高铁行业上市公司融资结构对公司绩效的影响研究

发布时间：2018-04-24 17:56

本文选题：融资结构 + 公司绩效　；参考：《华东交通大学》2017年硕士论文

【摘要】：近几年,我国高速铁路的迅猛发展,带领了社会的前进。由于高铁具有高速、节能、产业布局优等优点,不仅我国,世界上许多国家都纷纷加入了高铁的建设队伍。随着经济发展的加快,快速建设的高铁热潮也给经济发展带来了不小的影响。诸如资金需求量大,经过很长一段时间才能收回投资等问题都是制约高铁行业发展的瓶颈。因此,正确处理好高铁行业上市公司融资与绩效的关系,优化其融资结构,使公司绩效得到提升,以实现高铁行业稳健的发展,具有重要的意义和价值。本文从高铁行业上市公司融资结构与公司绩效的关系角度考虑,详细的研究了融资结构对公司绩效的影响。全文首先在总结评述国内外学者相关研究成果的基础上,介绍了相关的理论基础,从理论上解读融资结构对公司绩效会产生的影响,为接下来的实证分析提供理论依据。其次分析了高铁行业上市公司的经营情况和融资结构,将制造业上市公司与高铁行业上市公司进行了对比,发现了行业间的差异,进一步证明本文的研究价值。最后根据内源融资、债权融资和股权融资对公司绩效的影响,提出了6个假设,以高铁行业上市公司2011年至2015年的指标数据为样本,进行了实证分析。本文得出的研究结论是:高铁行业上市公司的内源融资率与公司绩效正相关;资产负债率与公司绩效负相关;流动负债率与公司绩效正相关;长期负债率与公司绩效负相关;第一大股东持股比例与公司绩效呈倒U型的二次曲线关系;流通股比例与公司绩效负相关。最后,本文还提出了优化高铁行业上市公司的融资结构,促进公司绩效水平的提升的具体建议。
[Abstract]:In recent years, the rapid development of high-speed railway in China has led the progress of society. Due to the advantages of high speed, energy saving and excellent industrial layout, high-speed high-speed rail (HSR) has joined the construction of high-speed railway (HSR) not only in China but also in many countries all over the world. With the acceleration of economic development, the rapid construction of high-speed rail boom has also brought a great impact on economic development. Problems such as high demand for funds and a long period of time to recover investment are bottlenecks restricting the development of high-speed rail industry. Therefore, it is of great significance and value to correctly handle the relationship between financing and performance of listed companies in high-speed rail industry, optimize its financing structure, and improve its performance so as to realize the steady development of high-speed rail industry. From the perspective of the relationship between the financing structure and corporate performance of listed companies in high-speed rail industry, this paper studies the impact of financing structure on corporate performance in detail. First of all, based on the review of domestic and foreign scholars' related research results, this paper introduces the relevant theoretical basis, theoretically interprets the impact of financing structure on corporate performance, and provides a theoretical basis for the next empirical analysis. Secondly, this paper analyzes the operation and financing structure of listed companies in high-speed rail industry, compares the listed companies in manufacturing industry with the listed companies in high-speed rail industry, and finds out the differences between industries, which further proves the research value of this paper. Finally, according to the influence of endogenous financing, debt financing and equity financing on corporate performance, this paper puts forward six hypotheses, taking the target data of listed companies in high-speed rail industry from 2011 to 2015 as the sample, and carries on the empirical analysis. The conclusions of this paper are as follows: the endogenous financing rate of listed companies in high-speed rail industry is positively correlated with corporate performance; the asset-liability ratio is negatively correlated with corporate performance; the liquidity debt ratio is positively correlated with corporate performance; and the long-term debt ratio is negatively correlated with corporate performance. The proportion of the first largest shareholder has a conic relationship with corporate performance, while the proportion of circulating shares is negatively correlated with corporate performance. Finally, the paper puts forward some specific suggestions on how to optimize the financing structure of listed companies in high-speed rail industry and promote the improvement of corporate performance.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F532.6;F530.68;F406.7;F426

【参考文献】