我国国有上市公司的资本结构与企业绩效关联性的实证研究

发布时间：2018-11-06 12:12

【摘要】：公司资本结构是其经营风格和主导战略的体现，同时也是其融资方式的缩影，西方企业管理理论在很早就提出通过资本结构的管理和优化来完成公司战略布局、满足发展需求。由于国有上市公司资本规模大、所处行业重要性和垄断性强，因此针对我国国有上市公司的资本结构研究一直是该领域的热点。我国国有上市公司在国民经济当中处于重要地位，且都持有和管理着庞大资本，，因此其在国民经济中肩负的责任和使命更加重要。然而我国市场经济历史较短，现代化管理在我国还未积累下足够研究和借鉴的实践经验，因此企业的经营管理是我国国有上市公司的薄弱环节，这种薄弱体现在诸多方面，例如资本结构不合理、资本价值增值效应不明显、利益关系复杂等等。我国国有上市公司股权分置改革后，公司的资本结构逐步向去权力化转轨，资本结构在公司治理方面的作用开始集中显现，因此不得不说资本结构对国有上市公司的持续经营和发展扩张意义重大。本文中，笔者以此为背景，在阅读大量文献资料和对所收集的50家国有上市公司数据做出实证分析后，将资本结构与公司绩效管理二者之间的关联和影响做出总结，旨在以此作为鼓励我国国有上市公司资本结构调整和优化的论据。本文主要由四大部分构成，第一部分为理论基础，在此笔者将资本结构以及资本结构管理理论、相关学术研究进展做出总结并详细阐述，以此构成本文的理论支撑。第二部分则是介绍了样本资料，对笔者所选取的样本、选取理由以及评价标准做了详细解释，并将所需要的数据资料以及财务指标作了简要说明。第三部分是本文的实证分析部分，在此笔者将实证分析的前提假设、实证过程以及所收集和整理的数据的处理方式一一说明，最后利用相关数据处理软件得出了本文的实证结论。第四部分是本文的重点，也是实证的总结和思索部分。在这里，笔者将实证分析结果予以归纳，并对实验结论作出分析和阐述，指出了资本机构对国有上市公司绩效和盈利的影响因素和作用机制。最后，针对二者之间的关联，笔者对我国国有上市公司的资本结构管理和绩效提升提出了一些自己的看法和建议。
[Abstract]:The corporate capital structure is the embodiment of its management style and leading strategy, and it is also the epitome of its financing mode. The western enterprise management theory put forward to complete the strategic layout of the company through the management and optimization of the capital structure early, to meet the development needs. Due to the large scale of capital and the strong importance and monopoly of the state-owned listed companies, the research on the capital structure of the state-owned listed companies in China has always been a hot spot in this field. China's state-owned listed companies are in an important position in the national economy, and they all hold and manage huge capital, so their responsibilities and missions in the national economy are even more important. However, the history of market economy in our country is relatively short, and the modern management has not accumulated enough practical experience to study and draw lessons from in our country. Therefore, the management and management of enterprises is the weak link of the state-owned listed companies in our country, which is reflected in many aspects. For example, the capital structure is unreasonable, the capital value increment effect is not obvious, the interest relation is complex and so on. After the split share structure reform of state-owned listed companies in China, the capital structure of the company has gradually changed to a decentralized system, and the role of the capital structure in corporate governance has begun to appear. Therefore, it has to be said that capital structure is of great significance to the continuous operation and development and expansion of state-owned listed companies. In this paper, the author makes a summary of the relationship and influence between capital structure and corporate performance management after reading a lot of literature and analyzing the data of 50 state-owned listed companies. The purpose is to use this as an argument to encourage the capital structure adjustment and optimization of our state-owned listed companies. This paper is mainly composed of four parts, the first part is the theoretical basis, in this paper, the capital structure and capital structure management theory, related academic research progress is summarized and elaborated in detail, which constitutes the theoretical support of this paper. The second part is the introduction of sample data, the author selected the sample, the selection of reasons and evaluation criteria to do a detailed explanation, and the need for data and financial indicators made a brief explanation. The third part is the empirical analysis part of this paper, in this paper, the premise of the empirical analysis assumptions, empirical process and the data collected and collated way of processing one by one. Finally, the empirical conclusions of this paper are obtained by using the relevant data processing software. The fourth part is the focus of this paper, but also the empirical summary and thinking part. Here, the author sums up the empirical analysis results, analyzes and expounds the experimental conclusions, and points out the influencing factors and mechanism of the capital institutions on the performance and profit of the state-owned listed companies. Finally, in view of the relationship between the two, the author puts forward some opinions and suggestions on the capital structure management and performance improvement of the state-owned listed companies in China.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F272.5;F832.51

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