我国煤炭上市公司资本结构与经营绩效的相关性研究

发布时间：2018-03-03 04:01

本文选题：资本结构　切入点：经营绩效　出处：《山西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：虽然我国鼓励新型能源的使用，但煤炭资源在中国能源结构中仍占主导地位。煤炭行业作为受宏观经济和政策调控影响较大的行业，合理的融资构成成为了煤炭行业可持续发展的基础，有效的经营业绩反映着煤炭行业重组整合的效果。因此，在煤炭企业转型跨越发展的考验下，对我国煤炭行业资本结构与经营绩效的相关性研究很有意义。本文首先从资本结构与经营绩效研究理论为出发点，描述性分析了我国煤炭上市公司资本结构和公司经营绩效的现状；其次，选取沪深两市33家煤炭上市公司作为样本研究，采用2010—2012年度样本公司年报及相关报告的数据，构建经营绩效的量化模型，运用SPSS软件进行因子分析，找到反映我国煤炭上市公司经营绩效的量化值；再次，构建资本结构与公司经营绩效量化值之间的回归模型，运用Eviews软件进行回归分析。分析结果显示公司的资产负债率、第一大股东持股比例与经营绩效呈显著正相关关系，流通股比例与公司经营绩效呈负相关关系，公司规模以及前十大股东持股比例对绩效呈不显著的影响；最后，基于回归分析结果提出了合理控制内源融资与外源融资比例、丰富资本市场流通股比例、落实中小股东利益以及创新融资方式等资本结构优化的建议。本文共分为五部分内容：第一部分为绪论，介绍了本文的研究背景、意义，对国内外研究进行综述，提出论文研究方法与框架；第二部分为相关资本结构与经营绩效的理论介绍，通过分析理论得到有关资本结构影响经营绩效的启示；第三部分描述性分析了我国煤炭行业转型与资本结构现状；第四部分对样本公司进行实证分析并得出有关结果；第五部分为根据运行结果的出结论，并对有关问题提出修改对策。
[Abstract]:Although China encourages the use of new types of energy, coal resources are still dominant in China's energy structure. Reasonable financing structure has become the foundation of the sustainable development of the coal industry, and the effective operating performance reflects the effect of the reorganization and integration of the coal industry. Therefore, under the test of the transformation and leapfrogging development of the coal enterprises, It is of great significance to study the correlation between capital structure and management performance of coal industry in China. Based on the theory of capital structure and operation performance, this paper analyzes the present situation of capital structure and company performance of coal listed companies in China. Secondly, 33 coal listed companies in Shanghai and Shenzhen stock markets are selected as samples. Using the data of sample company annual report and related report in 2010-2012, the quantitative model of operating performance is constructed, and the factor analysis is carried out by using SPSS software to find the quantitative value reflecting the operating performance of coal listed company in China. The regression model between the capital structure and the quantitative value of the company's operating performance is constructed, and the regression analysis is carried out by using Eviews software. The results show that the ratio of assets and liabilities, the proportion of the largest shareholder holding shares and the operating performance are significantly positive correlation. The proportion of circulating shares is negatively related to the company's operating performance, and the company size and the proportion of the top ten shareholders have no significant effect on the performance. Finally, based on the results of regression analysis, the paper puts forward the reasonable control of the proportion of endogenous financing and exogenous financing. To enrich the proportion of circulating shares in the capital market and to implement the suggestions of optimizing the capital structure such as the interests of minority shareholders and innovative financing methods. This paper is divided into five parts: the first part is introduction, introduces the research background and significance of this paper, summarizes the domestic and foreign research, and puts forward the research methods and framework; The second part is the theoretical introduction of related capital structure and operating performance, through the analysis of the theory of capital structure to obtain the impact of operating performance, the third part of the descriptive analysis of the coal industry in China and the status quo of capital structure; In the 4th part, the empirical analysis of the sample company is carried out and the relevant results are obtained. Part 5th is the conclusion based on the operation result, and puts forward the modification countermeasures to the related problems.
【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】：F426.21;F275

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