我国批发零售业上市公司资本结构与企业绩效的实证分析
发布时间：2018-11-07 11:30
【摘要】：经济的全球化发展使得服务业发展逐渐壮大，其产值在社会总产值中所占的比重逐渐上升，全球很多国家，尤其是中等收入国家已经逐步向服务型社会经济开始转型。而在众多的服务业中，批发零售业的发展表现尤为突出。随着批发零售业的不断发展和壮大，制造业的领军地位也逐渐受到了威胁，并且批发零售业也逐渐成为一个国家或者地区经济发展的衡量指标。虽然我国的批发零售业的发展态势良好，但是其在发展和壮大的过程中也存在一些问题，如批发零售业的企业规模相对较小，居民对批发零售业的消费意愿受到物价波动的影响较大，批发零售业企业的管理水平偏低。 本文以资本结构对企业绩效的影响机理为理论基础，对资本结构与企业绩效的相关理论和研究现状进行分析，然后通过对我国批发零售业上市公司的资本结构与企业绩效的现状研究，来对其整体发展进行探索。基于此，根据收集的相关数据，通过因子分析与面板数据模型来对我国批发零售业上市公司的资本结构与企业绩效的关系进行实证研究。最后从多个方面对我国批发零售业上市公司的资本结构优化给出建议。 本文得出的结论如下： （1）本文选择70家我国零售业上市公司2009-2013年期间的数据进行资本结构和企业绩效现状的分析，结果显示，在资本结构方面，我国批发零售业上市公司的整体负债水平较高，国有股持股比例较高，且企业一股独大的现象较为严重。在企业绩效方面，我国批发零售业上市公司的运营能力相对较为平稳，但是盈利能力和发展能力在近几年都有所下降。 （2）本文通过因子分析法从衡量批发零售业上市公司企业绩效的众多因子中提炼出五个主因子来对企业绩效进行综合评价。基于此，本文利用面板数据模型对资本结构和企业绩效之间的影响关系进行分析，其结果表明，除第一大股东持股比例对企业绩效具有正向作用外，其余自变量均对企业绩效具有负向作用。 （3）提升批发零售业上市公司绩效的有效途径就是优化其资本结构，本文结合实证研究的结果，认为要优化批发零售业上市公司资本结构，需要降低上市公司的负债水平，，开辟新的融资方式、提升负债结构、降低国有股持股比例、加强股权改革，完善国家政策环境、完善产业政策、提升企业的运营能力和盈利能力以及推进批发零售业的整体上市。
[Abstract]:With the development of economic globalization, the service industry is gradually expanding, and its output value in the total social output value has gradually increased. Many countries in the world, especially middle-income countries, have gradually begun to transform to service-oriented social economy. And in numerous service industry, the development performance of wholesale retail trade is especially outstanding. With the development and expansion of the wholesale and retail trade, the leading position of the manufacturing industry has been gradually threatened, and the wholesale and retail trade has gradually become a measure of the economic development of a country or region. Although the development of wholesale and retail trade in China is good, there are still some problems in the process of development and expansion, such as the relatively small scale of wholesale and retail enterprises. The consumer willingness of the residents to the wholesale and retail trade is greatly influenced by the price fluctuation, and the management level of the wholesale and retail enterprises is on the low side. Based on the influence mechanism of capital structure on enterprise performance, this paper analyzes the related theories and research status of capital structure and enterprise performance. Then, by studying the capital structure and enterprise performance of the listed companies in wholesale and retail trade in China, this paper probes into the overall development of the listed companies. Based on this, this paper makes an empirical study on the relationship between capital structure and corporate performance of listed companies in wholesale and retail trade through factor analysis and panel data model according to the relevant data collected. Finally, some suggestions are given to optimize the capital structure of China's wholesale and retail companies. The conclusions of this paper are as follows: (1) this paper analyzes the capital structure and corporate performance of 70 listed retail companies in China during 2009-2013. The results show that, in terms of capital structure, The overall debt level of the wholesale and retail listed companies in China is relatively high, the proportion of state-owned shares is higher, and the phenomenon of the enterprises having a dominant share is more serious. In terms of enterprise performance, the operation ability of the wholesale and retail listed companies in China is relatively stable, but the profitability and development ability have declined in recent years. (2) this paper abstracts five main factors from many factors to measure the performance of the listed companies in wholesale and retail trade to evaluate the enterprise performance synthetically. Based on this, this paper uses panel data model to analyze the relationship between capital structure and enterprise performance. The results show that, besides the first largest shareholder holding ratio, it has positive effect on enterprise performance. The other independent variables have negative effect on enterprise performance. (3) the effective way to improve the performance of the listed companies in wholesale and retail trade is to optimize their capital structure. According to the results of empirical research, the author thinks that in order to optimize the capital structure of the listed companies in wholesale and retail trade, the debt level of listed companies should be reduced. To open up new ways of financing, to promote the structure of debt, to reduce the proportion of state-owned shares, to strengthen the reform of equity, to perfect the national policy environment, and to perfect industrial policies, Improve the operating capacity and profitability of enterprises and promote the wholesale and retail market as a whole.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F715.5;F724.2
