 本文得出的結(jié)論如下： （1）本文選擇70家我國零售業(yè)上市公司2009-2013年期間的數(shù)據(jù)進(jìn)行資本結(jié)構(gòu)和企業(yè)績效現(xiàn)狀的分析，結(jié)果顯示，在資本結(jié)構(gòu)方面，我國批發(fā)零售業(yè)上市公司的整體負(fù)債水平較高，國有股持股比例較高，且企業(yè)一股獨大的現(xiàn)象較為嚴(yán)重。在企業(yè)績效方面，我國批發(fā)零售業(yè)上市公司的運營能力相對較為平穩(wěn)，但是盈利能力和發(fā)展能力在近幾年都有所下降。 （2）本文通過因子分析法從衡量批發(fā)零售業(yè)上市公司企業(yè)績效的眾多因子中提煉出五個主因子來對企業(yè)績效進(jìn)行綜合評價�；诖耍疚睦妹姘鍞�(shù)據(jù)模型對資本結(jié)構(gòu)和企業(yè)績效之間的影響關(guān)系進(jìn)行分析，其結(jié)果表明，除第一大股東持股比例對企業(yè)績效具有正向作用外，其余自變量均對企業(yè)績效具有負(fù)向作用。 （3）提升批發(fā)零售業(yè)上市公司績效的有效途徑就是優(yōu)化其資本結(jié)構(gòu)，本文結(jié)合實證研究的結(jié)果，認(rèn)為要優(yōu)化批發(fā)零售業(yè)上市公司資本結(jié)構(gòu)，需要降低上市公司的負(fù)債水平，，開辟新的融資方式、提升負(fù)債結(jié)構(gòu)、降低國有股持股比例、加強股權(quán)改革，完善國家政策環(huán)境、完善產(chǎn)業(yè)政策、提升企業(yè)的運營能力和盈利能力以及推進(jìn)批發(fā)零售業(yè)的整體上市。
[Abstract]:With the development of economic globalization, the service industry is gradually expanding, and its output value in the total social output value has gradually increased. Many countries in the world, especially middle-income countries, have gradually begun to transform to service-oriented social economy. And in numerous service industry, the development performance of wholesale retail trade is especially outstanding. With the development and expansion of the wholesale and retail trade, the leading position of the manufacturing industry has been gradually threatened, and the wholesale and retail trade has gradually become a measure of the economic development of a country or region. Although the development of wholesale and retail trade in China is good, there are still some problems in the process of development and expansion, such as the relatively small scale of wholesale and retail enterprises. The consumer willingness of the residents to the wholesale and retail trade is greatly influenced by the price fluctuation, and the management level of the wholesale and retail enterprises is on the low side. Based on the influence mechanism of capital structure on enterprise performance, this paper analyzes the related theories and research status of capital structure and enterprise performance. Then, by studying the capital structure and enterprise performance of the listed companies in wholesale and retail trade in China, this paper probes into the overall development of the listed companies. Based on this, this paper makes an empirical study on the relationship between capital structure and corporate performance of listed companies in wholesale and retail trade through factor analysis and panel data model according to the relevant data collected. Finally, some suggestions are given to optimize the capital structure of China's wholesale and retail companies. The conclusions of this paper are as follows: (1) this paper analyzes the capital structure and corporate performance of 70 listed retail companies in China during 2009-2013. The results show that, in terms of capital structure, The overall debt level of the wholesale and retail listed companies in China is relatively high, the proportion of state-owned shares is higher, and the phenomenon of the enterprises having a dominant share is more serious. In terms of enterprise performance, the operation ability of the wholesale and retail listed companies in China is relatively stable, but the profitability and development ability have declined in recent years. (2) this paper abstracts five main factors from many factors to measure the performance of the listed companies in wholesale and retail trade to evaluate the enterprise performance synthetically. Based on this, this paper uses panel data model to analyze the relationship between capital structure and enterprise performance. The results show that, besides the first largest shareholder holding ratio, it has positive effect on enterprise performance. The other independent variables have negative effect on enterprise performance. (3) the effective way to improve the performance of the listed companies in wholesale and retail trade is to optimize their capital structure. According to the results of empirical research, the author thinks that in order to optimize the capital structure of the listed companies in wholesale and retail trade, the debt level of listed companies should be reduced. To open up new ways of financing, to promote the structure of debt, to reduce the proportion of state-owned shares, to strengthen the reform of equity, to perfect the national policy environment, and to perfect industrial policies, Improve the operating capacity and profitability of enterprises and promote the wholesale and retail market as a whole.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F715.5;F724.2

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