创业板上市公司资本结构对财务绩效的影响研究

发布时间：2018-04-18 01:21

本文选题：创业板 + 资本结构　；参考：《天津科技大学》2012年硕士论文

【摘要】：资本结构问题是一个具有重大理论价值和实践意义的研究课题,同时也是现代企业财务管理的核心问题,其设置状况是否合理对创业板上市公司财务绩效的提高有着重要的影响。公司的资本结构理论自1958年以来就成为证券市场的热点问题。对于“资本结构影响财务绩效”这一结论已被大家所承认,但对于“资本结构是怎样影响财务绩效的”这个问题暂时还没有明确统一的定论。财务学家们一直在努力寻求资本结构与财务绩效的关系,并且有许多财务学家从不同角度提出了不同的资本结构理论,如：信号传递理论,融资顺序理论,控制权理论和代理成本理论等等。研究资本结构的目的在于为资本结构和公司财务绩效的关系提供理论解释和预言,在实践中为资本结构的优化、财务绩效的提高提供理论指导。那么,我国创业板上市公司的资本结构与财务绩效的关系到底如何,怎样才能优化创业板上市公司的资本结构,提高上市公司的财务绩效,将是本文研究的重点。本文主要以我国创业板上市公司的资本结构对财务绩效的影响为研究对象,从理论和实证两个角度探讨了中国上市公司资本结构对财务绩效的影响。本文研究是按照“提出问题——分析问题——解决问题”的线索展开的。首先,本文介绍了我国创业板的一些基本特征,以及其与主板、国外创业板的区别；其次,分别分析了创业板上市公司资本结构、财务绩效的情况。紧接着,本文利用我国证券市场上市公司2010年的财务数据对我国上市公司的资本结构与财务绩效的关系进行了实证分析,以企业综合的财务绩效指标作为被解释变量,以资产负债率、长期资产负债率两个资本结构指标作为解释变量,并运用SPSS软件进行线性回归分析。分析结果表明：资产负债率与财务绩效成负相关,长期资产负债率与财务绩效没有线性关系。最后,本文提出了如何优化我国上市公司资本结构,提高上市公司财务绩效的建议。
[Abstract]:The problem of capital structure is a research subject of great theoretical value and practical significance, and it is also the core problem of modern enterprise financial management.Whether the setting status is reasonable or not has an important influence on the improvement of financial performance of gem listed companies.The capital structure theory of the company has been a hot issue in the stock market since 1958.The conclusion that capital structure affects financial performance has been recognized, but there is no clear and unified conclusion on how capital structure affects financial performance.Financial scientists have been trying to find the relationship between capital structure and financial performance, and many financial experts have put forward different capital structure theory from different angles, such as signaling theory, financing sequence theory.Control right theory and agency cost theory and so on.The purpose of this study is to provide theoretical explanations and predictions for the relationship between capital structure and corporate financial performance, and to provide theoretical guidance for the optimization of capital structure and the improvement of financial performance in practice.So, what is the relationship between the capital structure and financial performance of the listed companies on the gem, how to optimize the capital structure of the listed companies on the gem, and how to improve the financial performance of the listed companies will be the focus of this paper.This paper focuses on the influence of the capital structure on the financial performance of the listed companies in China's gem, and discusses the impact of the capital structure on the financial performance of the listed companies in China from both theoretical and empirical perspectives.The research in this paper is carried out according to the clue of "posing problem-analyzing problem-solving problem".Firstly, this paper introduces some basic characteristics of gem in our country, and the differences between gem and the main board and foreign gem. Secondly, it analyzes the capital structure and financial performance of gem listed companies.Then, this paper makes an empirical analysis of the relationship between capital structure and financial performance of listed companies in our country by using the financial data of listed companies in China's securities market in 2010, taking the comprehensive financial performance index of enterprises as the explanatory variable.The two capital structure indexes, asset-liability ratio and long-term asset-liability ratio, are taken as explanatory variables, and linear regression analysis is carried out by using SPSS software.The results show that the asset-liability ratio is negatively correlated with the financial performance, while the long-term asset-liability ratio has no linear relationship with the financial performance.Finally, the paper puts forward some suggestions on how to optimize the capital structure and improve the financial performance of listed companies.
【学位授予单位】：天津科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

【参考文献】