本文编号：2316228
[Abstract]:With the development of economic globalization, the service industry is gradually expanding, and its output value in the total social output value has gradually increased. Many countries in the world, especially middle-income countries, have gradually begun to transform to service-oriented social economy. And in numerous service industry, the development performance of wholesale retail trade is especially outstanding. With the development and expansion of the wholesale and retail trade, the leading position of the manufacturing industry has been gradually threatened, and the wholesale and retail trade has gradually become a measure of the economic development of a country or region. Although the development of wholesale and retail trade in China is good, there are still some problems in the process of development and expansion, such as the relatively small scale of wholesale and retail enterprises. The consumer willingness of the residents to the wholesale and retail trade is greatly influenced by the price fluctuation, and the management level of the wholesale and retail enterprises is on the low side. Based on the influence mechanism of capital structure on enterprise performance, this paper analyzes the related theories and research status of capital structure and enterprise performance. Then, by studying the capital structure and enterprise performance of the listed companies in wholesale and retail trade in China, this paper probes into the overall development of the listed companies. Based on this, this paper makes an empirical study on the relationship between capital structure and corporate performance of listed companies in wholesale and retail trade through factor analysis and panel data model according to the relevant data collected. Finally, some suggestions are given to optimize the capital structure of China's wholesale and retail companies. The conclusions of this paper are as follows: (1) this paper analyzes the capital structure and corporate performance of 70 listed retail companies in China during 2009-2013. The results show that, in terms of capital structure, The overall debt level of the wholesale and retail listed companies in China is relatively high, the proportion of state-owned shares is higher, and the phenomenon of the enterprises having a dominant share is more serious. In terms of enterprise performance, the operation ability of the wholesale and retail listed companies in China is relatively stable, but the profitability and development ability have declined in recent years. (2) this paper abstracts five main factors from many factors to measure the performance of the listed companies in wholesale and retail trade to evaluate the enterprise performance synthetically. Based on this, this paper uses panel data model to analyze the relationship between capital structure and enterprise performance. The results show that, besides the first largest shareholder holding ratio, it has positive effect on enterprise performance. The other independent variables have negative effect on enterprise performance. (3) the effective way to improve the performance of the listed companies in wholesale and retail trade is to optimize their capital structure. According to the results of empirical research, the author thinks that in order to optimize the capital structure of the listed companies in wholesale and retail trade, the debt level of listed companies should be reduced. To open up new ways of financing, to promote the structure of debt, to reduce the proportion of state-owned shares, to strengthen the reform of equity, to perfect the national policy environment, and to perfect industrial policies, Improve the operating capacity and profitability of enterprises and promote the wholesale and retail market as a whole.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F715.5;F724.2
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