上市公司的资本结构与国际竞争力研究

发布时间：2018-06-09 03:14

本文选题：资本结构 + 上市公司　；参考：《浙江工业大学》2012年硕士论文

【摘要】：作为经济运行中的市场主体,企业在国家经济发展过程中起到了举足轻重的作用,企业的国际竞争力问题成为各国学者研究的热点。同时,随着我国资本市场的不断完善和发展,如何优化上市公司的资本结构和提升国际竞争力问题,受到国内学者越来越多的关注。本文首先从相关理论文献的分析中整理出本文的技术路线和创新点,并在此基础上构建企业国际竞争力评价体系,以及资本结构与企业国际竞争力作用机制的理论模型。接着,本文选取沪深两市制造业75家上市公司10年的面板数据,进行比较和实证分析,实证结果表明：行业因素对我国上市公司的资本结构有较大影响,资本结构与净资产收益率呈显著负相关,而与劳动生产率显著正相关,第一大股东持股比例与企业劳动生产率显著负相关。此外,本文又选取了美国纽交所钢铁和饮料行业面板样本数据,同时选取我国同行业同时期上市公司的数据共同作为研究样本,进行跨国跨行业比较和实证分析,结果表明：行业因素对资本结构影响显著；我国上市公司的资本结构和国际竞争力的代理值均低于美国同行业上市公司的代理值；上市公司的资本结构与净资产收益率和劳动生产率有显著相关关系,但是受行业、国家和时期等因素的影响较大,且与两者的变动方向、相关系数及显著水平均存在明显差异。最后,在前述研究成果的基础上,本文提出了有关进一步优化上市公司资本结构和提升其国际竞争力的相关政策建议。
[Abstract]:As the main body of market in economic operation, enterprises play an important role in the process of national economic development, and the international competitiveness of enterprises has become a hot topic for scholars in various countries. At the same time, with the continuous improvement and development of China's capital market, how to optimize the capital structure of listed companies and enhance their international competitiveness, Domestic scholars pay more and more attention to it. Firstly, from the analysis of relevant theoretical documents, this paper collates the technical route and innovation points of this paper, and on this basis, constructs the evaluation system of enterprises' international competitiveness. And the theoretical model of capital structure and the mechanism of enterprise's international competitiveness. Then, this paper selects the panel data of 75 listed companies in Shanghai and Shenzhen stock markets for 10 years, and makes a comparative analysis and empirical analysis. The empirical results show that the industry factors have a great impact on the capital structure of listed companies in China. The capital structure has a significant negative correlation with the return on net assets, while it is positively correlated with the labor productivity, and the proportion of the first largest shareholder has a significant negative correlation with the labor productivity of the enterprise. This paper also selects the steel and beverage industry panel sample data of the New York Stock Exchange of the United States, and selects the data of the same industry and the same period listed companies in our country as the research sample, carries on the transnational cross-industry comparison and the empirical analysis. The results show that the capital structure and the agency value of the international competitiveness of the listed companies in China are lower than those of the listed companies in the same industry in the United States. The capital structure of listed companies has a significant correlation with the rate of return on net assets and labor productivity, but it is greatly affected by industry, country and period, and it is also related to the direction of change of both. There are significant differences in correlation coefficient and significant level. Finally, on the basis of the above research results, this paper puts forward the relevant policy recommendations on further optimizing the capital structure of listed companies and enhancing their international competitiveness.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【参考文献】