创业板上市公司资本结构与财务绩效关系实证研究
发布时间：2018-08-29 18:54
【摘要】：2009年，创业板市场在深圳正式开板。创业板市场是我国多层次资本市场的重要组成部分，是协助我国高科技公司以及高成长性的新型创新公司进行筹资和资本运作的市场。创业板市场的建立是我国根据经济建设和社会发展的客观需要所作出的重大战略决策，对于促进我国资本市场的发展和完善起着非常重要的作用。在我国创业板上市公司的有着较为严格的上市条件，主要包括：发行人应具备较强的盈利能力，具有一定的规模和存续时间，发行人主营业务突出，发行人有着良好的公司治理结构。创业板上市公司也以其高成长性和创新性取得了快速的发展，市场份额不断扩大、盈利能力不断增强、企业价值不断提高。随着创业板上市公司的发展，对其的研究也日益增多，然而大部分的研究都是关于其成长性以及价值的研究，对于创业板上市公司资本结构与财务绩效之间相关关系的研究还不多。本文主要对其资本结构与财务绩效之间的相关关系进行实证研究，为其下一步优化资本结构、提高公司绩效提供理论依据。 自MM理论创立以来，，人们对于资本结构的研究也越来越多。对于任一公司而言，保持合理的资本结构不仅能够给企业带来财务杠杆收益和节税收益而且会向外部投资者传递有关企业价值的信息，影响外部投资决策，从而影响企业价值，对于创业板上市公司更是如此。近年来，对于资本结构与财务绩效之间关系的研究也不断增多，国内外的学术界研究也比较全面和透彻，同时取得了一定的研究成果，但是受他们所选取样本的国别差异、行业差别以及所有制差别等的限制以及受所运用的研究方法的影响，使得他们研究所得的成果也各有差异。目前为止，学术界对于财务绩效与资本结构之间的关系尚未形成一致的观点，其中，选取不同行业所进行的研究也会取得不同的研究结果。创业板上市公司是具有高成长性和创新性的公司，目前也取得了快速的发展。因此，选取创业板上市公司为研究样本，对于创业板上市公司资本结构与财务绩效的相关关系研究也就具有重要的现实意义。 在相关理论研究的基础上，本文使用SPSS16.0软件对我国创业板上市公司资本结构与财务绩效之间的关系进行实证研究。文章所选取的财务绩效指标为净资产收益率，资本结构指标则包括每股净资产、流动比率、速动比率、产权比率、资产负债率、权益乘数、股东权益比率、有形净值债务率、长期负债率、固定资产比率和无形资产比率等。文章第一步采用相关分析法对资本结构指标之间的自相关性进行研究，并根据相关分析研究的结果，选择出具有代表性的资本结构指标。下一步文章对创业板上市公司资本结构与财务绩效之间的关系进行回归分析，并根据回归分析的结果提出相关的对策建议，为创业板上市公司下一步资本结构的调整和发展提供理论依据。
[Abstract]:In 2009, the gem market in Shenzhen officially opened the board. Growth Enterprise Market (gem) is an important part of the multi-level capital market in China. It is also a market that helps high-tech companies and innovative companies with high growth to raise funds and operate their capital. The establishment of the gem market is an important strategic decision made by our country according to the objective needs of economic construction and social development. It plays a very important role in promoting the development and perfection of our capital market. In our country, gem listed companies have more strict listing conditions, including: issuers should have a strong profitability, have a certain scale and survival time, issuer main business outstanding, Issuers have a good corporate governance structure. Gem listed companies have also made rapid development with their high growth and innovation, the market share is expanding, the profitability is increasing, and the enterprise value is improving. With the development of gem listed companies, the research on it is increasing day by day. However, most of the research is about its growth and value. There are few studies on the relationship between capital structure and financial performance of gem listed companies. This paper makes an empirical study on the correlation between capital structure and financial performance in order to provide theoretical basis for further optimization of capital structure and improvement of corporate performance. Since the establishment of MM theory, there have been more and more researches on capital structure. For any company, maintaining a reasonable capital structure can not only bring about financial leverage income and tax saving income, but also transfer information about enterprise value to external investors, influence external investment decision, thus affect enterprise value. For gem listed companies are more so. In recent years, the research on the relationship between capital structure and financial performance is increasing, the academic research at home and abroad is more comprehensive and thorough, at the same time, some research results have been obtained. The limitations of industry differences and ownership differences, as well as the influence of the research methods used, make their research results different. So far, the academic community has not formed a consistent view on the relationship between financial performance and capital structure. Gem listed companies are high growth and innovative companies, but also made rapid development. Therefore, selecting the gem listed companies as the research sample has important practical significance for the research on the relationship between the capital structure and financial performance of gem listed companies. On the basis of relevant theoretical research, this paper makes an empirical study on the relationship between capital structure and financial performance of listed companies in gem by using SPSS16.0 software. The financial performance index selected in this paper is the return on net assets, while the capital structure index includes net assets per share, current ratio, liquid ratio, property ratio, asset-liability ratio, equity multiplier, stockholder's equity ratio, tangible net worth debt ratio. Long-term debt ratio, fixed assets ratio and intangible assets ratio, etc. The first step of this paper is to use the correlation analysis method to study the autocorrelation between the capital structure indicators and select the representative capital structure indicators according to the results of the correlation analysis. The next step is to make regression analysis on the relationship between capital structure and financial performance of gem listed companies, and put forward relevant countermeasures and suggestions according to the results of regression analysis. It provides the theoretical basis for the adjustment and development of the capital structure of gem listed companies.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.1;F832.51
