江西省高新技术企业资本结构与绩效关系的实证研究

发布时间：2018-04-10 11:58

本文选题：高新技术企业 + 经营绩效　；参考：《江西师范大学》2014年硕士论文

【摘要】：近年来，高新技术产业在全球范围内得到了快速的发展，日益成为经济发展中的支柱产业，是世界各国增强综合国力的新引擎。因此重视拥有核心自主知识产权高新技术企业的发展是把握未来经济发展的关键。只有提高高新技术企业经营绩效，扩大高新技术企业规模，发挥企业规模优势，，使企业不仅做大而且做强，才能实现经济快速发展的目标，提高该地区的核心竞争力。在此情况下，江西要想实现经济的跨越式发展，就必须加快高新技术企业的发展，提高江西省高新技术企业的经营绩效。而企业的资本结构不仅对企业的资本成本产生影响，而且还通过影响企业的内部治理结构及经营行为，间接地对企业的整体经营绩效产生影响。在此背景下，本文梳理了国内外关于高新技术企业绩效、高新技术企业资本结构和资本结构与企业绩效关系三方面的理论研究和实证研究结果，并对江西省高新技术企业的发展现状进行了总结分析，探讨了江西省高新技术企业发展中存在的问题，然后，选取2010—2012年间总共300多家江西省高新技术企业的财务数据为研究样本，对江西省高新技术企业资本结构与企业绩效的关系进行描述性统计分析和相关性回归分析。实证研究结果表明，江西省高新技术企业资本结构与企业绩效在总体上呈正相关关系，但不同类型高新技术企业资本结构对企业绩效产生的影响也是不同的。在一定程度上，光机电一体化高新技术企业资本结构与企业绩效呈负相关关系，而电子信息、生物医药与医疗器械等其他类型高新技术企业资本结构与企业绩效呈正相关关系。国有控股高新技术企业资本结构与企业绩效呈负相关关系，而私人控股等其他类型高新技术企业资本结构与企业绩效呈正相关关系。大型高新技术企业资本结构与企业绩效呈负相关关系，而中小型高新技术企业资本结构与企业绩效呈正相关关系。最后基于实证研究结果，提出了提高江西省高新技术企业经营绩效的四点建议：优化资本结构，提高企业经营绩效；提高企业的盈利能力；拓宽融资渠道，发展债券市场；完善企业破产机制。
[Abstract]:In recent years, high and new technology industry has been developed rapidly in the world, and has become the pillar industry in the economic development day by day. It is a new engine for the countries in the world to enhance the comprehensive national strength.Therefore, it is the key to grasp the future economic development to attach importance to the development of high-tech enterprises with core independent intellectual property rights.Only by improving the performance of high and new technology enterprises, expanding the scale of high and new technology enterprises, giving full play to the advantages of the scale of enterprises, making enterprises not only bigger but stronger, can we realize the goal of rapid economic development and improve the core competitiveness of this region.In this case, if Jiangxi wants to realize the leap-forward development of economy, it must speed up the development of high-tech enterprises and improve the management performance of high-tech enterprises in Jiangxi Province.The capital structure of the enterprise not only has an impact on the capital cost of the enterprise, but also indirectly affects the overall operating performance of the enterprise through the influence of the internal governance structure and the management behavior of the enterprise.In this context, this paper reviews the theoretical and empirical research results on the performance of high-tech enterprises, the capital structure of high-tech enterprises and the relationship between capital structure and enterprise performance.And the development of high-tech enterprises in Jiangxi Province is summarized and analyzed, the problems in the development of high-tech enterprises in Jiangxi Province are discussed, and then,The financial data of more than 300 high-tech enterprises in Jiangxi Province from 2010 to 2012 were selected as the research samples. The relationship between capital structure and performance of high-tech enterprises in Jiangxi Province was analyzed by descriptive statistical analysis and correlation regression analysis.The empirical results show that there is a positive correlation between the capital structure and the performance of high-tech enterprises in Jiangxi Province, but different types of high-tech enterprises have different effects on their performance.To some extent, there is a negative correlation between the capital structure and the performance of high-tech enterprises, while the capital structure of other types of high-tech enterprises, such as electronic information, biomedicine and medical devices, has a positive correlation with the performance of high-tech enterprises.The capital structure of state-owned holding high-tech enterprises is negatively related to enterprise performance, while the capital structure of other types of high-tech enterprises, such as private holding, is positively correlated with enterprise performance.The capital structure of large high-tech enterprises is negatively related to enterprise performance, while the capital structure of small and medium-sized high-tech enterprises is positively correlated with enterprise performance.Finally, based on the results of empirical research, four suggestions are put forward to improve the performance of high-tech enterprises in Jiangxi Province: optimizing the capital structure, improving the business performance, improving the profitability of the enterprises, widening the financing channels and developing the bond market.We will improve the bankruptcy mechanism of enterprises.
【学位授予单位】：江西师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.44

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