我国上市公司资本结构对公司业绩的影响实证研究以及优化资本结构的建议

发布时间：2018-03-30 07:40

本文选题：上市公司　切入点：资本结构　出处：《上海交通大学》2012年硕士论文

【摘要】：企业资本结构的问题是公司财务领域里重要的课题。优化企业的资本结构能够使企业的经营绩效得到提升。企业资本结构的优化包括股权融资和债权融资的比例以及债务融资的来源和构成等。本文除前言外一共分为六章。前言部分简要地介绍了本文的研究背景和研究意义；第一章为文献综述，介绍了关于企业资本结构的传统理论以及国内外的研究情况；第二章为数据分析，主要分析了我国上市公司资本结构情况；第三章为模型建立，选取总资产报酬率作为因变量，资产负债率、流动负债比率、企业销售收入等作为自变量，建立多元线性回归模型分析了样本资本结构和企业绩效的关系；第四章为行业合理资本结构建议，此部分运用JMP的数据分割功能分析了所有23个行业的最优资本结构，得出资本结构与企业经营绩效的关系必须分行业讨论的结论，并选取房地产、化工、商业贸易、机械设备、生物医药五个行业分析了行业的资产负债率情况以及影响行业资产负债率的因素；第五章为资本结构优化建议，此部分分析了我国债券市场的发展情况，以及发行债券融资和银行贷款融资的区别，，给出企业发行公司债进行融资的建议；第六章为结论部分，总结了全文的内容和观点。
[Abstract]:The problem of enterprise capital structure is an important issue in the field of corporate finance. Optimizing the capital structure of the enterprise can improve the performance of the enterprise. The optimization of the capital structure of the enterprise includes the proportion of equity financing and debt financing. And the source and composition of debt financing. This paper is divided into six chapters in addition to the foreword. The preface briefly introduces the research background and significance of this paper. The first chapter is a literature review, introducing the traditional theory of enterprise capital structure and the research situation at home and abroad. The second chapter is the data analysis, mainly analyzes the capital structure of the listed companies in China, the third chapter is the establishment of the model, selecting the total return on assets as dependent variables, asset-liability ratio, current debt ratio, sales income as independent variables, etc. A multivariate linear regression model is established to analyze the relationship between the sample capital structure and firm performance. Chapter four is about the reasonable capital structure of the industry. This part uses the data segmentation function of JMP to analyze the optimal capital structure of all 23 industries. We draw the conclusion that the relationship between capital structure and business performance must be discussed by industry, and select real estate, chemical industry, commercial trade, machinery and equipment. The five industries of biomedicine have analyzed the situation of the asset-liability ratio of the industry and the factors influencing the asset-liability ratio of the industry. Chapter five is the capital structure optimization suggestion, this part has analyzed the development of the bond market in our country. As well as the difference between issuing bond financing and bank loan financing, this paper gives the suggestion of corporate bond financing. Chapter 6 is the conclusion part, which summarizes the content and viewpoint of this paper.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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