【摘要】：供給側(cè)結(jié)構(gòu)性改革的目的就是要調(diào)整經(jīng)濟(jì)結(jié)構(gòu),使要素實(shí)現(xiàn)最優(yōu)配置,提升經(jīng)濟(jì)增長的質(zhì)量和數(shù)量。搞對(duì)投資結(jié)構(gòu)是供給側(cè)改革的關(guān)鍵,國家宏觀的戰(zhàn)略性投資來引領(lǐng)企業(yè)微觀的盈利性投資,目的就是保證我國經(jīng)濟(jì)的平穩(wěn)運(yùn)行,企業(yè)價(jià)值穩(wěn)步上升。對(duì)企業(yè)基礎(chǔ)性生產(chǎn)要素的合理投資是解決當(dāng)前經(jīng)濟(jì)困難和推動(dòng)新一輪長期經(jīng)濟(jì)增長的關(guān)鍵。我國是制造業(yè)大國,工業(yè)化進(jìn)程過程中,制造業(yè)是國民經(jīng)濟(jì)的重要支柱,然而PMI制造業(yè)指數(shù)下降及產(chǎn)能過剩是我國制造業(yè)目前面臨的重大問題。制造業(yè)投資結(jié)構(gòu)調(diào)整,轉(zhuǎn)型升級(jí)將為中國的經(jīng)濟(jì)穩(wěn)定發(fā)展增添強(qiáng)勁的動(dòng)力。改變企業(yè)的資產(chǎn)結(jié)構(gòu)會(huì)對(duì)企業(yè)價(jià)值產(chǎn)生怎樣的影響?不同的資產(chǎn)結(jié)構(gòu)會(huì)給企業(yè)帶來不同的經(jīng)營風(fēng)險(xiǎn)水平,那么資產(chǎn)結(jié)構(gòu)對(duì)企業(yè)價(jià)值的影響是否會(huì)受到經(jīng)營風(fēng)險(xiǎn)的影響?經(jīng)營風(fēng)險(xiǎn)在二者關(guān)系之間發(fā)揮著怎樣的作用?論文在回顧和概括國內(nèi)外關(guān)于資產(chǎn)結(jié)構(gòu)、經(jīng)營風(fēng)險(xiǎn)及企業(yè)價(jià)值關(guān)系的文獻(xiàn)的基礎(chǔ)上,選取全部A股制造業(yè)上市公司為研究樣本,檢驗(yàn)我國制造業(yè)上市公司不同的資產(chǎn)形態(tài)占總資產(chǎn)的比重對(duì)企業(yè)價(jià)值的影響,經(jīng)營風(fēng)險(xiǎn)對(duì)資產(chǎn)結(jié)構(gòu)和企業(yè)價(jià)值的中介效應(yīng)及其類型,在理論和實(shí)踐上能夠指導(dǎo)和完善資產(chǎn)結(jié)構(gòu)優(yōu)化機(jī)制。研究結(jié)果表明制造業(yè)上市公司:(1)資產(chǎn)結(jié)構(gòu)與企業(yè)價(jià)值存在顯著的相關(guān)關(guān)系。(2)經(jīng)營風(fēng)險(xiǎn)與企業(yè)價(jià)值顯著負(fù)相關(guān),兩者的相關(guān)性研究結(jié)果與“高風(fēng)險(xiǎn),高收益”的觀點(diǎn)恰恰相反,企業(yè)的經(jīng)營風(fēng)險(xiǎn)越高企業(yè)的價(jià)值越小;(3)經(jīng)營風(fēng)險(xiǎn)在資產(chǎn)結(jié)構(gòu)與企業(yè)價(jià)值的關(guān)系之間存在中介效應(yīng),對(duì)二者的關(guān)系有增強(qiáng)的作用。因此,我國制造業(yè)上市公司應(yīng)依據(jù)企業(yè)的發(fā)展需要理性投資,滿足企業(yè)生產(chǎn)經(jīng)營,構(gòu)建合理的資產(chǎn)結(jié)構(gòu),將經(jīng)營風(fēng)險(xiǎn)控制在合理的范圍內(nèi),從而提高企業(yè)價(jià)值。
[Abstract]:The purpose of supply-side structural reform is to adjust the economic structure, to optimize the allocation of factors, and to improve the quality and quantity of economic growth. Investment structure is the key to supply-side reform. National macro-strategic investment leads the micro-profit investment of enterprises in order to ensure the smooth operation of our economy and the steady increase of enterprise value. Reasonable investment in basic production factors of enterprises is the key to solve the current economic difficulties and promote a new round of long-term economic growth. China is a big manufacturing country. In the process of industrialization, manufacturing industry is an important pillar of national economy. However, the decline of PMI manufacturing index and overcapacity are the major problems faced by China's manufacturing industry at present. The adjustment of manufacturing investment structure and the transformation and upgrading will add strong impetus to the stable development of China's economy. What is the impact of changing the asset structure of the enterprise on the value of the enterprise? Different asset structure will bring different levels of business risk to enterprises, so whether the impact of asset structure on enterprise value will be affected by business risk? What role does operational risk play in the relationship between the two? On the basis of reviewing and summarizing the domestic and foreign literatures on the relationship between asset structure, business risk and enterprise value, this paper selects all listed A-share manufacturing companies as research samples. This paper examines the influence of different asset forms in the total assets of listed manufacturing companies on the value of enterprises, and the intermediary effects and types of business risks on the structure and value of the enterprises, as well as the effects of business risks on the structure and value of the enterprises. In theory and practice, it can guide and improve the optimization mechanism of asset structure. The results show that: (1) there is a significant correlation between asset structure and enterprise value; (2) there is a significant negative correlation between business risk and enterprise value. The view of "high return" is just the opposite, the higher the business risk of the enterprise, the smaller the value of the enterprise; (3) Management risk has intermediary effect on the relationship between asset structure and enterprise value, which enhances the relationship between them. Therefore, the listed manufacturing companies of our country should make rational investment according to the development of enterprises, satisfy the production and operation of enterprises, construct a reasonable asset structure, and control the management risk within a reasonable range, so as to improve the value of enterprises.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F425;F406.7

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