發(fā)布時(shí)間：2018-02-16 08:59

  本文關(guān)鍵詞： 汽車制造業(yè) 資本結(jié)構(gòu) 企業(yè)績效 因子分析法 多元線性回歸　出處：《北京化工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：作為企業(yè)發(fā)展的基礎(chǔ)與核心,資本結(jié)構(gòu)反映了所有者和債權(quán)人的權(quán)利義務(wù)關(guān)系,明確規(guī)定了與企業(yè)資本要素所有者密切相關(guān)的公司治理結(jié)構(gòu),影響著資金投入運(yùn)營的效果,進(jìn)而影響企業(yè)的經(jīng)營績效和企業(yè)價(jià)值。學(xué)者們對于資本結(jié)構(gòu)與企業(yè)績效的理論和實(shí)證研究,由于選取數(shù)據(jù)樣本、設(shè)計(jì)變量指標(biāo)等不同,得到的結(jié)論并不一致。本文以我國汽車制造業(yè)上市公司2009-2013年的年報(bào)數(shù)據(jù)為研究樣本,通過因子分析多角度全面的將企業(yè)的16個(gè)績效指標(biāo)綜合起來衡量企業(yè)業(yè)績,對企業(yè)的債務(wù)結(jié)構(gòu)、股權(quán)結(jié)構(gòu)進(jìn)行了描述性分析,通過多元線性回歸對綜合績效指標(biāo)與所選取的代表債務(wù)結(jié)構(gòu)的兩個(gè)變量和股權(quán)結(jié)構(gòu)的四個(gè)變量進(jìn)行實(shí)證分析。實(shí)證結(jié)果表明：我國目前汽車制造行業(yè)的資本結(jié)構(gòu)水平下,企業(yè)績效與資產(chǎn)負(fù)債率呈負(fù)相關(guān),與流動(dòng)負(fù)債率負(fù)相關(guān),與第1大股東持股比例和前5大股東持股比例正相關(guān),與股權(quán)制衡度和國有股持股比例的正相關(guān)性不顯著。根據(jù)理論研究和實(shí)證研究結(jié)果,針對汽車制造業(yè)從宏觀政策和微觀結(jié)構(gòu)兩方面提出了加強(qiáng)信息披露管理、繼續(xù)國有股減持改革、拓寬融資渠道以及通過合理調(diào)整債務(wù)結(jié)構(gòu)、優(yōu)化股權(quán)結(jié)構(gòu)進(jìn)一步完善企業(yè)治理結(jié)構(gòu),同時(shí)增大該行業(yè)的技術(shù)研發(fā)投入,從而提高品牌影響力,實(shí)現(xiàn)規(guī)模經(jīng)營等建議。
[Abstract]:As the basis and core of enterprise development, capital structure reflects the relationship between owner and creditor, and clearly defines the corporate governance structure closely related to the owner of capital elements of the enterprise, which affects the effect of capital investment. And then affect the business performance and enterprise value. Scholars on the capital structure and corporate performance theory and empirical research, due to the selection of data samples, design variables and other indicators, This paper takes the annual report data of China's automobile manufacturing listed companies from 2009-2013 as the research sample and synthesizes 16 performance indicators of enterprises through factor analysis to measure the performance of enterprises. In this paper, the debt structure and equity structure of the enterprise are analyzed in a descriptive way. Through multiple linear regression, the paper makes an empirical analysis of the comprehensive performance index, two variables representing debt structure and four variables of equity structure. The empirical results show that: under the current capital structure level of automobile manufacturing industry in China, There is a negative correlation between corporate performance and asset-liability ratio, a negative correlation between corporate performance and current debt ratio, a positive correlation between the first largest shareholder's shareholding ratio and the first five largest shareholders' shareholding ratio. According to the results of theoretical and empirical studies, this paper proposes to strengthen the management of information disclosure from the macro policy and micro structure of automobile manufacturing industry, according to the results of theoretical and empirical research, which has no significant positive correlation with the degree of equity checks and balances and the proportion of state-owned shares. We should continue to reform the reduction of state-owned shares, broaden financing channels, and further improve the corporate governance structure by rationally adjusting the debt structure, optimizing the equity structure, and increasing the investment in technology research and development in the industry, thus increasing the brand influence. Realization of scale management and other suggestions.
【學(xué)位授予單位】：北京化工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426.471

【參考文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 雷卿然;資本結(jié)構(gòu)與公司績效互動(dòng)關(guān)系研究[D];西南財(cái)經(jīng)大學(xué);2012年

，

本文編號(hào)：1515146