我国西部地区煤炭上市公司资本结构与公司绩效实证研究

发布时间：2018-03-20 05:29

本文选题：西部地区　切入点：煤炭企业　出处：《内蒙古财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：一直以来,煤炭都充当着我国最重要的基础化石能源,在我国高速的经济发展中具有不可替代的地位。现今我国煤炭行业进入了低谷,但是煤炭资源在我国相对于石油、天然气来说储量丰富,煤炭产业在国民经济产业中占有战略性地位。宏观经济政策对煤炭产业的影响巨大,这时合理的资本结构成为煤炭产业可持续发展的基础,同时公司绩效反映煤炭产业合并重组的效果。而我国大部分煤炭资源集中在西部地区,此时研究西部地区的煤炭上市公司资本结构与公司绩效关系有现实意义。文章首先论述资本结构与公司绩效理论,描述分析了我国西部地区煤炭上市公司资本结构现状。其次研究公司资本结构与公司绩效的关系,了解公司资本结构是如何影响公司绩效的,为进一步研究最优资本结构指出方向。西部煤炭行业上市公司最优的资本结构比例是怎样的,煤炭上市公司的资本结构受哪些因素影响,煤炭公司的资本结构与公司效益关系有多大,以上都是西部煤炭行业上市公司资本结构需要实证研究的方向。本文选取西部地区煤炭企业中上市的公司为研究对象,选取西部地区煤炭上市公司2004年至2014年资本结构的有关数据,运用SPSS17.0以及Eviews7.1统计软件对数据进行分析处理。结论如下:西部地区煤炭上市公司股权高度集中,长、短期负债结构不合理,短期负债偏高,同时公司大小、企业偿债能力对资本结构方面影响较大,但是企业成长性对资本结构方面的影响并不显著,资本结构与公司效益呈现负相关关系。以此提出西部地区煤炭上市公司应该优化股权和长、短期负债比例的关系,以及总负债占总资产的比例,同时增加企业自身实力,以此提高效益。
[Abstract]:Coal has always been the most important basic fossil energy in our country and has an irreplaceable position in the rapid economic development of our country. Nowadays, the coal industry in our country has entered a low point, but the coal resources in our country are relative to oil. Natural gas is rich in reserves, and the coal industry occupies a strategic position in the national economy. Macroeconomic policies have a huge impact on the coal industry, and a reasonable capital structure becomes the basis for the sustainable development of the coal industry. At the same time, the company's performance reflects the effect of the merger and reorganization of the coal industry. However, most of China's coal resources are concentrated in the western region. At this time, it is of practical significance to study the relationship between capital structure and corporate performance of coal listed companies in the western region. The present situation of capital structure of coal listed companies in western China is described and analyzed. Secondly, the relationship between corporate capital structure and corporate performance is studied to understand how corporate capital structure affects corporate performance. In order to further study the optimal capital structure, the paper points out the direction. What is the optimal capital structure ratio of the listed companies in the western coal industry, and what factors affect the capital structure of the coal listed companies? What is the relationship between the capital structure of coal companies and the efficiency of the companies? all these are the directions of the empirical research on the capital structure of the listed companies in the western coal industry. This paper selects the listed companies in the coal enterprises in the western region as the research objects. The data of capital structure of coal listed companies in western China from 2004 to 2014 are selected, and the data are analyzed and processed by SPSS17.0 and Eviews7.1. The conclusions are as follows: the stock rights of coal listed companies in the western region are highly concentrated and long. The short term debt structure is unreasonable, the short term debt is on the high side, at the same time, the size of the company and the solvency of the enterprise have a great influence on the capital structure, but the influence of the enterprise growth on the capital structure is not significant. The capital structure has a negative correlation with the company benefit, which suggests that the listed coal companies in the western region should optimize the relationship between equity and the proportion of long-term and short-term liabilities, as well as the proportion of total liabilities to total assets, and at the same time increase the strength of the enterprises themselves. In order to improve efficiency.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F426.21;F271

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