本文關(guān)鍵詞： 山西煤炭上市公司 資本結(jié)構(gòu) 企業(yè)價(jià)值 實(shí)證研究　出處：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：煤炭是我國(guó)社會(huì)經(jīng)濟(jì)生產(chǎn)的主要能源，煤炭行業(yè)的發(fā)展有力地推動(dòng)了我國(guó)經(jīng)濟(jì)的崛起。近年來(lái)，由于我國(guó)經(jīng)濟(jì)增長(zhǎng)減緩，加之產(chǎn)業(yè)結(jié)構(gòu)調(diào)整，用電需求下降，致使煤炭需求下降；同時(shí)隨著頁(yè)巖氣等新興能源的出現(xiàn)，國(guó)際煤價(jià)暴跌，進(jìn)口煤炭大量?jī)A銷(xiāo)國(guó)內(nèi)市場(chǎng)，造成國(guó)內(nèi)煤炭市場(chǎng)供給充足。使得煤炭行業(yè)連續(xù)多年的繁榮在2012年出現(xiàn)重大轉(zhuǎn)折，煤價(jià)急劇下跌，整個(gè)行業(yè)上市公司生產(chǎn)經(jīng)營(yíng)面臨諸多困難。山西作為我國(guó)的煤炭大省，山西省煤炭上市公司的生產(chǎn)經(jīng)營(yíng)也受到了強(qiáng)烈沖擊。煤炭上市公司只有不斷提高其企業(yè)價(jià)值，才能更好的履行其社會(huì)責(zé)任。面對(duì)激烈的市場(chǎng)競(jìng)爭(zhēng)和復(fù)雜的經(jīng)營(yíng)環(huán)境，如何提高企業(yè)價(jià)值，以增強(qiáng)其抗風(fēng)險(xiǎn)能力和競(jìng)爭(zhēng)力，是擺在我們面前的一道課題。資本結(jié)構(gòu)作為企業(yè)管理層財(cái)務(wù)決策的焦點(diǎn)，對(duì)提升企業(yè)價(jià)值以及改善公司治理水平具有重要作用。通過(guò)優(yōu)化資本結(jié)構(gòu)，藉此提升企業(yè)價(jià)值歷來(lái)受到國(guó)內(nèi)外學(xué)者的關(guān)注。因此，筆者選擇了這一課題，旨在通過(guò)研究資本結(jié)構(gòu)與企業(yè)價(jià)值關(guān)系的基礎(chǔ)上，通過(guò)資本結(jié)構(gòu)的優(yōu)化，降低企業(yè)的加權(quán)平均資本成本，并通過(guò)股權(quán)的分散，引入機(jī)構(gòu)投資者，加強(qiáng)對(duì)企業(yè)的監(jiān)督，不斷改善公司治理，，找到提升山西煤炭上市公司企業(yè)價(jià)值的對(duì)策。 本文以山西煤炭上市公司為研究對(duì)象，首先對(duì)資本結(jié)構(gòu)與企業(yè)價(jià)值的相關(guān)理論進(jìn)行了闡述，通過(guò)對(duì)山西煤炭上市公司資本結(jié)構(gòu)的現(xiàn)狀進(jìn)行分析，指出當(dāng)前山西煤炭企業(yè)資本結(jié)構(gòu)存在的問(wèn)題，之后選取山西煤炭上市公司2003-2012年的數(shù)據(jù)對(duì)兩者的關(guān)系進(jìn)行實(shí)證分析，其中企業(yè)價(jià)值從償債能力、盈利能力、發(fā)展能力、營(yíng)運(yùn)能力四個(gè)角度予以權(quán)衡，通過(guò)因子分析得出綜合評(píng)分度量企業(yè)價(jià)值；選取資產(chǎn)負(fù)債率、短期負(fù)債率以及第一大股東持股比例來(lái)代表資本結(jié)構(gòu)，通過(guò)回歸分析進(jìn)一步驗(yàn)證資本結(jié)構(gòu)與企業(yè)價(jià)值之間的關(guān)系。最后根據(jù)山西煤炭上市公司資本結(jié)構(gòu)與企業(yè)價(jià)值的實(shí)證結(jié)論，結(jié)合當(dāng)前山西企業(yè)面臨的市場(chǎng)環(huán)境，提出通過(guò)優(yōu)化資本結(jié)構(gòu)來(lái)提升企業(yè)價(jià)值的相關(guān)對(duì)策。
[Abstract]:Coal is the main source of energy for social and economic production in China. The development of coal industry has promoted the rise of our economy. In recent years, due to the slowdown of economic growth and the adjustment of industrial structure, the demand for electricity has declined. Reduce the demand for coal; At the same time, with the emergence of shale gas and other emerging energy sources, the international coal price has plummeted, and imported coal has been dumped into the domestic market. As a result of the domestic coal market supply, the coal industry for many years of prosperity in 2012 saw a major turning point, coal prices fell sharply. The production and management of listed companies in the whole industry is facing many difficulties. Shanxi is a big coal province in our country. The production and management of listed coal companies in Shanxi Province have also been strongly impacted. Coal listed companies only continuously improve their enterprise value. In order to better fulfill its social responsibility. In the face of fierce market competition and complex business environment, how to improve the value of enterprises in order to enhance their ability to resist risks and competitiveness. Capital structure, as the focus of financial decision of enterprise management, plays an important role in promoting enterprise value and improving the level of corporate governance. Therefore, the author chooses this topic, through the study of the relationship between capital structure and enterprise value, through the optimization of capital structure. By reducing the weighted average capital cost of enterprises and introducing institutional investors through the dispersion of stock rights, we should strengthen the supervision of enterprises, improve corporate governance, and find countermeasures to enhance the enterprise value of coal listed companies in Shanxi Province. In this paper, Shanxi coal listed companies as the research object, first of all, the capital structure and enterprise value related theories are expounded, through the analysis of Shanxi coal listed companies capital structure of the status quo. This paper points out the existing problems in the capital structure of Shanxi coal enterprises, and then selects the data of Shanxi coal listed companies from 2003 to 2012 to make an empirical analysis on the relationship between the two, in which the enterprise value is from the solvency. The profit ability, development ability and operation ability are weighed, and the comprehensive score is obtained to measure the enterprise value by factor analysis. The capital structure is represented by asset-liability ratio, short-term debt ratio and the proportion of the largest shareholder. Through regression analysis to further verify the relationship between capital structure and enterprise value. Finally, according to the empirical conclusions of capital structure and enterprise value of Shanxi coal listed companies, combined with the current market environment faced by Shanxi enterprises. This paper puts forward the relevant countermeasures to improve the enterprise value by optimizing the capital structure.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F426.61;F275;F276.6

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