本文選題：創(chuàng)業(yè)板上市公司 + 資本結(jié)構(gòu)��； 參考：《陜西科技大學(xué)》2013年碩士論文

【摘要】：經(jīng)過十年的籌備，首批28家創(chuàng)業(yè)板公司于2009年10月30日正式在深圳證券交易所上市，短短三年多時(shí)間，創(chuàng)業(yè)板市場(chǎng)發(fā)展迅猛。截止到2012年12月31日，創(chuàng)業(yè)板市場(chǎng)共有355家上市企業(yè)，這意味著越來越多的中小企業(yè)登陸資本市場(chǎng)。創(chuàng)業(yè)板的推出為高科技、高成長(zhǎng)性的中小企業(yè)提供上市交易場(chǎng)所和融資渠道；為風(fēng)險(xiǎn)資本營(yíng)造安全高效的退出機(jī)制；為完善我國(guó)資本市場(chǎng)體系建設(shè)添磚加瓦。相應(yīng)的，有關(guān)創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)研究也日益受到學(xué)術(shù)界的關(guān)注。 資本結(jié)構(gòu)作為公司資金來源的集中體現(xiàn)，不僅影響著企業(yè)的資本成本和企業(yè)價(jià)值，而且還影響著企業(yè)的行為特征和治理結(jié)構(gòu)等諸多方面。如何優(yōu)化資本結(jié)構(gòu)，必須正確把握資本結(jié)構(gòu)與績(jī)效的關(guān)系。目前國(guó)內(nèi)對(duì)資本結(jié)構(gòu)與績(jī)效關(guān)系的研究，主要是以主板和中小板的上市公司為研究對(duì)象。對(duì)創(chuàng)業(yè)板的上市公司研究較少，所以有必要對(duì)創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)與績(jī)效相關(guān)性進(jìn)行全面系統(tǒng)的研究，探尋優(yōu)化資本結(jié)構(gòu)、提高公司績(jī)效的方法，具有十分重要的意義。 在上述背景下，本文在分析國(guó)內(nèi)外學(xué)者研究成果的基礎(chǔ)上，以我國(guó)創(chuàng)業(yè)板上市公司為研究對(duì)象，選取2009——2011三年間的財(cái)務(wù)數(shù)據(jù)為樣本，對(duì)其資本結(jié)構(gòu)與績(jī)效關(guān)系進(jìn)行實(shí)證研究。首先，系統(tǒng)介紹了資本結(jié)構(gòu)和績(jī)效相關(guān)的理論；然后，采用描述性統(tǒng)計(jì)的方法對(duì)創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與績(jī)效的現(xiàn)狀和特點(diǎn)進(jìn)行了比較詳細(xì)的數(shù)據(jù)分析，分析得出我國(guó)創(chuàng)業(yè)板上市公司存在資產(chǎn)負(fù)債率偏低、債務(wù)結(jié)構(gòu)不合理、流動(dòng)負(fù)債率偏高、公司績(jī)效差異性較大等特征；其次，采用主成分分析法，將反映企業(yè)盈利能力、營(yíng)運(yùn)能力、償債能力、發(fā)展能力和現(xiàn)金流量能力的22個(gè)財(cái)務(wù)指標(biāo)進(jìn)行數(shù)據(jù)壓縮，提取貢獻(xiàn)率最大的因子合并為綜合績(jī)效指標(biāo)，并將該指標(biāo)作為被解釋變量，將反映企業(yè)資本結(jié)構(gòu)的資產(chǎn)負(fù)債率、流動(dòng)負(fù)債率等4個(gè)指標(biāo)作為解釋變量，，利用回歸分析的方法對(duì)資本結(jié)構(gòu)與績(jī)效的相關(guān)性進(jìn)行實(shí)證研究，實(shí)證分析得出：資本結(jié)構(gòu)與公司績(jī)效呈負(fù)的線性相關(guān)；流動(dòng)負(fù)債率與公司績(jī)效呈負(fù)的線性相關(guān)；長(zhǎng)期資本負(fù)債率與公司績(jī)效呈正的線性相關(guān)；有息負(fù)債率與公司績(jī)效呈負(fù)的線性相關(guān)。最后，針對(duì)我國(guó)創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)和公司績(jī)效的現(xiàn)狀、成因以及二者相關(guān)性的實(shí)證結(jié)果，從外部融資環(huán)境和企業(yè)內(nèi)部治理結(jié)構(gòu)兩個(gè)方面，提出了完善創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)、提高公司績(jī)效的對(duì)策建議。
[Abstract]:After ten years of preparation, the first batch of 28 gem companies were officially listed on the Shenzhen Stock Exchange on October 30, 2009. In a short period of more than three years, the gem market developed rapidly. As of December 31, 2012, there are 355 listed enterprises in the gem, which means that more and more small and medium-sized enterprises are entering the capital market. The launch of gem provides high technology, high growth SMEs with listed trading places and financing channels; for venture capital to create a safe and efficient exit mechanism; to improve the construction of the capital market system in China. Accordingly, the research on the capital structure of gem listed companies has been paid more and more attention by academia. The capital structure, as the concentrated embodiment of the company's capital source, not only affects the capital cost and the enterprise value, but also affects the behavior characteristics and governance structure of the enterprise. How to optimize the capital structure, we must correctly grasp the relationship between capital structure and performance. At present, the research on the relationship between capital structure and performance is mainly focused on listed companies with main board and small board. There is little research on the listed companies in the gem, so it is necessary to conduct a comprehensive and systematic study on the correlation between the capital structure and the performance of the listed companies on the gem. It is of great significance to explore the methods of optimizing the capital structure and improving the corporate performance. On the basis of analyzing the research results of domestic and foreign scholars, this paper takes the listed companies on the gem as the research object, and selects the financial data from 2009 to 2011 as the sample. The relationship between capital structure and performance is studied empirically. Firstly, the paper systematically introduces the theory of capital structure and performance, and then analyzes the current situation and characteristics of capital structure and performance of gem listed companies by descriptive statistical method. It is concluded that the listed companies in gem have some characteristics, such as low asset-liability ratio, unreasonable debt structure, high current debt ratio and great difference in corporate performance. Secondly, the principal component analysis method is used to reflect the profitability of enterprises. The 22 financial indicators of operating capacity, solvency, development capacity and cash flow capacity are compressed to extract the factors that contribute the most to the consolidated performance indicators, which are taken as the explanatory variables. Taking the asset-liability ratio and current debt ratio, which reflect the capital structure of the enterprise, as explanatory variables, this paper makes an empirical study on the correlation between capital structure and performance by means of regression analysis. The empirical analysis shows that the capital structure has a negative linear correlation with corporate performance, the liquidity debt ratio has a negative linear correlation with corporate performance, and the long-term capital debt ratio has a positive linear correlation with corporate performance. There is a negative linear correlation between interest-bearing debt ratio and corporate performance. Finally, in view of the current situation of capital structure and corporate performance of listed companies in gem, the causes and the empirical results of the correlation between the two, from the external financing environment and corporate governance structure two aspects, The paper puts forward some countermeasures to improve the capital structure and corporate performance of gem listed companies.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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