發(fā)布時間：2018-04-28 16:07

  本文選題：上市公司 + 電力行業(yè)�。� 參考：《長沙理工大學(xué)》2013年碩士論文

【摘要】：關(guān)于上市公司融資結(jié)構(gòu)與績效相關(guān)性的研究是國內(nèi)外學(xué)術(shù)界進(jìn)行公司金融研究的熱點問題之一，目的就在于優(yōu)化上市公司的融資結(jié)構(gòu)，進(jìn)而促進(jìn)上市公司經(jīng)營績效的提高。本文介紹了西方融資結(jié)構(gòu)理論中幾種主流的理論觀點，包括古典融資結(jié)構(gòu)理論、MM定理、權(quán)衡理論、代理理論、信號傳遞理論、優(yōu)序融資理論，選擇了我國電力行業(yè)上市公司2007-2011年的相關(guān)數(shù)據(jù)進(jìn)行實證分析，運用統(tǒng)計分析方法分析了樣本公司融資結(jié)構(gòu)的發(fā)展現(xiàn)狀，說明了其存在的一些特點，然后選取凈資產(chǎn)收益率、每股收益、營業(yè)利潤率、利息保障倍數(shù)、營業(yè)收入增長率、托賓Q值作為衡量公司績效的指標(biāo)來進(jìn)行因子分析，最后利用因子分析的結(jié)果結(jié)合融資結(jié)構(gòu)指標(biāo)采用面板數(shù)據(jù)模型對電力行業(yè)上市公司的融資結(jié)構(gòu)與經(jīng)營績效的相關(guān)性進(jìn)行實證分析，得出了以下幾點主要結(jié)論：第一，經(jīng)營績效與資產(chǎn)負(fù)債率有顯著的負(fù)線性相關(guān)關(guān)系，與流動負(fù)債占總資產(chǎn)之比呈顯著的負(fù)線性相關(guān)關(guān)系，與長期負(fù)債占總資產(chǎn)之比呈顯著的負(fù)線性相關(guān)關(guān)系；第二，，從實證結(jié)果的系數(shù)絕對值上看，流動負(fù)債占總資產(chǎn)之比的回歸系數(shù)大于長期負(fù)債占總資產(chǎn)之比的回歸系數(shù)；第三，經(jīng)營績效與內(nèi)源融資率呈顯著的正線性相關(guān)關(guān)系，與股權(quán)融資率呈較為微弱的正線性相關(guān)關(guān)系，與債權(quán)融資率呈顯著的負(fù)線性相關(guān)關(guān)系；第四，經(jīng)營績效與前五大股東持股比例平方和關(guān)系不顯著。在實證結(jié)果的基礎(chǔ)上，本文提出了以下幾點政策建議：降低資產(chǎn)負(fù)債率，提高債券籌資比例，合理安排負(fù)債結(jié)構(gòu)。
[Abstract]:The research on the correlation between financing structure and performance of listed companies is one of the hot issues in the research of corporate finance at home and abroad. The purpose is to optimize the financing structure of listed companies and to promote the improvement of operating performance of listed companies. This paper introduces several mainstream theories in western financing structure theory, including classical financing structure theory and MM theorem, tradeoff theory, agency theory, signal transmission theory, priority financing theory, etc. This paper selects the relevant data of the listed companies in China's electric power industry from 2007 to 2011 to carry on the empirical analysis, analyzes the development status of the sample company's financing structure by using the statistical analysis method, explains some characteristics of its existence, and then selects the net assets return rate. Earnings per share, operating profit margin, interest guarantee multiple, revenue growth rate and Tobin Q are used as indicators to measure the company's performance. Finally, using the results of factor analysis combined with financing structure indicators to use panel data model to analyze the correlation between financing structure and operating performance of listed companies in electric power industry. The main conclusions are as follows: first, There is a significant negative linear correlation between operating performance and asset-liability ratio, a significant negative linear correlation with the ratio of current liabilities to total assets, and a significant negative linear correlation with the ratio of long-term liabilities to total assets. From the absolute value of the empirical results, the regression coefficient of the ratio of current liabilities to total assets is greater than that of long-term liabilities to total assets. Thirdly, there is a significant positive linear correlation between operating performance and endogenous financing ratio. There is a weak positive linear correlation with the equity financing rate and a significant negative linear correlation with the debt financing rate. Fourth, there is no significant relationship between the operating performance and the square sum of the shareholding ratio of the top five shareholders. Based on the empirical results, this paper puts forward the following policy suggestions: to reduce the ratio of assets and liabilities, to increase the proportion of bond financing, and to arrange the structure of debt reasonably.
【學(xué)位授予單位】：長沙理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.61

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本文編號：1815964