物流业资本结构优化区间的实证研究

发布时间：2018-11-06 06:55

【摘要】：作为我国的基础性产业,物流业的健康发展对国民经济增长及人民生活水平提升具有重要意义。物流企业价值的大小与企业资本结构密切相关。本文以物流业上市公司作为研究对象,旨在分析物流业资本结构及其影响因素,使物流企业的融资活动更加有效,资本结构进一步优化,为物流公司的发展提供决策参考。当前,学术界关于资本结构与企业经营绩效的关系尚未得出一致的结论。既有研究文献表明,两者可能呈现“正相关、负相关和不相关”三种关系。本文不再局限于研究企业资本结构与绩效之间的关系,而是通过因子分析和聚类分析的方法,找到经营业绩优良的一类公司作为目标公司,将目标公司的资本结构区间作为资本结构优化区间。研究发现,影响物流业上市公司资本结构的主要内部因素有管理当局的态度、企业的信用等级、经营周期性等,主要外部因素是国民经济发展需求、金融部门规章的约束、资本市场发展状况、投资者的态度等。数据显示,我国物流业上市公司资本结构的优化区间为10%-40%,其原因在于:物流业上市公司强烈地偏好于股权融资并且负债结构不合理。为进一步优化我国物流业资本结构、提高物流企业价值,建议金融机构放松对物流业的借款约束,政府应逐步健全资本市场并大力发展债券市场,投资者加大对物流业投资,企业避免过度依赖股权融资。
[Abstract]:As a basic industry in China, the healthy development of logistics industry is of great significance to the growth of national economy and the improvement of people's living standard. The value of logistics enterprises is closely related to the capital structure of enterprises. This paper takes the listed companies of logistics industry as the research object, aims to analyze the capital structure of logistics industry and its influencing factors, to make the financing activities of logistics enterprises more effective, to optimize the capital structure further, and to provide a decision reference for the development of logistics companies. At present, the academic circles on the relationship between capital structure and business performance has not reached a consistent conclusion. The existing research literature shows that the two may present "positive correlation, negative correlation and non-correlation". This paper is no longer limited to the study of the relationship between capital structure and performance, but through factor analysis and cluster analysis to find a good performance of a class of companies as the target company. The capital structure interval of the target company is regarded as the capital structure optimization interval. It is found that the main internal factors affecting the capital structure of the listed companies in the logistics industry are the attitude of the management authorities, the credit rating of the enterprises, the periodicity of operation, and so on. The main external factors are the demand for the development of the national economy and the constraints of the financial sector regulations. The development of the capital market, the attitude of investors, etc. The data show that the optimized range of capital structure of listed companies in logistics industry is 10- 40, which is due to the strong preference of listed companies in logistics industry for equity financing and unreasonable debt structure. In order to further optimize the capital structure of China's logistics industry and improve the value of logistics enterprises, it is suggested that the financial institutions should relax the borrowing restrictions on the logistics industry. The government should gradually improve the capital market and vigorously develop the bond market, and investors should increase their investment in the logistics industry. Companies avoid over-reliance on equity financing.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F259.23;F253.7

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