创业板上市公司资本结构与公司绩效的相互影响研究
发布时间：2018-08-31 09:29
【摘要】：资本结构问题是学术界一直关注的重要的公司治理问题之一。从上个世纪起,西方学者就提出了不同的理论,探讨了资本结构对公司价值的影响,但在我国仍没有形成有关资本结构的系统理论。现代财务管理的最终目标是企业价值的最大化,通过研究资本结构与公司绩效的关系,找到提升企业绩效的方法,从而实现企业价值的最大化,无论从理论上还是实践上都很有意义。 2009年我国深圳证券交易所获准设立创立板市场,并实现了首批28家企业挂牌上市,迄今为止,已有355家企业实现创业板挂牌上市。这不仅丰富了我国资本市场的组成,更是解决了中小型高新技术企业融资难的问题。创业板市场的建立是我国构建多层次资本市场的重要举措,对高科技企业的发展也起到了极大的推动作用,对我国经济长远发展有着深远的影响。证监会对在创业板发行上市要求达到的条件与主板不同,创业板市场主要是针对规模较小、创立时间不长、科技含量高、发展潜力巨大的高新型企业而设立的。正是由于与主板的不同,因此前人研究的资本结构与公司绩效关系的结论是否适合创业板仍需进一步探讨。现有的研究创业板上市公司资本结构与公司绩效关系的文章,由于创业板成立时间较短的限制,数据选取几乎都是一年的截面数据,且可供研究的上市公司数量较少,这难以满足实证研究大样本的要求。对创业板进行资本结构与公司绩效关系的研究很有必要。 本文正是基于这样的考虑,选取了创业板上市公司2010年154家、2011年282家、2012年355家共三年的样本数据,进行了资本结构与公司绩效关系的实证研究。现有研究多数只研究了资本结构对公司绩效的影响,并未考虑二者的内生性,本文通过hausman设定检验发现二者之间是相互影响的,因此本文建立了联立方程回归模型,选用基于因子分析的公司综合绩效值作为公司绩效的代理变量,选用资产负债率作为资本结构的代理变量,通过二阶段最小乘法对联立方程进行了估计。为保证结果的稳健性,进一步选用了托宾Q值作为公司绩效的代理变量进行研究,最后得出了与前文一致的结论：资本结构与公司绩效是相互影响的负相关关系。企业财务杠杆的增加不利于经营绩效的提高；经营绩效越好的公司,负债融资比例越低。 本文的内容共分为以下五个部分： 第一部分是绪论。包括文章的研究背景、研究意义,并阐述了本文的研究内容、研究方法以及创新点,指出了本文研究的价值。 第二部分介绍了资本结构与公司绩效的相关理论。首先界定了资本结构与公司绩效的定义范围,其次阐述了资本结构的理论基础,最后对国内外关于资本结构与公司绩效关系的研究文献进行了回顾及评述。 第三部分介绍了创业板市场的特点,并进行了资本结构与公司绩效的现状分析。这一部分通过与主板市场进行比较,阐述了创业板市场的特殊性,指出了目前创业板市场融资结构的特点,公司绩效的整体水平。 第四部分是本文的核心部分,是对资本结构与公司绩效关系进行的实证研究。首先提出了本文的假设,并选取了本文的研究样本,设置了研究变量,建立了联立方程检验模型；然后进行实证分析,包括对公司绩效选取了多个指标进行因子分析,对联立方程的描述性统计分析、相关性检验、二阶段最小二乘法的回归分析及稳健性检验。 第五部分是根据实证的结论提出的建议及意见。首先总结文章得出的主要结论；然后根据研究结论提出优化创业板上市公司资本结构,提高企业绩效的建议；最后指出本文研究的不足之处及未来的研究方向。
[Abstract]:Capital structure is one of the important corporate governance issues that academics have been paying close attention to. Since last century, western scholars have put forward different theories and discussed the influence of capital structure on corporate value. However, there is still no systematic theory about capital structure in China. The ultimate goal of modern financial management is to maximize corporate value. Dahua, through studying the relationship between capital structure and corporate performance, finds a way to improve corporate performance, so as to maximize corporate value, both in theory and practice is very meaningful.
In 2009, Shenzhen Stock Exchange of China was allowed to set up the founding board market, and the first batch of 28 enterprises were listed on the market. So far, 355 enterprises have listed on the GEM. This not only enriches the composition of the capital market in China, but also solves the financing difficulties of small and medium-sized high-tech enterprises. China's important measures to build a multi-level capital market have also played a great role in promoting the development of high-tech enterprises and have a far-reaching impact on China's long-term economic development. It is precisely because of the difference from the main board that whether the conclusions of previous studies on the relationship between capital structure and corporate performance are suitable for GEM still needs further discussion. It is difficult to satisfy the requirement of large sample of empirical research because the time limit is short, and the data selection is almost one year cross-sectional data, and the number of listed companies available for study is small. It is necessary to study the relationship between capital structure and corporate performance of GEM.
