山西煤炭上市公司资本结构与企业价值相关性的研究

发布时间：2018-02-04 11:50

本文关键词： 山西煤炭上市公司资本结构企业价值实证研究　出处：《山西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：煤炭是我国社会经济生产的主要能源，煤炭行业的发展有力地推动了我国经济的崛起。近年来，由于我国经济增长减缓，加之产业结构调整，用电需求下降，致使煤炭需求下降；同时随着页岩气等新兴能源的出现，国际煤价暴跌，进口煤炭大量倾销国内市场，造成国内煤炭市场供给充足。使得煤炭行业连续多年的繁荣在2012年出现重大转折，煤价急剧下跌，整个行业上市公司生产经营面临诸多困难。山西作为我国的煤炭大省，山西省煤炭上市公司的生产经营也受到了强烈冲击。煤炭上市公司只有不断提高其企业价值，才能更好的履行其社会责任。面对激烈的市场竞争和复杂的经营环境，如何提高企业价值，以增强其抗风险能力和竞争力，是摆在我们面前的一道课题。资本结构作为企业管理层财务决策的焦点，对提升企业价值以及改善公司治理水平具有重要作用。通过优化资本结构，藉此提升企业价值历来受到国内外学者的关注。因此，笔者选择了这一课题，旨在通过研究资本结构与企业价值关系的基础上，通过资本结构的优化，降低企业的加权平均资本成本，并通过股权的分散，引入机构投资者，加强对企业的监督，不断改善公司治理，，找到提升山西煤炭上市公司企业价值的对策。本文以山西煤炭上市公司为研究对象，首先对资本结构与企业价值的相关理论进行了阐述，通过对山西煤炭上市公司资本结构的现状进行分析，指出当前山西煤炭企业资本结构存在的问题，之后选取山西煤炭上市公司2003-2012年的数据对两者的关系进行实证分析，其中企业价值从偿债能力、盈利能力、发展能力、营运能力四个角度予以权衡，通过因子分析得出综合评分度量企业价值；选取资产负债率、短期负债率以及第一大股东持股比例来代表资本结构，通过回归分析进一步验证资本结构与企业价值之间的关系。最后根据山西煤炭上市公司资本结构与企业价值的实证结论，结合当前山西企业面临的市场环境，提出通过优化资本结构来提升企业价值的相关对策。
[Abstract]:Coal is the main source of energy for social and economic production in China. The development of coal industry has promoted the rise of our economy. In recent years, due to the slowdown of economic growth and the adjustment of industrial structure, the demand for electricity has declined. Reduce the demand for coal; At the same time, with the emergence of shale gas and other emerging energy sources, the international coal price has plummeted, and imported coal has been dumped into the domestic market. As a result of the domestic coal market supply, the coal industry for many years of prosperity in 2012 saw a major turning point, coal prices fell sharply. The production and management of listed companies in the whole industry is facing many difficulties. Shanxi is a big coal province in our country. The production and management of listed coal companies in Shanxi Province have also been strongly impacted. Coal listed companies only continuously improve their enterprise value. In order to better fulfill its social responsibility. In the face of fierce market competition and complex business environment, how to improve the value of enterprises in order to enhance their ability to resist risks and competitiveness. Capital structure, as the focus of financial decision of enterprise management, plays an important role in promoting enterprise value and improving the level of corporate governance. Therefore, the author chooses this topic, through the study of the relationship between capital structure and enterprise value, through the optimization of capital structure. By reducing the weighted average capital cost of enterprises and introducing institutional investors through the dispersion of stock rights, we should strengthen the supervision of enterprises, improve corporate governance, and find countermeasures to enhance the enterprise value of coal listed companies in Shanxi Province. In this paper, Shanxi coal listed companies as the research object, first of all, the capital structure and enterprise value related theories are expounded, through the analysis of Shanxi coal listed companies capital structure of the status quo. This paper points out the existing problems in the capital structure of Shanxi coal enterprises, and then selects the data of Shanxi coal listed companies from 2003 to 2012 to make an empirical analysis on the relationship between the two, in which the enterprise value is from the solvency. The profit ability, development ability and operation ability are weighed, and the comprehensive score is obtained to measure the enterprise value by factor analysis. The capital structure is represented by asset-liability ratio, short-term debt ratio and the proportion of the largest shareholder. Through regression analysis to further verify the relationship between capital structure and enterprise value. Finally, according to the empirical conclusions of capital structure and enterprise value of Shanxi coal listed companies, combined with the current market environment faced by Shanxi enterprises. This paper puts forward the relevant countermeasures to improve the enterprise value by optimizing the capital structure.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F275;F276.6

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