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  本文關(guān)鍵詞： 融資結(jié)構(gòu) 公司價值 創(chuàng)業(yè)板　出處：《西南交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：公司價值是財務(wù)管理學(xué)中非常重要的概念,財務(wù)管理的目標是增加公司價值,公司的籌資活動、投資活動、營運資本管理活動都是圍繞公司價值創(chuàng)造展開。影響公司價值的因素涉及到管理學(xué)、財務(wù)學(xué)和經(jīng)濟學(xué)的很多方面,其中融資結(jié)構(gòu)對公司價值影響的研究是學(xué)術(shù)界的熱點。國內(nèi)對于融資結(jié)構(gòu)與公司價值關(guān)系的研究多集中于主板市場,創(chuàng)業(yè)板是我國2009年新推出的市場板塊,對創(chuàng)業(yè)板公司融資結(jié)構(gòu)對公司價值影響的研究很少。本文在以往研究的基礎(chǔ)上,對相關(guān)理論進行闡述,并實證檢驗了創(chuàng)業(yè)板公司融資結(jié)構(gòu)對公司價值的影響。 本文在文獻回顧的基礎(chǔ)上,采用實證分析方法,利用2010～2011年創(chuàng)業(yè)板上市公司和上證A股上市公司數(shù)據(jù),對創(chuàng)業(yè)板上市公司的融資結(jié)構(gòu)表現(xiàn)以及融資結(jié)構(gòu)與公司價值之間的關(guān)系進行研究,并將研究結(jié)果與上證A股上市公司的研究結(jié)果進行對比,觀察創(chuàng)業(yè)板上市公司與上證A股上市公司的研究結(jié)果是否存在差異,同時對差異形成的原因進行推測和分析。 研究結(jié)果表明：(1)我國創(chuàng)業(yè)板上市公司總體負債水平偏低,負債總體水平與公司價值顯著正相關(guān),而上證A股總體負債水平與公司價值顯著負相關(guān),兩者之間差異顯著。(2)創(chuàng)業(yè)板上市公司債務(wù)融資期限結(jié)構(gòu)不合理,短期負債比例偏高,長期負債比例偏低,其中短期負債比例與公司價值顯著正相關(guān),長期負債比例與公司價值顯著負相關(guān),且創(chuàng)業(yè)板與上證A股公司債務(wù)期限結(jié)構(gòu)對公司價值的影響存在顯著差異。(3)我國創(chuàng)業(yè)板上市公司的股權(quán)結(jié)構(gòu)相對集中,股權(quán)結(jié)構(gòu)與公司價值之間存在倒“U”型的關(guān)系,這與上證A股上市公司得出的結(jié)論一致。 最后,根據(jù)本文實證研究結(jié)果,結(jié)合我國的實際情況,為改善我國創(chuàng)業(yè)板公司的融資結(jié)構(gòu)提出了相關(guān)政策建議。
[Abstract]:Corporate value is a very important concept in financial management, the goal of financial management is to increase the value of the company, the financing activities of the company, investment activities, Working capital management activities revolve around the creation of corporate value. The factors affecting corporate value involve many aspects of management, finance and economics. Among them, the research on the influence of financing structure on corporate value is a hot topic in academic circles. The domestic research on the relationship between financing structure and corporate value is mainly focused on the main board market, and the gem is the new market plate in 2009. There is little research on the influence of gem financing structure on corporate value. Based on the previous research, this paper expounds the relevant theories, and empirically tests the effect of gem financing structure on corporate value. On the basis of literature review, this paper uses empirical analysis method to make use of the data of listed companies in gem and A shares in Shanghai Stock Exchange from 2010 to 2011. This paper studies the performance of financing structure and the relationship between financing structure and company value of gem listed companies, and compares the results with those of listed companies listed in Shanghai Stock Exchange. To observe whether there are differences in the research results between gem listed companies and Shanghai A-listed companies, and to speculate and analyze the causes of the differences. The results show that the total debt level of gem listed companies in China is low, the total debt level is positively correlated with the company value, while the total debt level of Shanghai A shares is significantly negative correlation with the company value. The difference between the two is significant. (2) the debt financing term structure of gem listed companies is unreasonable, the proportion of short-term liabilities is on the high side, and the proportion of long-term liabilities is low, among which the proportion of short-term liabilities is significantly positively related to the value of the company. The long-term debt ratio is negatively correlated with the company value, and there is a significant difference between the debt maturity structure of the gem and the Shanghai Stock Exchange A share company on the value of the company. (3) the equity structure of the listed companies in the gem is relatively concentrated. There is an inverted "U" relationship between ownership structure and corporate value, which is consistent with the conclusion of listed companies listed in A shares of Shanghai Stock Exchange. Finally, according to the empirical results of this paper, combined with the actual situation in China, the paper puts forward relevant policy recommendations for improving the financing structure of gem companies in China.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：1545617