本文選題：造紙工業(yè)　切入點(diǎn)：上市公司　出處：《中南林業(yè)科技大學(xué)》2013年碩士論文

【摘要】：造紙工業(yè)在促進(jìn)就業(yè)以及拉動(dòng)我國(guó)經(jīng)濟(jì)增長(zhǎng)方面發(fā)揮著巨大作用。但是,近幾年來(lái)國(guó)際國(guó)內(nèi)經(jīng)濟(jì)形勢(shì)雙雙向下,使得造紙工業(yè)發(fā)展進(jìn)入了一個(gè)比較困難的時(shí)期。企業(yè)的發(fā)展壯大是眾多因素共同作用的結(jié)果,而資本結(jié)構(gòu)因素是其中最重要的因素之一,資本結(jié)構(gòu)的合理與否將直接影響到企業(yè)的盈利水平。有鑒于此,本文將對(duì)造紙工業(yè)資本結(jié)構(gòu)與公司經(jīng)營(yíng)績(jī)效之間的關(guān)系進(jìn)行深入研究,并探討是否存在的最優(yōu)資本結(jié)構(gòu)使企業(yè)績(jī)效達(dá)到最大化。 本文首先對(duì)資本結(jié)構(gòu)與公司績(jī)效兩個(gè)主要的研究因素的概念進(jìn)行了界定,并詳細(xì)回顧了一些探究資本結(jié)構(gòu)與公司績(jī)效之間關(guān)系的理論。隨后,本文對(duì)我國(guó)造紙工業(yè)整體的發(fā)展水平及當(dāng)前面臨的問(wèn)題進(jìn)行了一定的分析,并以22家上市公司財(cái)務(wù)數(shù)據(jù)為樣本進(jìn)行了詳盡的描述性統(tǒng)計(jì)分析。結(jié)果發(fā)現(xiàn),造紙業(yè)上市公司存在著負(fù)債水平偏高,債務(wù)結(jié)構(gòu)不合理,流動(dòng)負(fù)債占比過(guò)高等問(wèn)題,且公司的績(jī)效水平在不同年份之間波動(dòng)較大。 為了詳細(xì)研究造紙業(yè)上市公司資本結(jié)構(gòu)與公司績(jī)效之間的關(guān)系,本文借助統(tǒng)計(jì)分析軟件對(duì)上市公司的樣本數(shù)據(jù)進(jìn)行了實(shí)證分析。在因變量公司績(jī)效指標(biāo)的選擇上,本文沒(méi)有采用傳統(tǒng)的單一績(jī)效指標(biāo),而是選用了更加客觀的綜合績(jī)效指標(biāo)。綜合績(jī)效指標(biāo)通過(guò)因子分析的方法計(jì)算得出。在自變量資本結(jié)構(gòu)指標(biāo)的選取上,本文從債務(wù)因素和權(quán)益因素兩個(gè)方面考慮,選取了總負(fù)債率、有息負(fù)債率、股權(quán)集中度、股東性質(zhì)等不同指標(biāo)。實(shí)證分析部分分別使用線(xiàn)性回歸和曲線(xiàn)回歸的方法進(jìn)行了短期和長(zhǎng)期分析。短期分析結(jié)果表明,企業(yè)績(jī)效與總負(fù)債率呈現(xiàn)負(fù)相關(guān)關(guān)系,與有息負(fù)債率及各權(quán)益指標(biāo)之間的關(guān)系并不明確；長(zhǎng)期分析結(jié)果表明：企業(yè)績(jī)效與總負(fù)債率之間呈單調(diào)遞減的關(guān)系,這種關(guān)系可以用單調(diào)遞減的曲線(xiàn)來(lái)描述；理論上不存在使企業(yè)績(jī)效達(dá)到最大化的資本結(jié)構(gòu),提高公司績(jī)效的方法便是盡量使負(fù)債水平降低。 最后,結(jié)合實(shí)證分析的結(jié)論以及造紙工業(yè)的實(shí)際發(fā)展情況,筆者從企業(yè)發(fā)展方面、企業(yè)管理方面、資本結(jié)構(gòu)方面分別提供了一些促進(jìn)我國(guó)造紙工業(yè)發(fā)展的建議。
[Abstract]:Paper industry plays an important role in promoting employment and stimulating economic growth in China.However, in recent years, the international and domestic economic situation is both downward, making the development of paper industry into a relatively difficult period.The development and growth of enterprises is the result of many factors, and the capital structure is one of the most important factors. Whether the capital structure is reasonable or not will directly affect the profit level of enterprises.In view of this, this paper will deeply study the relationship between the capital structure of papermaking industry and the operating performance of the company, and discuss whether the optimal capital structure exists to maximize the enterprise performance.Firstly, this paper defines the concepts of capital structure and corporate performance, and reviews in detail some theories on the relationship between capital structure and corporate performance.Then, this paper analyzes the overall development level of China's papermaking industry and the current problems, and carries on detailed descriptive statistical analysis with 22 listed companies' financial data as a sample.The results show that the listed companies in paper industry have some problems, such as high debt level, unreasonable debt structure and high current debt ratio, and the performance level of the company fluctuates greatly between different years.In order to study the relationship between capital structure and corporate performance of listed companies in paper industry, this paper makes an empirical analysis of the sample data of listed companies by means of statistical analysis software.In the choice of dependent variable corporate performance indicators, this paper does not adopt the traditional single performance indicators, but selects more objective comprehensive performance indicators.Comprehensive performance indicators are calculated by factor analysis.In the selection of independent variable capital structure index, this paper selects different indexes, such as total debt ratio, interest-bearing debt ratio, equity concentration degree and shareholder property, from two aspects: debt factor and equity factor.In the part of empirical analysis, linear regression and curve regression are used for short-term and long-term analysis respectively.The results of short-term analysis show that the relationship between enterprise performance and total debt ratio is negative, and the relationship between enterprise performance and total debt ratio is not clear, and the long-term analysis results show that the relationship between enterprise performance and total debt ratio is monotone decreasing.In theory, there is no capital structure to maximize firm performance. The way to improve corporate performance is to reduce debt level as far as possible.Finally, combined with the conclusion of empirical analysis and the actual development of paper industry, the author provides some suggestions to promote the development of China's paper industry from the aspects of enterprise development, enterprise management and capital structure.
【學(xué)位授予單位】：中南林業(yè)科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F426.83

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