我国汽车制造业上市公司资本结构与企业绩效的相关性研究

发布时间：2018-02-16 08:59

本文关键词： 汽车制造业资本结构企业绩效因子分析法多元线性回归　出处：《北京化工大学》2014年硕士论文　论文类型：学位论文

【摘要】：作为企业发展的基础与核心,资本结构反映了所有者和债权人的权利义务关系,明确规定了与企业资本要素所有者密切相关的公司治理结构,影响着资金投入运营的效果,进而影响企业的经营绩效和企业价值。学者们对于资本结构与企业绩效的理论和实证研究,由于选取数据样本、设计变量指标等不同,得到的结论并不一致。本文以我国汽车制造业上市公司2009-2013年的年报数据为研究样本,通过因子分析多角度全面的将企业的16个绩效指标综合起来衡量企业业绩,对企业的债务结构、股权结构进行了描述性分析,通过多元线性回归对综合绩效指标与所选取的代表债务结构的两个变量和股权结构的四个变量进行实证分析。实证结果表明：我国目前汽车制造行业的资本结构水平下,企业绩效与资产负债率呈负相关,与流动负债率负相关,与第1大股东持股比例和前5大股东持股比例正相关,与股权制衡度和国有股持股比例的正相关性不显著。根据理论研究和实证研究结果,针对汽车制造业从宏观政策和微观结构两方面提出了加强信息披露管理、继续国有股减持改革、拓宽融资渠道以及通过合理调整债务结构、优化股权结构进一步完善企业治理结构,同时增大该行业的技术研发投入,从而提高品牌影响力,实现规模经营等建议。
[Abstract]:As the basis and core of enterprise development, capital structure reflects the relationship between owner and creditor, and clearly defines the corporate governance structure closely related to the owner of capital elements of the enterprise, which affects the effect of capital investment. And then affect the business performance and enterprise value. Scholars on the capital structure and corporate performance theory and empirical research, due to the selection of data samples, design variables and other indicators, This paper takes the annual report data of China's automobile manufacturing listed companies from 2009-2013 as the research sample and synthesizes 16 performance indicators of enterprises through factor analysis to measure the performance of enterprises. In this paper, the debt structure and equity structure of the enterprise are analyzed in a descriptive way. Through multiple linear regression, the paper makes an empirical analysis of the comprehensive performance index, two variables representing debt structure and four variables of equity structure. The empirical results show that: under the current capital structure level of automobile manufacturing industry in China, There is a negative correlation between corporate performance and asset-liability ratio, a negative correlation between corporate performance and current debt ratio, a positive correlation between the first largest shareholder's shareholding ratio and the first five largest shareholders' shareholding ratio. According to the results of theoretical and empirical studies, this paper proposes to strengthen the management of information disclosure from the macro policy and micro structure of automobile manufacturing industry, according to the results of theoretical and empirical research, which has no significant positive correlation with the degree of equity checks and balances and the proportion of state-owned shares. We should continue to reform the reduction of state-owned shares, broaden financing channels, and further improve the corporate governance structure by rationally adjusting the debt structure, optimizing the equity structure, and increasing the investment in technology research and development in the industry, thus increasing the brand influence. Realization of scale management and other suggestions.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.471

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