国内有色金属行业上市公司资本结构影响因素研究

发布时间：2018-12-18 03:24

【摘要】：2008年国际金融危机给各国经济造成了重大影响，对国内有色金属行业也造成了一定的冲击。当前有色金属行业正面临着错综复杂的市场环境，面临着更大的财务风险和竞争压力。本文希望通过对有色金属行业上市公司资本结构影响因素进行研究，帮助相关上市公司分析所处行业、企业自身所面临的资本结构影响因素。各个企业再根据实际情况不断优化资本结构、增强企业抵御财务风险的能力，从而提高公司的经济效益，更好的应对复杂多变的市场。同时,本文也为有色金属行业中小企业提供一定的借鉴和参考。首先，本文回顾了中外学者对资本结构理论的研究成果，查阅了国内外研究资本结构影响因素的相关文献，搜集了关于有色金属行业的相关研究并进行了评述。在此基础上，对资本结构影响因素进行总结和概括，形成本文资本结构影响因素的基础。其次，剔除ST类、上市不满五年、数据指标异常的部分有色金属行业上市公司，选取40家作为样本进行研究，对其现状从资产、负债、股东情况等方面分析。然后根据样本公司2010——2012年年报数据计算分析其资本结构状况，总结出资产负债率集中度高、波动幅度大，股权集中度高，流动负债比重高于非流动负债比重，借款合理性有待提高四个特点，并总结分析可能影响有色金属行业上市公司的影响因素。再次，，以有色金属行业上市公司2010-2012年报表数据做为样本，设置资产负债率和短期资产负债率为被解释变量，总资产净利率、权益净利率、流动比率、营业收入增长率等十个因素为解释变量，对资本结构和其影响因素之间进行描述性统计、相关性分析、多元线性回归分析等实证研究。通过实证分析我们得出有色金属行业上市公司资本结构与盈利能力、非债务税盾、资产流动性、营运能力呈现负相关关系。其中它和盈利能力、非债务税盾两个因素之间是显著负相关关系。资本结构与抵押能力、有形资产呈现较为显著正相关，而企业规模和成长性两个因素对资本结构并未产生显著影响的结论。最后，本文依据实证研究的结果，对有色金属行业上市公司在资本结构优化方面提出了加强对资本结构理念的重视、提高企业盈利能力、融资方式多样化、债券结构优化、证券市场不断完善等几点合理化建议。
[Abstract]:The 2008 international financial crisis has had a great impact on the economy of all countries, and has also caused a certain impact on the domestic non-ferrous metal industry. At present, the nonferrous metal industry is facing the complicated market environment, facing greater financial risk and competitive pressure. This paper hopes to study the influencing factors of capital structure of listed companies in non-ferrous metal industry to help related listed companies to analyze the influencing factors of capital structure in their respective industries and enterprises themselves. According to the actual situation, each enterprise continuously optimizes the capital structure, strengthens the enterprise to resist the financial risk, thus enhances the company's economic benefit, better deal with the complex and changeable market. At the same time, this article also provides certain reference and reference for non-ferrous metal industry small and medium-sized enterprises. First of all, this paper reviews the research results of the capital structure theory at home and abroad, looks up the domestic and foreign literature on the influencing factors of capital structure, collects the relevant research and comments on the non-ferrous metal industry. On this basis, the paper summarizes and generalizes the influencing factors of capital structure, and forms the basis of the influencing factors of capital structure in this paper. Secondly, excluding the ST category, less than five years on the market and abnormal data indicators, 40 non-ferrous metal listed companies are selected as samples to study their current situation from the aspects of assets, liabilities, shareholders and so on. Then according to the sample company 2010-2012 annual report data calculation and analysis of its capital structure, summed up the high concentration of asset-liability ratio, large fluctuations, high equity concentration, the proportion of current liabilities is higher than the proportion of non-current liabilities. The rationality of borrowing needs to be improved, and the factors that may affect the listed companies in nonferrous metal industry are summarized and analyzed. Thirdly, taking the data of 2010-2012 financial statements of non-ferrous metal industry listed companies as samples, setting asset-liability ratio and short-term asset-liability ratio as explained variables, total net asset interest rate, equity net interest rate, current ratio, Ten factors, such as the growth rate of operating income, are taken as explanatory variables. Descriptive statistics, correlation analysis, multiple linear regression analysis and so on are carried out between capital structure and its influencing factors. Through empirical analysis, we conclude that the capital structure of listed companies in non-ferrous metals industry is negatively related to profitability, non-debt tax shield, asset liquidity and operational ability. Among them, there is a significant negative correlation between it and profitability and non-debt tax shield. The conclusion that the capital structure is positively correlated with the mortgage ability and tangible assets, while the two factors of enterprise size and growth have no significant influence on the capital structure. Finally, according to the results of the empirical research, this paper puts forward that the listed companies in the non-ferrous metal industry should pay more attention to the capital structure concept, improve the profitability of the enterprises, diversify the financing methods, optimize the bond structure. The stock market continuously consummates and so on several rationalization suggestions.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.32

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