我国机械制造业上市公司资本结构与公司绩效的实证研究

发布时间：2018-01-11 14:10

本文关键词：我国机械制造业上市公司资本结构与公司绩效的实证研究　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：MM定理的提出之后,资本结构问题就成为了现代财务管理研究的重要问题。对于资本结构如何影响公司绩效这一问题,也是在研究资本结构时的首要话题。资本结构不但与公司的治理结构和企业特征有关,而且对公司绩效有着很重要的影响,进而会影响到一个产业甚至是一个国家的经济发展。所以,企业进行资本结构的优化可以改善公司治理结构、提高竞争力、优化资源配置,从而对公司绩效的提高起到非常重大的作用。目前,西方学者对资本结构与公司绩效关系的研究较为充分,但由于我国的证券市场没有发达国家完善,上市公司的现况与发达国家有很大的差异,所以在我国研究两者关系时并不能直接沿用发达国家的结论。现阶段,国内学者对全部上市公司或者国有上市公司资本结构与公司绩效的关系的研究较为多见,而对机械制造行业的研究却很罕见。制造业是上市公司中的主导行业,而机械制造业又是制造业的不可缺少的重要部分,其对我国资本市场的健康发展起着重要作用,因此全面分析机械制造业上市公司的资本结构与公司绩效的关系是十分必要的。本文主要包括以下五大部分：第一章是绪论。这一部分说明了研究背景、理论意义和现实意义,介绍了本文的研究方法、论文结构以及本文的创新点。第二章为理论分析。本部分首先综合各种理论后考虑了所得税等因素的影响下资本结构与公司绩效的关系。然后对国内外相关研究文献进行评述,为后文的研究假设提供理论依据。第三章对我国机械制造业上市公司的资本结构及公司绩效现状进行了分析。首先对我国机械制造业上市公司总体情况作了概括分析,然后又对机械制造业上市公司的资本结构和公司绩效的现状作了具体的研究。第四章为实证分析部分,是全文最重要的部分。在第二部分理论分析的基础上提出了本文的主要研究假设,选择了样本并确定了变量。然后,根据变量指标设计了回归模型,采用描述性统计的方法对资本结构和公司绩效的各指标的均值、最大最小值等进行了说明。最后,根据前文的描述,对模型进行回归。第五章为结论与建议。首先,对实证结果进行了总结及分析。然后,对我国机械制造业上市公司资本结构的优化提出相关建议和措施。最后,总结了本文的不足之处以及对后续研究提出建议。本文采用的研究方法主要是理论研究与实证研究相结合的方法,并综合运用了定性分析和定量分析方法来综合研究我国机械制造业上市公司资本结构与公司绩效的关系问题。研究结果表明：(1)负债率略微偏高且负债结构不合理；(2)我国机械制造业上市公司的公司绩效的影响因素复杂；(3)资产负债率与公司绩效呈显著负相关关系；(4)流动负债比例与公司绩效呈显著正相关关系；(5)国有股比例与公司绩效负相关；(6)公司绩效与股权集中度呈非显著正相关；(7)流通股比例与公司绩效并无显著相关关系；(8)公司规模及成长性与公司绩效显著正相关；(9)用财务绩效指标和市场绩效指标的回归结果出入较大等。本文的主要创新点在于选择我国机械制造业作为研究对象,并选取了最新的数据进行实证研究,在变量的选择上增加了新的变量。
[Abstract]:The MM theorem proposed, the problem of capital structure has become an important issue of modern financial management. How capital structure affects the corporate performance, is the main topic in the study of capital structure. The capital structure and company governance structure and enterprises not only features, but also has a very important influence on the company the performance, which will affect an industry or even a country's economic development. Therefore, the enterprise capital structure optimization can improve the corporate governance structure, improve competitiveness, optimize the allocation of resources, and to the very important role to improve the performance of the company.
At present, the western scholars research on the relationship between capital structure and company performance more fully, but because of China's securities market in developed countries is not perfect, there are great differences in the status of Listed Companies in developed countries and in our country, so the research of the relationship between them and not directly follow the conclusion of developed countries. At present, the domestic scholars research the relationship of all the listed companies or state-owned listed companies, capital structure and company performance is more common, and the research of machinery manufacturing industry is very rare. The manufacturing industry is the dominant industry of Listed Companies in the machinery manufacturing industry, and it is an important and indispensable part of the manufacturing industry, which plays an important role in the healthy development of our China's capital market, so the relationship between the comprehensive analysis of mechanical manufacturing industry capital structure and corporate performance of listed companies is very necessary.
This article mainly includes the following five parts:
The first chapter is the introduction. This part explains the research background, the theoretical significance and the practical significance, and introduces the research methods, the structure of the paper and the innovation point of this article.
The second chapter is theoretical analysis. Firstly, after considering all kinds of theories, the relationship between capital structure and corporate performance under the influence of income tax and other factors is reviewed. Then, the related research literatures at home and abroad are commented, providing theoretical basis for the research hypothesis.
The third chapter analyzes the current situation of capital structure of Chinese Listed Companies in machinery manufacturing industry and company performance. Firstly, summarize and analyze the overall situation of China's machinery manufacturing industry listed companies, and then the status quo of capital structure and corporate performance of Listed Companies in machinery manufacturing industry for the specific research.
The fourth chapter is the empirical analysis part, is the most important part of the article. Based on the analysis of the second part on the theory of the main research hypothesis, selecting the sample and determining the variables. Then, according to the design variables regression model, mean method using descriptive statistics of each index of the capital structure and corporate performance., the maximum and minimum values are given. Finally, according to the above description, the regression model.
The fifth chapter is the conclusions and recommendations. First, the empirical results are summarized and analyzed. Then, relevant suggestions and measures are put forward for the optimization of capital structure of Chinese machinery manufacturing listed companies. Finally, the shortcomings of this paper and suggestions for further research are summarized.
The research methods adopted in this paper are mainly the combination of theoretical research and empirical research. The qualitative analysis and quantitative analysis method are used to comprehensively study the relationship between capital structure and corporate performance of China's machinery manufacturing listed companies.
The results show that: (1) slightly higher debt ratio and the debt structure is unreasonable; (2) the influence factors of China's machinery manufacturing industry listed company performance complex; (3) there was a significant negative correlation between asset liability ratio and corporate performance; (4) showed a significant positive correlation between current liabilities ratio and corporate performance; (5) the proportion of state-owned shares has negative correlation with corporate performance; (6) the performance of the company and the ownership concentration was non significant positive correlation; (7) the proportion of shares in circulation was not significantly correlated with corporate performance; (8) is positively related to firm size and growth and corporate performance; (9) using the regression of financial performance index and market performance indicators there is a big discrepancy.
The main innovation of this paper is to choose China's machinery manufacturing industry as the research object, and select the latest data for empirical research, adding new variables to the selection of variables.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.4;F832.51;F224

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