本文關鍵詞： 山西煤炭上市公司 資本結構 企業(yè)價值 實證研究　出處：《山西財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：煤炭是我國社會經(jīng)濟生產(chǎn)的主要能源，煤炭行業(yè)的發(fā)展有力地推動了我國經(jīng)濟的崛起。近年來，由于我國經(jīng)濟增長減緩，加之產(chǎn)業(yè)結構調整，用電需求下降，致使煤炭需求下降；同時隨著頁巖氣等新興能源的出現(xiàn)，國際煤價暴跌，進口煤炭大量傾銷國內市場，造成國內煤炭市場供給充足。使得煤炭行業(yè)連續(xù)多年的繁榮在2012年出現(xiàn)重大轉折，煤價急劇下跌，整個行業(yè)上市公司生產(chǎn)經(jīng)營面臨諸多困難。山西作為我國的煤炭大省，山西省煤炭上市公司的生產(chǎn)經(jīng)營也受到了強烈沖擊。煤炭上市公司只有不斷提高其企業(yè)價值，才能更好的履行其社會責任。面對激烈的市場競爭和復雜的經(jīng)營環(huán)境，如何提高企業(yè)價值，以增強其抗風險能力和競爭力，是擺在我們面前的一道課題。資本結構作為企業(yè)管理層財務決策的焦點，對提升企業(yè)價值以及改善公司治理水平具有重要作用。通過優(yōu)化資本結構，藉此提升企業(yè)價值歷來受到國內外學者的關注。因此，筆者選擇了這一課題，旨在通過研究資本結構與企業(yè)價值關系的基礎上，通過資本結構的優(yōu)化，降低企業(yè)的加權平均資本成本，并通過股權的分散，引入機構投資者，加強對企業(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)價值的對策。 本文以山西煤炭上市公司為研究對象，首先對資本結構與企業(yè)價值的相關理論進行了闡述，通過對山西煤炭上市公司資本結構的現(xiàn)狀進行分析，指出當前山西煤炭企業(yè)資本結構存在的問題，之后選取山西煤炭上市公司2003-2012年的數(shù)據(jù)對兩者的關系進行實證分析，其中企業(yè)價值從償債能力、盈利能力、發(fā)展能力、營運能力四個角度予以權衡，通過因子分析得出綜合評分度量企業(yè)價值；選取資產(chǎn)負債率、短期負債率以及第一大股東持股比例來代表資本結構，通過回歸分析進一步驗證資本結構與企業(yè)價值之間的關系。最后根據(jù)山西煤炭上市公司資本結構與企業(yè)價值的實證結論，結合當前山西企業(yè)面臨的市場環(huán)境，提出通過優(yōu)化資本結構來提升企業(yè)價值的相關對策。
[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.
【學位授予單位】：山西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.61;F275;F276.6

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