本文選題：創(chuàng)業(yè)板市場 + 行業(yè)��； 參考：《華北電力大學(xué)》2017年碩士論文

【摘要】：資本結(jié)構(gòu)理論一直是國內(nèi)外學(xué)術(shù)界探討的熱點(diǎn)課題。西方發(fā)達(dá)國家早已形成較為系統(tǒng)完善的資本結(jié)構(gòu)理論,而我國關(guān)于資本結(jié)構(gòu)理論研究的起步較晚,并且現(xiàn)有的研究基本集中在滬深主板市場,鮮有研究涉及創(chuàng)業(yè)板市場。我國創(chuàng)業(yè)板市場是2009年成立的、專為我國高科技中小企業(yè)提供融資渠道的平臺,已成為我國資本市場重要的組成部分。然而,隨著創(chuàng)業(yè)板市場的不斷發(fā)展,其資本結(jié)構(gòu)不合理問題已日漸暴露出來,并且行業(yè)間差異明顯,影響到整個創(chuàng)業(yè)板市場公司績效的提高。因此,以創(chuàng)業(yè)板市場作為研究主體,同時分行業(yè)研究資本結(jié)構(gòu)對公司績效的影響迫在眉睫。正是基于這樣的背景下,本文選取了所有創(chuàng)業(yè)板上市公司2010年—2015年這6年的年報相關(guān)數(shù)據(jù),根據(jù)證監(jiān)會2012年頒布的《上市公司行業(yè)分類指引》(修訂版)中關(guān)于行業(yè)類型劃分的規(guī)定,以創(chuàng)業(yè)板市場總體的資本結(jié)構(gòu)情況和資本結(jié)構(gòu)與公司績效關(guān)系情況作為基準(zhǔn)點(diǎn),首先對創(chuàng)業(yè)板各行業(yè)資本結(jié)構(gòu)情況進(jìn)行了描述性統(tǒng)計分析,得出各行業(yè)的資本結(jié)構(gòu)特點(diǎn),并劃分出三種相對于創(chuàng)業(yè)板市場總體的資本結(jié)構(gòu)類型。接著,本文開始具體分行業(yè)研究資本結(jié)構(gòu)對公司績效的影響。本文提出兩個研究假設(shè),即(1)資產(chǎn)負(fù)債率與公司績效負(fù)相關(guān),(2)長期資本負(fù)債率與公司績效負(fù)相關(guān),再以總資產(chǎn)凈利率作為被解釋變量,資產(chǎn)負(fù)債率、長期資本負(fù)債率作為解釋變量,總資產(chǎn)自然對數(shù)、營業(yè)收入增長率作為控制變量,設(shè)計了回歸分析的模型,采用偏相關(guān)分析、多元線性回歸分析等方法進(jìn)行了檢驗(yàn)。經(jīng)分析,驗(yàn)證了本文的假設(shè),得到不同行業(yè)類型下,其公司資本結(jié)構(gòu)情況是不盡相同的,并且資本結(jié)構(gòu)和公司績效的關(guān)系也存在一定差異。本文另外選取了制造業(yè)、批發(fā)和零售業(yè)、農(nóng)林牧漁業(yè)這三個行業(yè)分別作為三種資本結(jié)構(gòu)類型的行業(yè)代表,重點(diǎn)分析了這些行業(yè)的資本結(jié)構(gòu)情況以及公司績效與資本結(jié)構(gòu)關(guān)系的成因。最后,結(jié)合美國納斯達(dá)克市場相關(guān)發(fā)展經(jīng)驗(yàn),本文提出在今后對于創(chuàng)業(yè)板市場資本結(jié)構(gòu)和公司績效關(guān)系的研究中,應(yīng)重視行業(yè)因素的影響,即在行業(yè)視角下探究資本結(jié)構(gòu)和公司績效關(guān)系,應(yīng)把二者統(tǒng)一起來。除此以外,本文也對創(chuàng)業(yè)板市場總體公司績效的提高提出了相關(guān)建議。本文分行業(yè)研究創(chuàng)業(yè)板市場資本結(jié)構(gòu)對公司績效的影響問題,并且提出了有針對性的建議政策,在一定程度上豐富完善了我國的資本結(jié)構(gòu)理論,同時對我國創(chuàng)業(yè)板各行業(yè)公司的發(fā)展具有一定的指導(dǎo)意義。
[Abstract]:The theory of capital structure has always been a hot topic in academic circles at home and abroad. The western developed countries have already formed a more systematic and perfect capital structure theory, but the research on capital structure theory in our country started relatively late, and the existing research is basically concentrated in the main board market of Shanghai and Shenzhen, and there is little research on the gem market. The gem market of our country was established in 2009. It is a platform for providing financing channels for high-tech SMEs in our country. It has become an important part of the capital market of our country. However, with the continuous development of the gem market, the unreasonable capital structure has been exposed day by day, and the difference between industries is obvious, which affects the improvement of the performance of the whole gem market. Therefore, it is urgent to study the influence of capital structure on company performance by industry. It is based on this background, this paper selected all gem listed companies from 2010 to 2015 the annual report of the relevant data, According to the regulations on industry classification of listed companies issued by the Securities Regulatory Commission in 2012 (revised edition), taking the overall capital structure of the gem market and the relationship between capital structure and corporate performance as the reference points, Firstly, the paper makes a descriptive statistical analysis on the capital structure of every industry in the gem, obtains the characteristics of the capital structure of each industry, and classifies three types of capital structure relative to the gem market as a whole. Then, this paper begins to study the impact of capital structure on corporate performance by industry. This paper puts forward two hypotheses: (1) negative correlation between asset-liability ratio and corporate performance, (2) negative correlation between long-term capital-liability ratio and corporate performance, and then, taking net interest rate of total assets as explained variable, asset-liability ratio, The long-term capital debt ratio is taken as the explanatory variable, the natural logarithm of total assets and the growth rate of operating income as control variables. The regression model is designed and tested by partial correlation analysis and multivariate linear regression analysis. Through analysis, the hypothesis of this paper is verified. Under different industry types, the situation of corporate capital structure is different, and the relationship between capital structure and corporate performance is also different. In addition, this paper selects the manufacturing, wholesale and retail industries, agriculture, forestry, animal husbandry and fishery as the representatives of the three types of capital structure. The capital structure of these industries and the causes of the relationship between corporate performance and capital structure are analyzed. Finally, based on the relevant development experience of NASDAQ, this paper puts forward that in the future research on the relationship between the capital structure of gem market and corporate performance, we should pay attention to the influence of industry factors. That is to explore the relationship between capital structure and corporate performance from the perspective of industry, the two should be unified. In addition, this paper also puts forward some suggestions to improve the overall performance of gem market. This paper studies the influence of the capital structure of the gem market on the performance of the company by industry, and puts forward some targeted policies, which enriches and perfects the theory of capital structure in China to a certain extent. At the same time, it has certain guiding significance to the development of every industry company in gem of our country.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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