本文選題：創(chuàng)業(yè)板 + 資本結(jié)構(gòu)��； 參考：《天津科技大學》2012年碩士論文

【摘要】：資本結(jié)構(gòu)問題是一個具有重大理論價值和實踐意義的研究課題,同時也是現(xiàn)代企業(yè)財務(wù)管理的核心問題,其設(shè)置狀況是否合理對創(chuàng)業(yè)板上市公司財務(wù)績效的提高有著重要的影響。公司的資本結(jié)構(gòu)理論自1958年以來就成為證券市場的熱點問題。對于“資本結(jié)構(gòu)影響財務(wù)績效”這一結(jié)論已被大家所承認,但對于“資本結(jié)構(gòu)是怎樣影響財務(wù)績效的”這個問題暫時還沒有明確統(tǒng)一的定論。財務(wù)學家們一直在努力尋求資本結(jié)構(gòu)與財務(wù)績效的關(guān)系,并且有許多財務(wù)學家從不同角度提出了不同的資本結(jié)構(gòu)理論,如：信號傳遞理論,融資順序理論,控制權(quán)理論和代理成本理論等等。研究資本結(jié)構(gòu)的目的在于為資本結(jié)構(gòu)和公司財務(wù)績效的關(guān)系提供理論解釋和預(yù)言,在實踐中為資本結(jié)構(gòu)的優(yōu)化、財務(wù)績效的提高提供理論指導(dǎo)。那么,我國創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)與財務(wù)績效的關(guān)系到底如何,怎樣才能優(yōu)化創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu),提高上市公司的財務(wù)績效,將是本文研究的重點。 本文主要以我國創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)對財務(wù)績效的影響為研究對象,從理論和實證兩個角度探討了中國上市公司資本結(jié)構(gòu)對財務(wù)績效的影響。本文研究是按照“提出問題——分析問題——解決問題”的線索展開的。首先,本文介紹了我國創(chuàng)業(yè)板的一些基本特征,以及其與主板、國外創(chuàng)業(yè)板的區(qū)別；其次,分別分析了創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)、財務(wù)績效的情況。緊接著,本文利用我國證券市場上市公司2010年的財務(wù)數(shù)據(jù)對我國上市公司的資本結(jié)構(gòu)與財務(wù)績效的關(guān)系進行了實證分析,以企業(yè)綜合的財務(wù)績效指標作為被解釋變量,以資產(chǎn)負債率、長期資產(chǎn)負債率兩個資本結(jié)構(gòu)指標作為解釋變量,并運用SPSS軟件進行線性回歸分析。分析結(jié)果表明：資產(chǎn)負債率與財務(wù)績效成負相關(guān),長期資產(chǎn)負債率與財務(wù)績效沒有線性關(guān)系。最后,本文提出了如何優(yōu)化我國上市公司資本結(jié)構(gòu),提高上市公司財務(wù)績效的建議。
[Abstract]:The problem of capital structure is a research subject of great theoretical value and practical significance, and it is also the core problem of modern enterprise financial management.Whether the setting status is reasonable or not has an important influence on the improvement of financial performance of gem listed companies.The capital structure theory of the company has been a hot issue in the stock market since 1958.The conclusion that capital structure affects financial performance has been recognized, but there is no clear and unified conclusion on how capital structure affects financial performance.Financial scientists have been trying to find the relationship between capital structure and financial performance, and many financial experts have put forward different capital structure theory from different angles, such as signaling theory, financing sequence theory.Control right theory and agency cost theory and so on.The purpose of this study is to provide theoretical explanations and predictions for the relationship between capital structure and corporate financial performance, and to provide theoretical guidance for the optimization of capital structure and the improvement of financial performance in practice.So, what is the relationship between the capital structure and financial performance of the listed companies on the gem, how to optimize the capital structure of the listed companies on the gem, and how to improve the financial performance of the listed companies will be the focus of this paper.This paper focuses on the influence of the capital structure on the financial performance of the listed companies in China's gem, and discusses the impact of the capital structure on the financial performance of the listed companies in China from both theoretical and empirical perspectives.The research in this paper is carried out according to the clue of "posing problem-analyzing problem-solving problem".Firstly, this paper introduces some basic characteristics of gem in our country, and the differences between gem and the main board and foreign gem. Secondly, it analyzes the capital structure and financial performance of gem listed companies.Then, this paper makes an empirical analysis of the relationship between capital structure and financial performance of listed companies in our country by using the financial data of listed companies in China's securities market in 2010, taking the comprehensive financial performance index of enterprises as the explanatory variable.The two capital structure indexes, asset-liability ratio and long-term asset-liability ratio, are taken as explanatory variables, and linear regression analysis is carried out by using SPSS software.The results show that the asset-liability ratio is negatively correlated with the financial performance, while the long-term asset-liability ratio has no linear relationship with the financial performance.Finally, the paper puts forward some suggestions on how to optimize the capital structure and improve the financial performance of listed companies.
【學位授予單位】：天津科技大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F275

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