本文選題：信息技術企業(yè)　切入點：資本結構　出處：《山東師范大學》2017年碩士論文

【摘要】：隨著經濟全球化時代的到來,我國的經濟體制模式正在由計劃經濟逐步向市場經濟進行轉化,在這個過程之中,信息技術行業(yè)發(fā)展迅猛,并且對我國整個經濟發(fā)展的影響越來越大,成為我國經濟高速發(fā)展的新興經濟增長點。然而一個企業(yè)的發(fā)展水平往往受到很多因素的影響,其中關鍵的一個因素就是資本結構,完善的資本結構,能夠使企業(yè)管理層做出合理的決策,制訂符合企業(yè)發(fā)展的企業(yè)策略,進而影響公司價值。完善的資本結構還能夠使企業(yè)償還債務的能力提高,以及能夠很好地控制財務風險,從而給企業(yè)帶來更多的利潤,因此確定最優(yōu)的資本結構對企業(yè)來說意義重大。本文在介紹資本結構與企業(yè)價值的相關理論的前提下,選取信息技術行業(yè)來對資本結構與企業(yè)價值的相關性進行實證研究,運用面板門檻模型找到了成長能力和企業(yè)規(guī)模兩個門檻變量,并在各自的門檻區(qū)間得到以下結論:當以成長能力作為門檻變量時,得到了三個門檻值并劃分為四個門檻區(qū)間,這四個門檻區(qū)間分別為高成長能力、一般成長能力、低成長能力以及負成長能力;當企業(yè)在負成長能力、低成長能力以及一般成長能力時,資本結構與企業(yè)價值是負向關系,并且影響程度是逐漸減弱的,當企業(yè)為高成長能力時,資本結構與企業(yè)價值的相關性變?yōu)檎嚓P。當以企業(yè)規(guī)模作為門檻變量時,得到了兩個門檻值并劃分為三個門檻區(qū)間,根據門檻區(qū)間把企業(yè)劃分大型企業(yè)、中等規(guī)模企業(yè)和小型企業(yè)。小型企業(yè)和中等規(guī)模企業(yè)的資本結構與企業(yè)價值的相關性為負,并且影響程度逐漸減弱,大型企業(yè)資本結構對企業(yè)價值的影響作用是正向的。最后得出完善資本結構的建議和意見,針對不同成長能力的企業(yè),當成長能力處于負成長能力、低成長能力和一般成長能力時,可以在可控范圍內適當提高負債率,來提升企業(yè)價值;對于不同規(guī)模的企業(yè),在中小規(guī)模企業(yè)中可以適當提高企業(yè)負債率,以此來提升企業(yè)價值,使企業(yè)價值達到最大化。本文共分了五個章節(jié)來介紹:第一章是緒論,主要介紹了論文研究的背景、意義、研究綜述、主要內容和技術路線,最后是創(chuàng)新點;第二章是資本結構與企業(yè)價值的理論介紹,為后面的研究提供理論依據;第三章闡述了我國信息技術企業(yè)的行業(yè)特點以及資本結構現狀分析,從宏觀的角度來分析我國的信息技術企業(yè)現狀;第四章是實證研究,首先提出假設,選取樣本,以2011年到2015年五年的滬深兩市A股197家信息技術上市公司作為樣本,然后設計變量,選取財務指標,運用面板門檻模型進行回歸分析;第五章,主要結論和啟示,根據資本結構與企業(yè)價值的理論和實證分析得出的研究結果,提出優(yōu)化資本結構,提升企業(yè)價值的合理建議。
[Abstract]:With the arrival of the era of economic globalization, the economic system model of our country is gradually changing from planned economy to market economy. In this process, the information technology industry is developing rapidly. And the influence on the whole economic development of our country is more and more great, becoming the emerging economic growth point of our country's economy at a high speed. However, the development level of an enterprise is often affected by many factors, among which the key factor is the capital structure. The perfect capital structure can make the management of the enterprise make reasonable decision, formulate the enterprise strategy that accords with the development of the enterprise, and then affect the value of the company, and the perfect capital structure can also improve the ability of the enterprise to repay the debt. And can control the financial risk well, thus bring more profits to the enterprise, so it is important to determine the optimal capital structure for the enterprise. This paper introduces the related theories of the capital structure and the enterprise value. This paper selects the information technology industry to carry on the empirical research to the correlation between the capital structure and the enterprise value, uses the panel threshold model to find the growth ability and the enterprise scale two threshold variables, At the same time, the following conclusions are obtained: when the growth ability is taken as the threshold variable, three thresholds are obtained and divided into four threshold intervals, which are respectively high growth ability and general growth ability. When the firm is in the negative growth ability, the low growth ability and the general growth ability, the capital structure and the enterprise value are negative relations, and the influence degree is gradually weakened, when the enterprise is high growth ability, The correlation between capital structure and enterprise value becomes positive correlation. When enterprise size is taken as threshold variable, two thresholds are obtained and divided into three threshold intervals, according to which enterprises are divided into large enterprises. The correlation between the capital structure of small and medium-sized enterprises and the value of enterprises is negative, and the influence degree gradually weakens. The influence of capital structure of large enterprises on enterprise value is positive. Finally, suggestions and opinions on how to improve capital structure are given. For enterprises with different growth abilities, when growth ability is in negative growth capacity, In the case of low growth ability and general growth ability, the debt ratio can be appropriately increased within the scope of control to enhance the enterprise value; for enterprises of different sizes, the debt ratio of small and medium-sized enterprises can be appropriately increased. This paper is divided into five chapters: the first chapter is the introduction, which mainly introduces the background, significance, research summary, main content and technical route of the thesis. The second chapter is the theoretical introduction of capital structure and enterprise value, which provides the theoretical basis for the following research; the third chapter describes the industry characteristics and capital structure analysis of information technology enterprises in China. The fourth chapter is an empirical study. Firstly, the hypothesis is put forward and a sample of 197 IT listed companies in Shanghai and Shenzhen stock markets from 2011 to 2015 is selected as a sample. Then design variables, select financial indicators, use panel threshold model for regression analysis; chapter five, main conclusions and inspiration, according to the theoretical and empirical analysis of capital structure and enterprise value, put forward the optimization of capital structure, Reasonable suggestions for enhancing the value of the enterprise.
【學位授予單位】：山東師范大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F49

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