赴美上市公司资本结构与绩效关系的实证研究

发布时间：2018-02-28 20:17

本文关键词： 资本结构公司绩效赴美上市中国概念股　出处：《江南大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，经济全球化步伐的加快，使得国际间资本的跨境流动更加便捷。特别是由于国内市场容量有限，越来越多的中国企业走出国门，转而向海外市场进行融资。而美国资本市场作为全球最发达、最开放的资本市场，受到了众多中国企业的青睐。随着中国赴美上市公司的迅猛发展，这一企业集群逐渐进入学术界的视野。大多数境内企业赴美上市取得了一定的成效，在短期内筹集到大量的发展资金，获得了跨越式的发展。但从2010年下半年起，中国赴美上市公司成为美国市场上做空机构猎杀的目标，短短两年间40余家公司退市，遭遇了前所未有的信任危机。这一现象得到了学术界的再度关注，究其根本原因，还是赴美上市公司自身治理问题的暴露造成的，而企业的资本结构是决定其治理结构的基础。虽然有关资本结构的研究一直以来是中外学术界关注的热点，也取得了较多研究成果，但以赴美上市的中国公司为细分对象的研究还非常少见。因此，对赴美上市公司资本结构的研究在目前背景下显得尤为迫切。本文试图结合我国赴美上市公司资本结构现状，采用理论研究与实证研究相结合的方法，寻求赴美上市公司资本结构与绩效之间的关系，立足于资本结构优化策略，尝试探索出改善赴美上市公司资本结构现状、提升公司治理水平、提高公司绩效的途径。首先，本文分析研究背景和研究意义，说明研究方法和研究框架，介绍研究内容以及可能的创新之处。其次，本文简要回顾资本结构和绩效基础理论理论，梳理国内外相关研究动态。再次，本文对美国资本市场进行介绍，结合西方国家主要资本结构模式和国内上市公司资本结构的现状，探讨赴美上市公司资本结构的特点。然后，，本文分析资本结构与公司绩效关系的理论框架，结合赴美上市公司资本结构特点，对其资本结构和绩效关系提出假设，收集赴美上市公司的数据，选择变量，构建研究模型。之后运用主成分分析、多元线性回归分析和曲线拟合分析的统计方法，对赴美上市公司资本结构与绩效进行实证分析，得出实证结果。实证结果显示：赴美上市公司的资产负债率与绩效呈显著负相关关系，长期负债率与绩效呈显著的正相关关系，股权结构与绩效关系不显著。最后本文对实证结果进行原因分析，并提出合理化建议，以期通过资本结构的优化和公司治理的完善来避免信任危机，改善美国投资者心目中的中国概念股形象。从而为赴美上市的中国公司改善融资环境，真正实现其赴美上市的意图，进一步在海外资本市场做大做强提供一些理论参考，也为其他有意“走出去”的企业提供借鉴。
[Abstract]:In recent years, with the accelerated pace of economic globalization, the cross-border movement of international capital has become more convenient. In particular, due to the limited capacity of the domestic market, more and more Chinese enterprises have gone abroad. The U. S. capital market, the world's most developed and most open capital market, has been favored by many Chinese companies. With the rapid development of Chinese listed companies in the United States, This enterprise cluster has gradually entered the academic field of vision. Most domestic enterprises listed in the United States have achieved certain results, raised a large number of development funds in a short period of time, and obtained leap-forward development. However, since the second half of 2010, Chinese listed companies in the United States have become the target of hunting for short sellers in the United States market. In just two years, more than 40 companies have delisted from the market and encountered an unprecedented crisis of trust. This phenomenon has received renewed attention from the academic community, and the root cause of this phenomenon has been investigated. But the capital structure of the enterprise is the basis of its governance structure. Although the research on the capital structure has always been a hot topic in the academic circles both at home and abroad, Many research results have been made, but the research on Chinese companies listed in the United States is very rare. Therefore, it is urgent to study the capital structure of listed companies in the United States. This paper attempts to combine the present situation of capital structure of Chinese listed companies in the United States with the method of combining theoretical research with empirical research to seek the relationship between capital structure and performance of listed companies in the United States, based on the optimization strategy of capital structure. This paper attempts to explore ways to improve the capital structure of listed companies in the United States, improve the level of corporate governance and improve corporate performance. First, this paper analyzes the research background and significance, explains the research methods and research framework. Secondly, this paper briefly reviews the basic theories of capital structure and performance, combs the domestic and foreign related research trends. Thirdly, this paper introduces the capital market of the United States. Combined with the main capital structure models of western countries and the present situation of the capital structure of the domestic listed companies, this paper discusses the characteristics of the capital structure of the listed companies in the United States. Then, this paper analyzes the theoretical framework of the relationship between the capital structure and corporate performance. Combined with the characteristics of capital structure of listed companies in the United States, this paper makes assumptions on the relationship between capital structure and performance, collects the data of listed companies in the United States, selects variables, and constructs a research model. This paper analyzes the capital structure and performance of listed companies in the United States by the statistical methods of multiple linear regression analysis and curve fitting analysis, and obtains the empirical results. The empirical results show that the asset-liability ratio of listed companies in the United States is negatively correlated with their performance, while the long-term debt ratio is positively correlated with their performance. The relationship between equity structure and performance is not significant. Finally, this paper analyzes the reasons of the empirical results, and puts forward some reasonable suggestions in order to avoid the trust crisis through the optimization of capital structure and the perfection of corporate governance. To improve the image of Chinese stocks in the minds of American investors, thus providing some theoretical references for Chinese companies listed in the United States to improve their financing environment, truly realize their intention of listing in the United States, and further expand and strengthen overseas capital markets. Also for other intention to "go out" enterprises to provide reference.
【学位授予单位】：江南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F831.51;F275

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