我国创业板上市公司资本结构与绩效的相关性研究

发布时间：2018-05-26 17:21

本文选题：创业板上市公司 + 资本结构　；参考：《陕西科技大学》2013年硕士论文

【摘要】：经过十年的筹备，首批28家创业板公司于2009年10月30日正式在深圳证券交易所上市，短短三年多时间，创业板市场发展迅猛。截止到2012年12月31日，创业板市场共有355家上市企业，这意味着越来越多的中小企业登陆资本市场。创业板的推出为高科技、高成长性的中小企业提供上市交易场所和融资渠道；为风险资本营造安全高效的退出机制；为完善我国资本市场体系建设添砖加瓦。相应的，有关创业板上市公司的资本结构研究也日益受到学术界的关注。资本结构作为公司资金来源的集中体现，不仅影响着企业的资本成本和企业价值，而且还影响着企业的行为特征和治理结构等诸多方面。如何优化资本结构，必须正确把握资本结构与绩效的关系。目前国内对资本结构与绩效关系的研究，主要是以主板和中小板的上市公司为研究对象。对创业板的上市公司研究较少，所以有必要对创业板上市公司的资本结构与绩效相关性进行全面系统的研究，探寻优化资本结构、提高公司绩效的方法，具有十分重要的意义。在上述背景下，本文在分析国内外学者研究成果的基础上，以我国创业板上市公司为研究对象，选取2009——2011三年间的财务数据为样本，对其资本结构与绩效关系进行实证研究。首先，系统介绍了资本结构和绩效相关的理论；然后，采用描述性统计的方法对创业板上市公司资本结构与绩效的现状和特点进行了比较详细的数据分析，分析得出我国创业板上市公司存在资产负债率偏低、债务结构不合理、流动负债率偏高、公司绩效差异性较大等特征；其次，采用主成分分析法，将反映企业盈利能力、营运能力、偿债能力、发展能力和现金流量能力的22个财务指标进行数据压缩，提取贡献率最大的因子合并为综合绩效指标，并将该指标作为被解释变量，将反映企业资本结构的资产负债率、流动负债率等4个指标作为解释变量，，利用回归分析的方法对资本结构与绩效的相关性进行实证研究，实证分析得出：资本结构与公司绩效呈负的线性相关；流动负债率与公司绩效呈负的线性相关；长期资本负债率与公司绩效呈正的线性相关；有息负债率与公司绩效呈负的线性相关。最后，针对我国创业板上市公司资本结构和公司绩效的现状、成因以及二者相关性的实证结果，从外部融资环境和企业内部治理结构两个方面，提出了完善创业板上市公司资本结构、提高公司绩效的对策建议。
[Abstract]:After ten years of preparation, the first batch of 28 gem companies were officially listed on the Shenzhen Stock Exchange on October 30, 2009. In a short period of more than three years, the gem market developed rapidly. As of December 31, 2012, there are 355 listed enterprises in the gem, which means that more and more small and medium-sized enterprises are entering the capital market. The launch of gem provides high technology, high growth SMEs with listed trading places and financing channels; for venture capital to create a safe and efficient exit mechanism; to improve the construction of the capital market system in China. Accordingly, the research on the capital structure of gem listed companies has been paid more and more attention by academia. The capital structure, as the concentrated embodiment of the company's capital source, not only affects the capital cost and the enterprise value, but also affects the behavior characteristics and governance structure of the enterprise. How to optimize the capital structure, we must correctly grasp the relationship between capital structure and performance. At present, the research on the relationship between capital structure and performance is mainly focused on listed companies with main board and small board. There is little research on the listed companies in the gem, so it is necessary to conduct a comprehensive and systematic study on the correlation between the capital structure and the performance of the listed companies on the gem. It is of great significance to explore the methods of optimizing the capital structure and improving the corporate performance. On the basis of analyzing the research results of domestic and foreign scholars, this paper takes the listed companies on the gem as the research object, and selects the financial data from 2009 to 2011 as the sample. The relationship between capital structure and performance is studied empirically. Firstly, the paper systematically introduces the theory of capital structure and performance, and then analyzes the current situation and characteristics of capital structure and performance of gem listed companies by descriptive statistical method. It is concluded that the listed companies in gem have some characteristics, such as low asset-liability ratio, unreasonable debt structure, high current debt ratio and great difference in corporate performance. Secondly, the principal component analysis method is used to reflect the profitability of enterprises. The 22 financial indicators of operating capacity, solvency, development capacity and cash flow capacity are compressed to extract the factors that contribute the most to the consolidated performance indicators, which are taken as the explanatory variables. Taking the asset-liability ratio and current debt ratio, which reflect the capital structure of the enterprise, as explanatory variables, this paper makes an empirical study on the correlation between capital structure and performance by means of regression analysis. The empirical analysis shows that the capital structure has a negative linear correlation with corporate performance, the liquidity debt ratio has a negative linear correlation with corporate performance, and the long-term capital debt ratio has a positive linear correlation with corporate performance. There is a negative linear correlation between interest-bearing debt ratio and corporate performance. Finally, in view of the current situation of capital structure and corporate performance of listed companies in gem, the causes and the empirical results of the correlation between the two, from the external financing environment and corporate governance structure two aspects, The paper puts forward some countermeasures to improve the capital structure and corporate performance of gem listed companies.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】