新能源企业融资结构和企业价值相关性研究

发布时间：2018-06-17 09:58

本文选题：融资结构 + 企业价值　；参考：《天津财经大学》2014年硕士论文

【摘要】：自从2009年哥本哈根气候大会落幕以来,各个国家的人民关心的不光是经济发展的问题,环境问题也成为了各个政府不得不重视的问题。新能源产业被各个国家提到了战略发展的角度,发展前景十分可观。但是新能源企业作为一个新兴战略产业,其自身管理经验不足,而且正处于导入期,所以本文选择新能源行业作为研究对象,会从资本结构的角度来促进新能源行业的稳健发展,优化资本结构,加强公司治理,从而使新能源企业的企业价值最大化。所以这篇文章选定新能源行业的企业作为研究对象,以资本结构对企业价值的相关性研究作为切入点,研究如何使用最优的资本结构促使新能源企业价值最大化。正文选用的方法有理论分析方法和实证研究方法,首先介绍了资本结构理论以及企业的资本结构影响企业价值机制的相关理论,对各个专家学者的理论进行了一个梳理和总结。然后,通过对选取的中国新能源行业上市企业2010年到2012年三年的数据描述性分析,从宏观层面了解了我国新能源上市企业的融资结构现状以及企业的发展、盈利状况,实证部分通过分析中国新能源企业的托宾Q值与企业的资本负债率、股权集中度、银行借款率等资本结构指标之间的关系,得出在新能源这一特殊领域,企业的资本结构与企业价值之间相关性的结论,最后,在分析中国当前的新能源行业融资困难这一基础上,学习欧美发达国家新能源行业发展的成功经验,对中国新能源行业今后的发展提出建设性的政策建议。
[Abstract]:Since the end of the Copenhagen Climate Conference in 2009, people in various countries have been concerned not only with economic development, but also with environmental issues. The new energy industry has been mentioned by each country the angle of strategic development, the development prospect is very considerable. However, as a new strategic industry, the new energy enterprise has insufficient management experience and is in the period of introduction, so this paper chooses the new energy industry as the research object. It will promote the steady development of the new energy industry from the angle of capital structure, optimize the capital structure, strengthen the corporate governance, so as to maximize the enterprise value of the new energy enterprise. So this article chooses the enterprise of the new energy industry as the research object, takes the capital structure to the enterprise value correlation research as the breakthrough point, studies how to use the best capital structure to promote the new energy enterprise value maximization. There are theoretical analysis methods and empirical research methods in the text. Firstly, the paper introduces the capital structure theory and the related theories of the enterprise capital structure influencing the enterprise value mechanism, and summarizes the theories of various experts and scholars. Then, through the descriptive analysis of the selected listed enterprises in China's new energy industry from 2010 to 2012, the financing structure, the development and the profit of the listed enterprises in China are understood from the macro level. The empirical part analyzes the relationship between Tobin Q value of Chinese new energy enterprises and capital debt ratio, equity concentration ratio, bank borrowing rate and other capital structure indicators, and draws a conclusion that in this special field of new energy, Finally, on the basis of analyzing the current financing difficulties of new energy industry in China, we learn from the successful experience of the development of new energy industry in developed countries in Europe and America. Put forward constructive policy suggestions to the future development of China's new energy industry.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.2;F406.7

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