创业板上市公司资本结构影响因素分析

发布时间：2018-05-24 14:41

本文选题：资本结构 + 影响因素　；参考：《辽宁工程技术大学》2012年硕士论文

【摘要】：我国创业板最终于2009年10月30日在深圳证券交易所正式挂牌上市。创业板促进了我国多层次资本市场格局的形成，为我国拥有高技术和高成长性的企业提供了发展平台。资本结构已经成为现代企业进行金融活动时需要考虑的核心问题，合理的资本结构可以在企业实现市场价值最大化时起到积极的作用。所以，能够找出影响我国创业板上市公司资本结构的因素，并对其进行研究具有重要的现实意义。本文通过对资本结构相关理论的回顾，在前辈的研究成果基础上，选取了我国创业板上市公司作为研究对象，分析了我国创业板上市公司融资的现状，提出我国中小企业存在严重的融资难的问题，同时还指出我国创业板上市公司日常的生产经营活动所需要的资金主要由流动负债来提供，缺乏长期的资金支持。接着使用SPSS17.0和EXCEL2003统计工具，运用因子分析和回归分析的方法对影响资本结构的因素进行了实证研究。通过因子分析将16个财务指标浓缩成5个因子，分别命名为公司的经营状况、经营保障、经营前景、经营实力和经营效率，并运用回归分析的方法对这5个因子与资本结构的关系进行回归分析，实证研究结果表明公司的经营状况、经营保障和经营效率与公司的负债比例成负相关关系，即公司的盈利能力、现金流量、偿债能力及营运能力与公司的负债比例成负相关关系；公司的经营前景、经营实力与公司的负债比例成正相关关系，即公司的规模、成长性及抵押资产与公司的负债比例成正相关关系。以上因素通过对公司负债比例产生影响，从而最终影响公司的资本结构。然后结合实证分析的结果针对性地对创业板上市公司本身提出一点建议。最后，对本篇论文的研究成果进行总结和归纳，并提出进一步的研究展望。
[Abstract]:China's gem finally listed on the Shenzhen Stock Exchange on October 30, 2009. Growth Enterprise Market (gem) promotes the formation of multi-level capital market pattern in China and provides a development platform for the enterprises with high technology and high growth. The capital structure has already become the core question which must be considered when the modern enterprise carries on the financial activity, the reasonable capital structure can play the positive role when the enterprise realizes the market value maximization. Therefore, it is of great practical significance to find out the factors that affect the capital structure of listed companies in gem. By reviewing the related theories of capital structure, and on the basis of the previous research results, this paper selects the listed companies on the gem as the research object, and analyzes the current financing situation of the listed companies in the gem. At the same time, it is pointed out that the capital needed for the daily production and operation of the listed companies on the gem is mainly provided by current liabilities, which is short of long-term financial support. Then using SPSS17.0 and EXCEL2003 statistical tools, factor analysis and regression analysis are used to analyze the factors that affect the capital structure. Through factor analysis, 16 financial indexes are condensed into 5 factors, respectively named as the company's operating status, business security, business prospect, management strength and operating efficiency. The regression analysis is used to analyze the relationship between the five factors and the capital structure. The empirical results show that there is a negative correlation between the company's operating status, business security and operating efficiency and the proportion of company's liabilities. That is, the profitability, cash flow, solvency and operating capacity of the company are negatively correlated with the debt ratio of the company, and the company's business prospects, operating strength and the debt ratio of the company are positively correlated, that is, the size of the company, Growth and mortgage assets have a positive correlation with the company's debt ratio. The above factors affect the company's capital structure by influencing its debt ratio. Then combined with the empirical analysis of the results of targeted gem listed companies themselves put forward some suggestions. Finally, the research results of this paper are summarized and summarized, and further research prospects are put forward.
【学位授予单位】：辽宁工程技术大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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