煤炭上市公司资本结构与经营绩效的关系研究

发布时间：2018-03-31 06:06

本文选题：煤炭上市公司　切入点：资本结构　出处：《中国地质大学（北京）》2014年硕士论文

【摘要】：经营绩效决定了企业的生存和发展，是企业高效运营的保障，对于资本结构与经营绩效关系的研究一直是国内外学者备受关注的热点。基于煤炭行业对于我国国民经济发展的重要作用，煤炭板块的上市公司也备受投资者的关注。但每个行业都有良莠不齐的公司，很多煤炭企业本身也出现资本结构的不合理现象，对其经营绩效的提高有制约性。煤炭企业如何应对危机并实现企业的平稳发展，这都离不开我们对煤炭公司资本结构和经营绩效的研究。本文以煤炭行业为研究对象，结合资本结构和经营绩效的相关理论研究，分析了煤炭资源在我国国民经济发展中举足轻重的地位，并对我国煤炭行业上市公司的特征进行总结，对煤炭上市公司的资本结构进行描述性统计。实证研究中，本文以30家煤炭行业上市公司为研究样本，以其2007—2012年6年的数据进行分析，以探究资本结构与经营绩效的相关关系。实证研究采用回归分析法来研究资本结构与经营绩效的关系，以样本公司的资本结构作为自变量；以煤炭上市公司的经营绩效为因变量，在经营绩效的衡量指标选取中，本文选择了净资产收益率、净利率、应收账款周转率、存货周转率和总资产增长率等10项指标为因子分析的基础，采用因子分析法以合理衡量企业的经营绩效。通过对样本企业资本结构与经营绩效的关系研究分析结果显示：煤炭企业的资产负债率与其经营绩效呈显著的正相关关系；长期资产适合率与经营绩效的关系为显著的负相关；股权集中度与煤炭公司的经营绩效为正相关关系；法人股比例与公司经营绩效的相关性不显著。针对以上研究结果，为优化煤炭行业上市公司的资本结构，本文从煤炭企业自身和宏观政策层面提出如下建议：（1）适度提高负债比率；（2）加强财务管理水平；（3）保护流通股股东的利益；（4）实现优化资本结构的动态机制；（5）强化煤炭企业资本运作能力；（6）注重企业的可持续增长能力；（7）健全企业债券市场；（8）推动煤炭行业上市公司的整体上市。希望通过这些途径，，使煤炭企业的资本结构愈加合理化，以从根本上达到提升煤炭企业经营绩效水平的目的，实现煤炭企业的稳健长远发展。
[Abstract]:Business performance determines the survival and development of enterprises and is the guarantee of efficient operation of enterprises. The research on the relationship between capital structure and management performance has been a hot topic for scholars at home and abroad. Based on the important role of coal industry in the development of our national economy, Listed companies in the coal sector have also attracted the attention of investors. However, there are mixed companies in every industry, and many coal enterprises themselves also have unreasonable capital structure. How to deal with the crisis and realize the steady development of coal enterprises is inseparable from our research on the capital structure and management performance of coal companies. This article takes the coal industry as the research object, unifies the capital structure and the management performance correlation theory research, has analyzed the coal resources in our country national economy development pivotal position, The characteristics of listed companies in coal industry in China are summarized and the capital structure of coal listed companies is described. In the empirical study, 30 listed companies in coal industry are taken as the research samples. In order to explore the correlation between capital structure and operating performance, the empirical study uses regression analysis method to study the relationship between capital structure and operating performance, and takes the capital structure of sample company as independent variable. Taking the operating performance of coal listed companies as dependent variables, this paper chooses the return on net assets, net interest rate, turnover rate of accounts receivable in the selection of operational performance indicators. The factor analysis is based on 10 indexes, such as inventory turnover rate and total asset growth rate, and the factor analysis method is used to reasonably measure the business performance of the enterprise. Through the analysis of the relationship between the capital structure and the operating performance of the sample enterprises, the results show that the asset-liability ratio of coal enterprises has a significant positive correlation with their operating performance; There is a significant negative correlation between long-term asset suitability rate and operating performance; a positive correlation between ownership concentration and operating performance of coal companies; and no significant correlation between corporate equity ratio and operating performance. In order to optimize the capital structure of listed companies in coal industry, This paper puts forward the following suggestions from the coal enterprises' own and macro policy level: 1) appropriately raising the debt ratio (2) strengthening the level of financial management and (3) protecting the interests of the shareholders of the circulating shares 4) the dynamic mechanism to realize the optimization of the capital structure 5) strengthen the coal industry. The ability of enterprises to operate capital is to focus on the sustainable growth of enterprises. 7) to improve the corporate bond market and promote the overall listing of listed companies in the coal industry. I hope that through these channels, The capital structure of coal enterprises should be rationalized so as to achieve the goal of improving the management performance of coal enterprises and to realize the steady and long-term development of coal enterprises.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.21;F272.5

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