本文编号：2212096
[Abstract]:In 2009, the gem market in Shenzhen officially opened the board. Growth Enterprise Market (gem) is an important part of the multi-level capital market in China. It is also a market that helps high-tech companies and innovative companies with high growth to raise funds and operate their capital. The establishment of the gem market is an important strategic decision made by our country according to the objective needs of economic construction and social development. It plays a very important role in promoting the development and perfection of our capital market. In our country, gem listed companies have more strict listing conditions, including: issuers should have a strong profitability, have a certain scale and survival time, issuer main business outstanding, Issuers have a good corporate governance structure. Gem listed companies have also made rapid development with their high growth and innovation, the market share is expanding, the profitability is increasing, and the enterprise value is improving. With the development of gem listed companies, the research on it is increasing day by day. However, most of the research is about its growth and value. There are few studies on the relationship between capital structure and financial performance of gem listed companies. This paper makes an empirical study on the correlation between capital structure and financial performance in order to provide theoretical basis for further optimization of capital structure and improvement of corporate performance. Since the establishment of MM theory, there have been more and more researches on capital structure. For any company, maintaining a reasonable capital structure can not only bring about financial leverage income and tax saving income, but also transfer information about enterprise value to external investors, influence external investment decision, thus affect enterprise value. For gem listed companies are more so. In recent years, the research on the relationship between capital structure and financial performance is increasing, the academic research at home and abroad is more comprehensive and thorough, at the same time, some research results have been obtained. The limitations of industry differences and ownership differences, as well as the influence of the research methods used, make their research results different. So far, the academic community has not formed a consistent view on the relationship between financial performance and capital structure. Gem listed companies are high growth and innovative companies, but also made rapid development. Therefore, selecting the gem listed companies as the research sample has important practical significance for the research on the relationship between the capital structure and financial performance of gem listed companies. On the basis of relevant theoretical research, this paper makes an empirical study on the relationship between capital structure and financial performance of listed companies in gem by using SPSS16.0 software. The financial performance index selected in this paper is the return on net assets, while the capital structure index includes net assets per share, current ratio, liquid ratio, property ratio, asset-liability ratio, equity multiplier, stockholder's equity ratio, tangible net worth debt ratio. Long-term debt ratio, fixed assets ratio and intangible assets ratio, etc. The first step of this paper is to use the correlation analysis method to study the autocorrelation between the capital structure indicators and select the representative capital structure indicators according to the results of the correlation analysis. The next step is to make regression analysis on the relationship between capital structure and financial performance of gem listed companies, and put forward relevant countermeasures and suggestions according to the results of regression analysis. It provides the theoretical basis for the adjustment and development of the capital structure of gem listed companies.
【学位授予单位】：山东农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.1;F832.51
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