创业板行业资本结构对公司绩效的影响研究

发布时间：2018-06-27 01:37

本文选题：创业板市场 + 行业　；参考：《华北电力大学》2017年硕士论文

【摘要】：资本结构理论一直是国内外学术界探讨的热点课题。西方发达国家早已形成较为系统完善的资本结构理论,而我国关于资本结构理论研究的起步较晚,并且现有的研究基本集中在沪深主板市场,鲜有研究涉及创业板市场。我国创业板市场是2009年成立的、专为我国高科技中小企业提供融资渠道的平台,已成为我国资本市场重要的组成部分。然而,随着创业板市场的不断发展,其资本结构不合理问题已日渐暴露出来,并且行业间差异明显,影响到整个创业板市场公司绩效的提高。因此,以创业板市场作为研究主体,同时分行业研究资本结构对公司绩效的影响迫在眉睫。正是基于这样的背景下,本文选取了所有创业板上市公司2010年—2015年这6年的年报相关数据,根据证监会2012年颁布的《上市公司行业分类指引》(修订版)中关于行业类型划分的规定,以创业板市场总体的资本结构情况和资本结构与公司绩效关系情况作为基准点,首先对创业板各行业资本结构情况进行了描述性统计分析,得出各行业的资本结构特点,并划分出三种相对于创业板市场总体的资本结构类型。接着,本文开始具体分行业研究资本结构对公司绩效的影响。本文提出两个研究假设,即(1)资产负债率与公司绩效负相关,(2)长期资本负债率与公司绩效负相关,再以总资产净利率作为被解释变量,资产负债率、长期资本负债率作为解释变量,总资产自然对数、营业收入增长率作为控制变量,设计了回归分析的模型,采用偏相关分析、多元线性回归分析等方法进行了检验。经分析,验证了本文的假设,得到不同行业类型下,其公司资本结构情况是不尽相同的,并且资本结构和公司绩效的关系也存在一定差异。本文另外选取了制造业、批发和零售业、农林牧渔业这三个行业分别作为三种资本结构类型的行业代表,重点分析了这些行业的资本结构情况以及公司绩效与资本结构关系的成因。最后,结合美国纳斯达克市场相关发展经验,本文提出在今后对于创业板市场资本结构和公司绩效关系的研究中,应重视行业因素的影响,即在行业视角下探究资本结构和公司绩效关系,应把二者统一起来。除此以外,本文也对创业板市场总体公司绩效的提高提出了相关建议。本文分行业研究创业板市场资本结构对公司绩效的影响问题,并且提出了有针对性的建议政策,在一定程度上丰富完善了我国的资本结构理论,同时对我国创业板各行业公司的发展具有一定的指导意义。
[Abstract]:The theory of capital structure has always been a hot topic in academic circles at home and abroad. The western developed countries have already formed a more systematic and perfect capital structure theory, but the research on capital structure theory in our country started relatively late, and the existing research is basically concentrated in the main board market of Shanghai and Shenzhen, and there is little research on the gem market. The gem market of our country was established in 2009. It is a platform for providing financing channels for high-tech SMEs in our country. It has become an important part of the capital market of our country. However, with the continuous development of the gem market, the unreasonable capital structure has been exposed day by day, and the difference between industries is obvious, which affects the improvement of the performance of the whole gem market. Therefore, it is urgent to study the influence of capital structure on company performance by industry. It is based on this background, this paper selected all gem listed companies from 2010 to 2015 the annual report of the relevant data, According to the regulations on industry classification of listed companies issued by the Securities Regulatory Commission in 2012 (revised edition), taking the overall capital structure of the gem market and the relationship between capital structure and corporate performance as the reference points, Firstly, the paper makes a descriptive statistical analysis on the capital structure of every industry in the gem, obtains the characteristics of the capital structure of each industry, and classifies three types of capital structure relative to the gem market as a whole. Then, this paper begins to study the impact of capital structure on corporate performance by industry. This paper puts forward two hypotheses: (1) negative correlation between asset-liability ratio and corporate performance, (2) negative correlation between long-term capital-liability ratio and corporate performance, and then, taking net interest rate of total assets as explained variable, asset-liability ratio, The long-term capital debt ratio is taken as the explanatory variable, the natural logarithm of total assets and the growth rate of operating income as control variables. The regression model is designed and tested by partial correlation analysis and multivariate linear regression analysis. Through analysis, the hypothesis of this paper is verified. Under different industry types, the situation of corporate capital structure is different, and the relationship between capital structure and corporate performance is also different. In addition, this paper selects the manufacturing, wholesale and retail industries, agriculture, forestry, animal husbandry and fishery as the representatives of the three types of capital structure. The capital structure of these industries and the causes of the relationship between corporate performance and capital structure are analyzed. Finally, based on the relevant development experience of NASDAQ, this paper puts forward that in the future research on the relationship between the capital structure of gem market and corporate performance, we should pay attention to the influence of industry factors. That is to explore the relationship between capital structure and corporate performance from the perspective of industry, the two should be unified. In addition, this paper also puts forward some suggestions to improve the overall performance of gem market. This paper studies the influence of the capital structure of the gem market on the performance of the company by industry, and puts forward some targeted policies, which enriches and perfects the theory of capital structure in China to a certain extent. At the same time, it has certain guiding significance to the development of every industry company in gem of our country.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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