我国汽车制造业上市公司资本结构对绩效影响的研究

发布时间：2018-01-26 02:35

本文关键词： 资本结构绩效面板数据汽车制造业　出处：《辽宁科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业不仅是产品市场的主体，也是资本市场的主体，而在我国却常常忽视其在资本市场的作用，尤其我国正处于经济转型期，调整资本结构具有重要意义。融资是企业在资本市场上的重要行为之一，融资的方式与途径直接影响到公司的经营绩效。公司要提高其市场价值，根本思路就是对资本结构的调整。我国关于资本结构的研究主要集中在优化资本结构、资本结构影响因素等方面，此外针对单个行业，尤其是汽车制造业的研究较少，依据资本结构理论，不同行业的资本结构差异很大。本文采用比较分析，统计描述等方法进行分析，发现我国汽车制造业资产负债率偏低；流动负债偏高；股权集中度高。因此国外文献不能完全作为研究我国汽车制造业上市公司的依据。本文将资本结构分为债权结构与股权结构，创新性的把两者放在同一个模型中，从两方面研究资本结构与公司绩效的关系。通过对早期资本结构理论、代理理论、优序融资论、信号传递论、权衡理论等相关资本结构理论的分析，对2010-2012年的69家汽车制造业上市公司的财务数据进行收集、整理，选取指标后提出研究假设，建立模型，采用面板数据模型进行分析与验证，，实证分析后得出结果：资产负债率、长期负债占总资产比例、第一大股东持股比例与公司绩效是正相关关系，短期负债占总资产的比率、流通股的比例、公司规模大小同公司绩效是负相关关系，其中，短期负债占总资产的比率与公司绩效关系不显著。最后，根据研究结果对我国汽车制造业及其相关产业的资本结构的改进和公司治理方面提出一些有价值的参考意见。
[Abstract]:The enterprise is not only the main body of the product market, but also the main body of the capital market, but in our country it often ignores its function in the capital market, especially our country is in the economic transition period. It is of great significance to adjust the capital structure. Financing is one of the important behaviors of enterprises in the capital market. The ways and means of financing have a direct impact on the operating performance of the company. The company should improve its market value. The basic idea is to adjust the capital structure. The research on capital structure in our country mainly focuses on optimizing the capital structure, influencing factors of capital structure, and aiming at a single industry. Especially the research of automobile manufacturing industry is less, according to the capital structure theory, the capital structure of different industries is very different. In this paper, comparative analysis, statistical description and other methods are used to analyze, it is found that the asset-liability ratio of automobile manufacturing industry in China is on the low side; High current liabilities; Therefore, foreign literature can not be used as the basis for the study of listed companies in China's automobile manufacturing industry. In this paper, the capital structure is divided into creditor's rights structure and equity structure. Innovatively put the two in the same model, from two aspects to study the relationship between capital structure and corporate performance. Through the early capital structure theory, agency theory, priority financing theory, signaling theory. Based on the analysis of relevant capital structure theory, the financial data of 69 listed companies in automobile manufacturing industry from 2010 to 2012 are collected, sorted out, and the research hypotheses are put forward after selecting indicators. Establish the model, using panel data model to analyze and verify, empirical analysis results: asset-liability ratio, long-term debt to total assets ratio, the largest shareholder holding ratio and corporate performance is a positive correlation. The ratio of short-term liabilities to total assets, the proportion of tradable shares and the size of companies are negatively related to corporate performance, among which, the ratio of short-term liabilities to total assets is not significantly related to corporate performance. Finally, based on the results of the study, some valuable suggestions are put forward for the improvement of capital structure and corporate governance of China's automobile manufacturing industry and its related industries.
【学位授予单位】：辽宁科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.471

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