创业板上市公司资本结构对公司成长性影响的研究

发布时间：2018-02-25 23:07

本文关键词： 创业板资本结构公司成长性　出处：《哈尔滨工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：创业板自成立以来就在资本市场扮演着重要的角色,为众多创业型企业、中小企业、高科技企业提供了融资途径和成长空间,是主板市场的重要补充。资本结构和成长性作为财务领域的重要研究内容,一直备受关注,创业板上市公司能否构建科学合理的资本结构会对公司的成长性产生重要影响。与主板市场相比,创业板市场成立的时间较晚,且经营模式是全新的,目前学者们对其的研究大多数是集中在对公司的财务风险进行评价上或者是探讨企业资本结构的影响因素。为了使创业板市场保持快速稳定的发展,规避可能出现的财务风险,使其呈现出合理的资本结构;也为了使创业板上市公司在进行筹资决策时能够有更可靠的决策依据,本文以创业板上市公司为研究对象,对资本结构对公司成长性的影响进行了探讨。在研究中以170家创业板上市公司近三年的财务数据为基础,选取十二种可以反映公司成长性的指标,通过因子分析法对公司成长性进行全面的衡量;选取了可以代表公司资本结构的四个方面相关财务指标,即资产负债率、长期负债比率、商业信用率以及股权融资比率;在此基础上通过多元回归分析法对所构建的模型进行实证分析,对所提出的相关假设进行验证。在理论与实证分析的基础上,本文认为创业板上市公司资本结构对公司成长性有非常大的影响。实证结果表明,资产负债率与公司成长性呈负相关关系;股权融资比率与公司成长性呈正相关关系;长期负债比率与公司成长性呈正相关关系;商业信用率与公司成长性呈负相关关系。
[Abstract]:Since the establishment of the gem, it has played an important role in the capital market, providing financing channels and growth space for many entrepreneurial enterprises, small and medium-sized enterprises, and high-tech enterprises. Capital structure and growth, as an important research content in the financial field, have been attracting much attention. Whether the gem listed companies can build a scientific and reasonable capital structure will have an important impact on the growth of the company. Compared with the main market, the gem market was established later, and the business model is completely new. At present, most of the researches are focused on the evaluation of the financial risk of the company or on the influencing factors of the capital structure of the enterprise. In order to keep the gem market developing rapidly and stably, and avoid the possible financial risks, So that it presents a reasonable capital structure, and in order to enable the gem listed companies to have a more reliable basis for decision-making, this paper takes the gem listed companies as the research object. This paper discusses the influence of capital structure on the growth of companies. Based on the financial data of 170 gem listed companies in the past three years, we select 12 kinds of indicators that can reflect the growth of companies. Through factor analysis, the paper measures the growth of the company comprehensively, and selects four related financial indicators which can represent the capital structure of the company, namely, the ratio of assets and liabilities, the ratio of long-term liabilities, the ratio of business credit and the ratio of equity financing. On this basis, the empirical analysis of the model is carried out through multiple regression analysis, and the relevant hypotheses are verified. On the basis of theoretical and empirical analysis, The empirical results show that the asset-liability ratio has a negative correlation with the corporate growth, the equity financing ratio has a positive correlation with the corporate growth, and the equity financing ratio has a positive correlation with the growth of the company. The long-term debt ratio is positively correlated with the growth of the company, and the business credit ratio is negatively correlated with the growth of the company.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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