造纸业上市公司资本结构与经营绩效相关性研究

发布时间：2018-03-31 22:09

本文选题：造纸工业　切入点：上市公司　出处：《中南林业科技大学》2013年硕士论文

【摘要】：造纸工业在促进就业以及拉动我国经济增长方面发挥着巨大作用。但是,近几年来国际国内经济形势双双向下,使得造纸工业发展进入了一个比较困难的时期。企业的发展壮大是众多因素共同作用的结果,而资本结构因素是其中最重要的因素之一,资本结构的合理与否将直接影响到企业的盈利水平。有鉴于此,本文将对造纸工业资本结构与公司经营绩效之间的关系进行深入研究,并探讨是否存在的最优资本结构使企业绩效达到最大化。本文首先对资本结构与公司绩效两个主要的研究因素的概念进行了界定,并详细回顾了一些探究资本结构与公司绩效之间关系的理论。随后,本文对我国造纸工业整体的发展水平及当前面临的问题进行了一定的分析,并以22家上市公司财务数据为样本进行了详尽的描述性统计分析。结果发现,造纸业上市公司存在着负债水平偏高,债务结构不合理,流动负债占比过高等问题,且公司的绩效水平在不同年份之间波动较大。为了详细研究造纸业上市公司资本结构与公司绩效之间的关系,本文借助统计分析软件对上市公司的样本数据进行了实证分析。在因变量公司绩效指标的选择上,本文没有采用传统的单一绩效指标,而是选用了更加客观的综合绩效指标。综合绩效指标通过因子分析的方法计算得出。在自变量资本结构指标的选取上,本文从债务因素和权益因素两个方面考虑,选取了总负债率、有息负债率、股权集中度、股东性质等不同指标。实证分析部分分别使用线性回归和曲线回归的方法进行了短期和长期分析。短期分析结果表明,企业绩效与总负债率呈现负相关关系,与有息负债率及各权益指标之间的关系并不明确；长期分析结果表明：企业绩效与总负债率之间呈单调递减的关系,这种关系可以用单调递减的曲线来描述；理论上不存在使企业绩效达到最大化的资本结构,提高公司绩效的方法便是尽量使负债水平降低。最后,结合实证分析的结论以及造纸工业的实际发展情况,笔者从企业发展方面、企业管理方面、资本结构方面分别提供了一些促进我国造纸工业发展的建议。
[Abstract]:Paper industry plays an important role in promoting employment and stimulating economic growth in China.However, in recent years, the international and domestic economic situation is both downward, making the development of paper industry into a relatively difficult period.The development and growth of enterprises is the result of many factors, and the capital structure is one of the most important factors. Whether the capital structure is reasonable or not will directly affect the profit level of enterprises.In view of this, this paper will deeply study the relationship between the capital structure of papermaking industry and the operating performance of the company, and discuss whether the optimal capital structure exists to maximize the enterprise performance.Firstly, this paper defines the concepts of capital structure and corporate performance, and reviews in detail some theories on the relationship between capital structure and corporate performance.Then, this paper analyzes the overall development level of China's papermaking industry and the current problems, and carries on detailed descriptive statistical analysis with 22 listed companies' financial data as a sample.The results show that the listed companies in paper industry have some problems, such as high debt level, unreasonable debt structure and high current debt ratio, and the performance level of the company fluctuates greatly between different years.In order to study the relationship between capital structure and corporate performance of listed companies in paper industry, this paper makes an empirical analysis of the sample data of listed companies by means of statistical analysis software.In the choice of dependent variable corporate performance indicators, this paper does not adopt the traditional single performance indicators, but selects more objective comprehensive performance indicators.Comprehensive performance indicators are calculated by factor analysis.In the selection of independent variable capital structure index, this paper selects different indexes, such as total debt ratio, interest-bearing debt ratio, equity concentration degree and shareholder property, from two aspects: debt factor and equity factor.In the part of empirical analysis, linear regression and curve regression are used for short-term and long-term analysis respectively.The results of short-term analysis show that the relationship between enterprise performance and total debt ratio is negative, and the relationship between enterprise performance and total debt ratio is not clear, and the long-term analysis results show that the relationship between enterprise performance and total debt ratio is monotone decreasing.In theory, there is no capital structure to maximize firm performance. The way to improve corporate performance is to reduce debt level as far as possible.Finally, combined with the conclusion of empirical analysis and the actual development of paper industry, the author provides some suggestions to promote the development of China's paper industry from the aspects of enterprise development, enterprise management and capital structure.
【学位授予单位】：中南林业科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.83

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