我国制造业上市公司股权结构、营运资本投资政策与公司财务绩效的相关性研究

发布时间：2018-04-17 13:56

本文选题：股权结构 + 营运资本投资政策　；参考：《山西财经大学》2016年硕士论文

【摘要】：营运资本投资政策作为企业短期财务决策之一,它的激进程度影响着企业的收益和风险,进而又影响企业的生存和发展。在经过多年的研究和实践后,西方发达国家对营运资本投资政策形成了一套相对系统和科学的管理体系。我国与之相比,其对营运资本投资政策的研究无论在理论上还是在实践上都存在明显的滞后和不足。加之2008年发生的金融危机,使许多企业由于资金链断裂而最终破产,这一现象更引起了企业所有者和经营者对流动资产投资规模或持有数量的关注,使其自愿在制定营运资本投资政策上花费更多的时间和精力。本文结合我国特殊的股权结构,通过对国内外关于股权结构、营运资本投资政策及公司财务绩效相关关系的研究现状进行综述,以委托代理理论、权衡理论、不完全契约理论为研究基础,选取2010-2014年沪深两市的A股制造业上市公司为研究样本,主要运用实证研究方法,对研究变量进行了描述性统计分析、相关性分析,对各模型进行了回归检验,探讨了股权结构、营运资本投资政策与公司财务绩效三者之间的关系。本文主要从股权集中度、法人股比例、管理层持股比例三方面来解释公司股权结构,以流动资产比例作为营运资本投资政策的替代变量,用总资产收益率代表公司财务绩效,探讨了三者之间的关系,并尝试性地研究了营运资本投资政策在股权结构影响公司财务绩效中的中介传导效应。通过实证研究得出相关结论:(1)我国制造业上市公司保持了相对集中的股权结构形式,且偏向于采用保守的营运资本投资政策;(2)股权集中度、法人股比例、管理层持股比例与流动资产比例正相关,即第一大股东持股比例、法人股比例、管理层持股比例越高,流动资产比例越高,营运资本投资政策越保守;(3)股权集中度、法人股比例、管理层持股比例与公司财务绩效均正相关;(4)流动资产比例与公司财务绩效正相关,即保守的营运资本投资政策,能够提高公司的财务绩效水平;(5)营运资本投资政策在股权结构对公司财务绩效影响过程中具有部分中介效应。之后,针对结论提出了相关建议。
[Abstract]:As one of the short-term financial decisions, the working capital investment policy affects the income and risk of the enterprise, and then affects the survival and development of the enterprise.After many years of research and practice, the western developed countries have formed a set of relative system and scientific management system to the working capital investment policy.Compared with it, the research on working capital investment policy in China has obvious lag and deficiency in both theory and practice.In addition, the financial crisis that occurred in 2008 has caused many enterprises to go bankrupt because of the breakage of capital chain. This phenomenon has aroused the concern of business owners and managers on the scale or amount of liquid assets investment.Make it volunteer to spend more time and energy on working capital investment policy.Based on the special equity structure of our country, this paper summarizes the research status of the relationship between equity structure, working capital investment policy and corporate financial performance at home and abroad, and uses the principal-agent theory to weigh the theory.Based on incomplete contract theory, A share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2010 to 2014 are selected as the research samples.The regression test of each model is carried out, and the relationship among ownership structure, working capital investment policy and corporate financial performance is discussed.This paper mainly explains the ownership structure of the company from three aspects: the degree of ownership concentration, the proportion of legal person shares and the proportion of managerial shares, taking the ratio of current assets as the alternative variable of the working capital investment policy, and using the total return on assets to represent the financial performance of the company.This paper probes into the relationship between the three, and tries to study the intermediary conduction effect of working capital investment policy in the influence of equity structure on corporate financial performance.Through empirical research, we draw the conclusion that the listed manufacturing companies in China maintain a relatively centralized ownership structure, and prefer to adopt a conservative working capital investment policy, such as the degree of equity concentration and the proportion of corporate shares.The proportion of management holding shares is positively related to the proportion of current assets, that is, the proportion of the largest shareholder, the proportion of legal person, the proportion of management holding shares, the higher the proportion of current assets, the more conservative the working capital investment policy is, the more conservative the investment policy of working capital is.There is a positive correlation between the proportion of current assets and the financial performance of the company, that is, the conservative working capital investment policy.The working capital investment policy has a partial intermediary effect in the process of the influence of the ownership structure on the financial performance of the company.After that, the paper puts forward the relevant suggestions for the conclusion.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F406.7

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