Based on this consideration, this paper selects 154 GEM listed companies in 2010, 282 in 2011 and 355 in 2012 for three years to conduct empirical research on the relationship between capital structure and corporate performance. Ausman hypothesis test finds that there is mutual influence between the two, so this paper establishes a simultaneous equation regression model, chooses the comprehensive performance value based on factor analysis as the proxy variable of corporate performance, chooses asset-liability ratio as the proxy variable of capital structure, and estimates the simultaneous equation by two-stage least multiplication. In order to ensure the robustness of the results, Tobin Q value is selected as the proxy variable of corporate performance, and the conclusion is consistent with the previous one: capital structure and corporate performance are negatively correlated. The lower the proportion.
The contents of this article are divided into five parts:
The first part is the introduction, including the research background, research significance, and expounds the research content, research methods and innovations of this paper, pointing out the value of this study.
The second part introduces the related theories of capital structure and corporate performance. Firstly, it defines the definition scope of capital structure and corporate performance. Secondly, it expounds the theoretical basis of capital structure.
The third part introduces the characteristics of the GEM market, and analyzes the status quo of capital structure and corporate performance. By comparing with the main board market, this part expounds the particularity of the GEM market, points out the characteristics of the financing structure of the GEM market and the overall level of corporate performance.
The fourth part is the core of this paper, which is an empirical study of the relationship between capital structure and corporate performance. First, this paper puts forward the hypothesis, selects the sample of this study, sets up the research variables, establishes the simultaneous equation test model, and then conducts empirical analysis, including the selection of multiple indicators of corporate performance for reasons. Subanalysis, descriptive statistical analysis of simultaneous equations, correlation test, regression analysis of two-stage least squares method and robustness test.
The fifth part is based on the empirical conclusions of the recommendations and suggestions. First, summarize the main conclusions of the article; then according to the conclusions of the study put forward to optimize the capital structure of listed companies on the GEM, improve corporate performance recommendations; finally pointed out the inadequacies of this study and future research directions.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
本文编号：2214581
[Abstract]:Capital structure is one of the important corporate governance issues that academics have been paying close attention to. Since last century, western scholars have put forward different theories and discussed the influence of capital structure on corporate value. However, there is still no systematic theory about capital structure in China. The ultimate goal of modern financial management is to maximize corporate value. Dahua, through studying the relationship between capital structure and corporate performance, finds a way to improve corporate performance, so as to maximize corporate value, both in theory and practice is very meaningful.
In 2009, Shenzhen Stock Exchange of China was allowed to set up the founding board market, and the first batch of 28 enterprises were listed on the market. So far, 355 enterprises have listed on the GEM. This not only enriches the composition of the capital market in China, but also solves the financing difficulties of small and medium-sized high-tech enterprises. China's important measures to build a multi-level capital market have also played a great role in promoting the development of high-tech enterprises and have a far-reaching impact on China's long-term economic development. It is precisely because of the difference from the main board that whether the conclusions of previous studies on the relationship between capital structure and corporate performance are suitable for GEM still needs further discussion. It is difficult to satisfy the requirement of large sample of empirical research because the time limit is short, and the data selection is almost one year cross-sectional data, and the number of listed companies available for study is small. It is necessary to study the relationship between capital structure and corporate performance of GEM.
Based on this consideration, this paper selects 154 GEM listed companies in 2010, 282 in 2011 and 355 in 2012 for three years to conduct empirical research on the relationship between capital structure and corporate performance. Ausman hypothesis test finds that there is mutual influence between the two, so this paper establishes a simultaneous equation regression model, chooses the comprehensive performance value based on factor analysis as the proxy variable of corporate performance, chooses asset-liability ratio as the proxy variable of capital structure, and estimates the simultaneous equation by two-stage least multiplication. In order to ensure the robustness of the results, Tobin Q value is selected as the proxy variable of corporate performance, and the conclusion is consistent with the previous one: capital structure and corporate performance are negatively correlated. The lower the proportion.
The contents of this article are divided into five parts:
The first part is the introduction, including the research background, research significance, and expounds the research content, research methods and innovations of this paper, pointing out the value of this study.
The second part introduces the related theories of capital structure and corporate performance. Firstly, it defines the definition scope of capital structure and corporate performance. Secondly, it expounds the theoretical basis of capital structure.
The third part introduces the characteristics of the GEM market, and analyzes the status quo of capital structure and corporate performance. By comparing with the main board market, this part expounds the particularity of the GEM market, points out the characteristics of the financing structure of the GEM market and the overall level of corporate performance.
The fourth part is the core of this paper, which is an empirical study of the relationship between capital structure and corporate performance. First, this paper puts forward the hypothesis, selects the sample of this study, sets up the research variables, establishes the simultaneous equation test model, and then conducts empirical analysis, including the selection of multiple indicators of corporate performance for reasons. Subanalysis, descriptive statistical analysis of simultaneous equations, correlation test, regression analysis of two-stage least squares method and robustness test.
The fifth part is based on the empirical conclusions of the recommendations and suggestions. First, summarize the main conclusions of the article; then according to the conclusions of the study put forward to optimize the capital structure of listed companies on the GEM, improve corporate performance recommendations; finally pointed out the inadequacies of this study and future research directions.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
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