创业板上市公司资本结构与公司业绩实证研究
发布时间：2018-09-16 19:41
【摘要】：创业板市场,作为我国多层次资本市场的重要组成部分之一,自2009年设立以来就受到了广泛的关注并表现出了不错的发展前景,仅仅三年时间,在创业板上市的公司数量就达到了三百多家,占所有上市公司的比例约为十分之一。创业板市场为中小型新兴企业和高成长性科技企业提供了融资的平台和成长机遇,对于我国经济结构转型、产业结构调整、支持创新型企业发展,有着重要的意义。 创业板上市公司的资本结构有着不同于主板上市公司的特点,而资本结构会影响企业的治理结构和经营行为,最终影响到企业的业绩水平,因此对资本结构进行优化能提高创业板上市公司的治理水平,提高企业业绩。本文以创业板2009年至2011年的年报数据做研究样本,以净资产收益率和托宾Q来衡量企业业绩,与创业板上市公司资本结构各解释变量进行实证分析,研究创业板上市公司资本结构对公司业绩产生的影响并给出优化资本结构和公司业绩的政策建议。实证结果表明我国创业板上市公司债务规模与公司业绩显著负相关；股权集中度与公司业绩显著正相关；国家股比例与公司业绩没有显著相关关系；法人股与公司业绩显著负相关,流通股比例与公司业绩有很高的负相关关系。本文的实证研究有针对性的分析了刚刚推出的创业板上市公司的资本结构与业绩的关系,对创业板资本结构合理优化和未来进行相关研究具有一定的参考意义。
[Abstract]:The GEM market, as one of the important components of China's multi-level capital market, has attracted wide attention and shown good prospects for development since its establishment in 2009. In only three years, the number of companies listed on the GEM has reached more than 300, accounting for about one tenth of all listed companies. The market provides a financing platform and growth opportunities for small and medium-sized emerging enterprises and high-growth technology enterprises. It is of great significance for China's economic restructuring, industrial restructuring and supporting the development of innovative enterprises.
The capital structure of the listed companies on GEM is different from that of the listed companies on the main board. The capital structure will affect the corporate governance structure and operation behavior, and ultimately affect the performance level of the enterprises. Therefore, the optimization of the capital structure can improve the governance level of the listed companies on GEM and improve the corporate performance. The annual report data from year to 2011 are used as research samples to measure the performance of enterprises by the return on equity and Tobin Q. Empirical analysis is made with the explanatory variables of capital structure of listed companies on GEM. The impact of capital structure on the performance of listed companies on GEM is studied and policy suggestions are given to optimize capital structure and corporate performance. The results show that the debt scale of listed companies on GEM is negatively correlated with corporate performance; the ownership concentration is positively correlated with corporate performance; the proportion of state shares is not significantly correlated with corporate performance; corporate shares are negatively correlated with corporate performance; and the proportion of circulating shares is negatively correlated with corporate performance. Empirical research has pointed out the relationship between capital structure and performance of Listed Companies in GEM, which has a certain reference significance for the reasonable optimization of capital structure and future research.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
本文编号：2244586
[Abstract]:The GEM market, as one of the important components of China's multi-level capital market, has attracted wide attention and shown good prospects for development since its establishment in 2009. In only three years, the number of companies listed on the GEM has reached more than 300, accounting for about one tenth of all listed companies. The market provides a financing platform and growth opportunities for small and medium-sized emerging enterprises and high-growth technology enterprises. It is of great significance for China's economic restructuring, industrial restructuring and supporting the development of innovative enterprises.
The capital structure of the listed companies on GEM is different from that of the listed companies on the main board. The capital structure will affect the corporate governance structure and operation behavior, and ultimately affect the performance level of the enterprises. Therefore, the optimization of the capital structure can improve the governance level of the listed companies on GEM and improve the corporate performance. The annual report data from year to 2011 are used as research samples to measure the performance of enterprises by the return on equity and Tobin Q. Empirical analysis is made with the explanatory variables of capital structure of listed companies on GEM. The impact of capital structure on the performance of listed companies on GEM is studied and policy suggestions are given to optimize capital structure and corporate performance. The results show that the debt scale of listed companies on GEM is negatively correlated with corporate performance; the ownership concentration is positively correlated with corporate performance; the proportion of state shares is not significantly correlated with corporate performance; corporate shares are negatively correlated with corporate performance; and the proportion of circulating shares is negatively correlated with corporate performance. Empirical research has pointed out the relationship between capital structure and performance of Listed Companies in GEM, which has a certain reference significance for the reasonable optimization of capital structure and future research.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
【参考文献】
相关期刊论文 前3条
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