创业板上市公司资本结构与经营绩效实证研究
发布时间：2018-09-12 06:44
【摘要】：2006年初国务院将自主创新战略纳入十一五规划中,为了呼应该策略的提出,政府对于创新性企业给予政策上的大力支持和帮助。近些年来,以科研和创新为主的高新技术企业队伍日益庞大起来。创业板市场更有利于高新技术企业上市交易,能够有效处理其在资金上遇到的各种难题。从其2009年最初设立到2015年底共有500家企业在创业板市场陆续落户,规模越来越大。然而近几年来,我国创业板公司绩效水平不稳定,引起研究学者的广泛关注。在研究上,侧重于探析资本结构影响因素以及其在资本市场是如何影响公司绩效的,进而提出完善建议增加企业价值。资金是一个企业开展工作和持续经营的根基,资本结构刚好可以反映资金构成比例关系。因此资本结构必然会影响到公司日常经营和经济利益流入,进而影响整体绩效水平。本文在具体阐述资本结构的相关理论基础上,主要探究创业板市场,选取2009-2015七年的样本数据,对照创业板上市公司不同行业、不同地区的财务数据,总结其资本结构目前的变革趋向。本文采纳描述性统计的方法对创业板上市公司的现状进行具体论述,即我国高新技术企业整体负债比率过低,流动比率偏高,债务结构发展不合理。本文在实证研究设计上,借助SPSS20.0软件工具,运用因子分析和多元线性回归分析方法得出结论,并且验证了所提出的假设。即创业板上市公司资本结构与经营绩效之间呈负相关关系;流动负债率与经营绩效存在负相关关系;长期负债率与公司经营绩效存在线性关系且负相关;第一大股东持股比例与公司绩效负相关;公司规模与经营绩效之间关系不显著。最后根据实证结果得出结论,当前创业板上市公司之所以绩效水平浮动比较大,是其资金构成不恰当造成的。我们可以根据研究结论调整资本结构进而提升企业综合业绩,增加财富来实现目标。
[Abstract]:At the beginning of 2006, the State Council brought the independent innovation strategy into the 11th Five-Year Plan. In order to put forward the strategy of calling for innovation, the government gave policy support and help to the innovative enterprises. In recent years, scientific research and innovation-based high-tech enterprises are increasingly large. The gem market is more conducive to the listing and trading of high-tech enterprises, and can effectively deal with all kinds of financial problems encountered by them. From its initial establishment in 2009 to the end of 2015, a total of 500 enterprises in the gem market, the scale of the growing. However, in recent years, the performance level of gem companies in China is unstable, which has attracted the attention of researchers. In the research, the author focuses on the analysis of the influencing factors of capital structure and how it affects the performance of the company in the capital market, and then puts forward some suggestions to increase the value of the enterprise. Capital is the foundation of an enterprise to work and continue to operate, and the capital structure can reflect the proportion of capital composition. Therefore, capital structure will inevitably affect the daily operation and the inflow of economic benefits, and then affect the overall performance level. Based on the related theories of capital structure, this paper mainly explores the gem market, selects the sample data from 2009-2015, and compares the financial data of different industries and regions of gem listed companies. Summary of its capital structure of the current trend of change. This paper adopts descriptive statistical method to discuss the present situation of listed companies in gem, that is, the overall debt ratio of high-tech enterprises in our country is too low, the current ratio is too high, and the development of debt structure is unreasonable. In this paper, we use the SPSS20.0 software tool, factor analysis and multiple linear regression analysis method to draw a conclusion, and verify the hypothesis. That is, there is a negative correlation between capital structure and operating performance of listed companies in gem, a negative correlation between current debt ratio and operating performance, a linear relationship between long-term debt ratio and operating performance, and a negative correlation between long-term debt ratio and business performance. The first shareholder's shareholding ratio is negatively correlated with corporate performance, and the relationship between company size and operating performance is not significant. Finally, according to the empirical results, it is concluded that the reason why the performance level of gem companies fluctuates is due to the inappropriate composition of their funds. We can adjust the capital structure according to the conclusion of the research and then improve the comprehensive performance and increase the wealth to achieve the goal.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
[Abstract]:At the beginning of 2006, the State Council brought the independent innovation strategy into the 11th Five-Year Plan. In order to put forward the strategy of calling for innovation, the government gave policy support and help to the innovative enterprises. In recent years, scientific research and innovation-based high-tech enterprises are increasingly large. The gem market is more conducive to the listing and trading of high-tech enterprises, and can effectively deal with all kinds of financial problems encountered by them. From its initial establishment in 2009 to the end of 2015, a total of 500 enterprises in the gem market, the scale of the growing. However, in recent years, the performance level of gem companies in China is unstable, which has attracted the attention of researchers. In the research, the author focuses on the analysis of the influencing factors of capital structure and how it affects the performance of the company in the capital market, and then puts forward some suggestions to increase the value of the enterprise. Capital is the foundation of an enterprise to work and continue to operate, and the capital structure can reflect the proportion of capital composition. Therefore, capital structure will inevitably affect the daily operation and the inflow of economic benefits, and then affect the overall performance level. Based on the related theories of capital structure, this paper mainly explores the gem market, selects the sample data from 2009-2015, and compares the financial data of different industries and regions of gem listed companies. Summary of its capital structure of the current trend of change. This paper adopts descriptive statistical method to discuss the present situation of listed companies in gem, that is, the overall debt ratio of high-tech enterprises in our country is too low, the current ratio is too high, and the development of debt structure is unreasonable. In this paper, we use the SPSS20.0 software tool, factor analysis and multiple linear regression analysis method to draw a conclusion, and verify the hypothesis. That is, there is a negative correlation between capital structure and operating performance of listed companies in gem, a negative correlation between current debt ratio and operating performance, a linear relationship between long-term debt ratio and operating performance, and a negative correlation between long-term debt ratio and business performance. The first shareholder's shareholding ratio is negatively correlated with corporate performance, and the relationship between company size and operating performance is not significant. Finally, according to the empirical results, it is concluded that the reason why the performance level of gem companies fluctuates is due to the inappropriate composition of their funds. We can adjust the capital structure according to the conclusion of the research and then improve the comprehensive performance and increase the wealth to achieve the goal.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
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