信息技术上市公司资本结构与企业价值的相关性研究

发布时间：2018-03-31 13:02

本文选题：信息技术企业　切入点：资本结构　出处：《山东师范大学》2017年硕士论文

【摘要】：随着经济全球化时代的到来,我国的经济体制模式正在由计划经济逐步向市场经济进行转化,在这个过程之中,信息技术行业发展迅猛,并且对我国整个经济发展的影响越来越大,成为我国经济高速发展的新兴经济增长点。然而一个企业的发展水平往往受到很多因素的影响,其中关键的一个因素就是资本结构,完善的资本结构,能够使企业管理层做出合理的决策,制订符合企业发展的企业策略,进而影响公司价值。完善的资本结构还能够使企业偿还债务的能力提高,以及能够很好地控制财务风险,从而给企业带来更多的利润,因此确定最优的资本结构对企业来说意义重大。本文在介绍资本结构与企业价值的相关理论的前提下,选取信息技术行业来对资本结构与企业价值的相关性进行实证研究,运用面板门槛模型找到了成长能力和企业规模两个门槛变量,并在各自的门槛区间得到以下结论:当以成长能力作为门槛变量时,得到了三个门槛值并划分为四个门槛区间,这四个门槛区间分别为高成长能力、一般成长能力、低成长能力以及负成长能力;当企业在负成长能力、低成长能力以及一般成长能力时,资本结构与企业价值是负向关系,并且影响程度是逐渐减弱的,当企业为高成长能力时,资本结构与企业价值的相关性变为正相关。当以企业规模作为门槛变量时,得到了两个门槛值并划分为三个门槛区间,根据门槛区间把企业划分大型企业、中等规模企业和小型企业。小型企业和中等规模企业的资本结构与企业价值的相关性为负,并且影响程度逐渐减弱,大型企业资本结构对企业价值的影响作用是正向的。最后得出完善资本结构的建议和意见,针对不同成长能力的企业,当成长能力处于负成长能力、低成长能力和一般成长能力时,可以在可控范围内适当提高负债率,来提升企业价值;对于不同规模的企业,在中小规模企业中可以适当提高企业负债率,以此来提升企业价值,使企业价值达到最大化。本文共分了五个章节来介绍:第一章是绪论,主要介绍了论文研究的背景、意义、研究综述、主要内容和技术路线,最后是创新点;第二章是资本结构与企业价值的理论介绍,为后面的研究提供理论依据;第三章阐述了我国信息技术企业的行业特点以及资本结构现状分析,从宏观的角度来分析我国的信息技术企业现状;第四章是实证研究,首先提出假设,选取样本,以2011年到2015年五年的沪深两市A股197家信息技术上市公司作为样本,然后设计变量,选取财务指标,运用面板门槛模型进行回归分析;第五章,主要结论和启示,根据资本结构与企业价值的理论和实证分析得出的研究结果,提出优化资本结构,提升企业价值的合理建议。
[Abstract]:With the arrival of the era of economic globalization, the economic system model of our country is gradually changing from planned economy to market economy. In this process, the information technology industry is developing rapidly. And the influence on the whole economic development of our country is more and more great, becoming the emerging economic growth point of our country's economy at a high speed. However, the development level of an enterprise is often affected by many factors, among which the key factor is the capital structure. The perfect capital structure can make the management of the enterprise make reasonable decision, formulate the enterprise strategy that accords with the development of the enterprise, and then affect the value of the company, and the perfect capital structure can also improve the ability of the enterprise to repay the debt. And can control the financial risk well, thus bring more profits to the enterprise, so it is important to determine the optimal capital structure for the enterprise. This paper introduces the related theories of the capital structure and the enterprise value. This paper selects the information technology industry to carry on the empirical research to the correlation between the capital structure and the enterprise value, uses the panel threshold model to find the growth ability and the enterprise scale two threshold variables, At the same time, the following conclusions are obtained: when the growth ability is taken as the threshold variable, three thresholds are obtained and divided into four threshold intervals, which are respectively high growth ability and general growth ability. When the firm is in the negative growth ability, the low growth ability and the general growth ability, the capital structure and the enterprise value are negative relations, and the influence degree is gradually weakened, when the enterprise is high growth ability, The correlation between capital structure and enterprise value becomes positive correlation. When enterprise size is taken as threshold variable, two thresholds are obtained and divided into three threshold intervals, according to which enterprises are divided into large enterprises. The correlation between the capital structure of small and medium-sized enterprises and the value of enterprises is negative, and the influence degree gradually weakens. The influence of capital structure of large enterprises on enterprise value is positive. Finally, suggestions and opinions on how to improve capital structure are given. For enterprises with different growth abilities, when growth ability is in negative growth capacity, In the case of low growth ability and general growth ability, the debt ratio can be appropriately increased within the scope of control to enhance the enterprise value; for enterprises of different sizes, the debt ratio of small and medium-sized enterprises can be appropriately increased. This paper is divided into five chapters: the first chapter is the introduction, which mainly introduces the background, significance, research summary, main content and technical route of the thesis. The second chapter is the theoretical introduction of capital structure and enterprise value, which provides the theoretical basis for the following research; the third chapter describes the industry characteristics and capital structure analysis of information technology enterprises in China. The fourth chapter is an empirical study. Firstly, the hypothesis is put forward and a sample of 197 IT listed companies in Shanghai and Shenzhen stock markets from 2011 to 2015 is selected as a sample. Then design variables, select financial indicators, use panel threshold model for regression analysis; chapter five, main conclusions and inspiration, according to the theoretical and empirical analysis of capital structure and enterprise value, put forward the optimization of capital structure, Reasonable suggestions for enhancing the value of the enterprise.
【学位授予单位】：山东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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