本文選題：資本結(jié)構(gòu) + 上市公司��； 參考：《浙江工業(yè)大學(xué)》2012年碩士論文

【摘要】：作為經(jīng)濟(jì)運(yùn)行中的市場(chǎng)主體,企業(yè)在國(guó)家經(jīng)濟(jì)發(fā)展過(guò)程中起到了舉足輕重的作用,企業(yè)的國(guó)際競(jìng)爭(zhēng)力問(wèn)題成為各國(guó)學(xué)者研究的熱點(diǎn)。同時(shí),隨著我國(guó)資本市場(chǎng)的不斷完善和發(fā)展,如何優(yōu)化上市公司的資本結(jié)構(gòu)和提升國(guó)際競(jìng)爭(zhēng)力問(wèn)題,受到國(guó)內(nèi)學(xué)者越來(lái)越多的關(guān)注。 本文首先從相關(guān)理論文獻(xiàn)的分析中整理出本文的技術(shù)路線(xiàn)和創(chuàng)新點(diǎn),并在此基礎(chǔ)上構(gòu)建企業(yè)國(guó)際競(jìng)爭(zhēng)力評(píng)價(jià)體系,以及資本結(jié)構(gòu)與企業(yè)國(guó)際競(jìng)爭(zhēng)力作用機(jī)制的理論模型。接著,本文選取滬深兩市制造業(yè)75家上市公司10年的面板數(shù)據(jù),進(jìn)行比較和實(shí)證分析,實(shí)證結(jié)果表明：行業(yè)因素對(duì)我國(guó)上市公司的資本結(jié)構(gòu)有較大影響,資本結(jié)構(gòu)與凈資產(chǎn)收益率呈顯著負(fù)相關(guān),而與勞動(dòng)生產(chǎn)率顯著正相關(guān),第一大股東持股比例與企業(yè)勞動(dòng)生產(chǎn)率顯著負(fù)相關(guān)。 此外,本文又選取了美國(guó)紐交所鋼鐵和飲料行業(yè)面板樣本數(shù)據(jù),同時(shí)選取我國(guó)同行業(yè)同時(shí)期上市公司的數(shù)據(jù)共同作為研究樣本,進(jìn)行跨國(guó)跨行業(yè)比較和實(shí)證分析,結(jié)果表明：行業(yè)因素對(duì)資本結(jié)構(gòu)影響顯著；我國(guó)上市公司的資本結(jié)構(gòu)和國(guó)際競(jìng)爭(zhēng)力的代理值均低于美國(guó)同行業(yè)上市公司的代理值；上市公司的資本結(jié)構(gòu)與凈資產(chǎn)收益率和勞動(dòng)生產(chǎn)率有顯著相關(guān)關(guān)系,但是受行業(yè)、國(guó)家和時(shí)期等因素的影響較大,且與兩者的變動(dòng)方向、相關(guān)系數(shù)及顯著水平均存在明顯差異。 最后,在前述研究成果的基礎(chǔ)上,本文提出了有關(guān)進(jìn)一步優(yōu)化上市公司資本結(jié)構(gòu)和提升其國(guó)際競(jìng)爭(zhēng)力的相關(guān)政策建議。
[Abstract]:As the main body of market in economic operation, enterprises play an important role in the process of national economic development, and the international competitiveness of enterprises has become a hot topic for scholars in various countries. At the same time, with the continuous improvement and development of China's capital market, how to optimize the capital structure of listed companies and enhance their international competitiveness, Domestic scholars pay more and more attention to it. Firstly, from the analysis of relevant theoretical documents, this paper collates the technical route and innovation points of this paper, and on this basis, constructs the evaluation system of enterprises' international competitiveness. And the theoretical model of capital structure and the mechanism of enterprise's international competitiveness. Then, this paper selects the panel data of 75 listed companies in Shanghai and Shenzhen stock markets for 10 years, and makes a comparative analysis and empirical analysis. The empirical results show that the industry factors have a great impact on the capital structure of listed companies in China. The capital structure has a significant negative correlation with the return on net assets, while it is positively correlated with the labor productivity, and the proportion of the first largest shareholder has a significant negative correlation with the labor productivity of the enterprise. This paper also selects the steel and beverage industry panel sample data of the New York Stock Exchange of the United States, and selects the data of the same industry and the same period listed companies in our country as the research sample, carries on the transnational cross-industry comparison and the empirical analysis. The results show that the capital structure and the agency value of the international competitiveness of the listed companies in China are lower than those of the listed companies in the same industry in the United States. The capital structure of listed companies has a significant correlation with the rate of return on net assets and labor productivity, but it is greatly affected by industry, country and period, and it is also related to the direction of change of both. There are significant differences in correlation coefficient and significant level. Finally, on the basis of the above research results, this paper puts forward the relevant policy recommendations on further optimizing the capital structure of listed companies and enhancing their international competitiveness.
【學(xué)位授予單位】：浙江工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51

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