节能环保上市公司资本结构与财务绩效关系研究

发布时间：2018-04-19 17:39

本文选题：资本结构 + 财务绩效　；参考：《西安工程大学》2015年硕士论文

【摘要】：在环境问题突出、资源紧缺的大背景下,节能环保产业成为当代最具发展潜力的领域之一,也是我国加快培育和发展的新兴产业之一。资本结构和财务绩效是财务理论研究的重要内容,现有关于资本结构与财务绩效之间关系的研究较少。因此,论文对节能环保上市公司资本结构与财务绩效关系进行研究,为我国节能环保上市公司优化资本结构、提高财务绩效提供参考。论文理论部分采用文献研究法,实证部分运用SPSS17.0进行描述性统计、因子分析和多元线性回归分析,并对回归方程进行检验。论文主要有三个创新点,一是行业的创新;二是指标的创新;三是研究思路的创新。论文首先对资本结构与财务绩效关系的国内外研究现状进行了综述,发现国内外学者并未得出一致结论,接着对资本结构与财务绩效相关基础理论进行阐述。其次对节能环保上市公司资本结构与财务绩效特征进行描述性统计,发现我国节能环保上市公司资本结构存在负债结构不合理、股权高度集中的现象。最后利用多元线性回归对97家样本公司进行分析,结果表明:财务绩效与资产负债率、流动负债率负相关,与股权集中度、国有股持股比例正相关;负债水平与公司盈利水平、回款水平正相关,与债务风险承受水平、经营水平以及资产水平负相关;股权集中度与盈利水平、债务风险承受水平、经营水平正相关,与资产水平、回款水平负相关。
[Abstract]:Under the background of outstanding environmental problems and shortage of resources, energy saving and environmental protection industry has become one of the most promising fields in the present era, and it is also one of the emerging industries in China to speed up its cultivation and development.Capital structure and financial performance are important contents of financial theory research, but there are few researches on the relationship between capital structure and financial performance.Therefore, this paper studies the relationship between capital structure and financial performance of energy saving and environmental protection listed companies, and provides reference for China's energy saving and environmental protection listed companies to optimize capital structure and improve financial performance.The theoretical part of the paper adopts the literature research method, the empirical part uses SPSS17.0 to carry on the descriptive statistics, the factor analysis and the multivariate linear regression analysis, and carries on the test to the regression equation.There are three innovation points in this paper, one is the innovation of the industry, the other is the innovation of the index, and the third is the innovation of the research ideas.Firstly, this paper summarizes the current research situation of the relationship between capital structure and financial performance at home and abroad, and finds that scholars at home and abroad have not reached a consistent conclusion, and then expatiate on the basic theory of capital structure and financial performance.Secondly, the capital structure and financial performance characteristics of energy saving and environmental protection listed companies are described. It is found that the capital structure of energy saving and environmental protection listed companies in China is unreasonable in debt structure and highly concentrated in equity.Finally, 97 sample companies are analyzed by multiple linear regression. The results show that financial performance is negatively related to asset-liability ratio, current debt ratio, equity concentration, state-owned stock holding ratio, debt level and corporate profitability.The level of return is positively correlated with debt risk bearing level, management level and asset level, and equity concentration is negatively correlated with profit level, debt risk tolerance level, management level and asset level, return level.
【学位授予单位】：西安工程大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：X196;F275

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