本文選題：資本結(jié)構(gòu)　切入點：經(jīng)營績效　出處：《山西財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：雖然我國鼓勵新型能源的使用，但煤炭資源在中國能源結(jié)構(gòu)中仍占主導(dǎo)地位。煤炭行業(yè)作為受宏觀經(jīng)濟和政策調(diào)控影響較大的行業(yè)，合理的融資構(gòu)成成為了煤炭行業(yè)可持續(xù)發(fā)展的基礎(chǔ)，有效的經(jīng)營業(yè)績反映著煤炭行業(yè)重組整合的效果。因此，在煤炭企業(yè)轉(zhuǎn)型跨越發(fā)展的考驗下，對我國煤炭行業(yè)資本結(jié)構(gòu)與經(jīng)營績效的相關(guān)性研究很有意義。 本文首先從資本結(jié)構(gòu)與經(jīng)營績效研究理論為出發(fā)點，描述性分析了我國煤炭上市公司資本結(jié)構(gòu)和公司經(jīng)營績效的現(xiàn)狀；其次，選取滬深兩市33家煤炭上市公司作為樣本研究，采用2010—2012年度樣本公司年報及相關(guān)報告的數(shù)據(jù)，構(gòu)建經(jīng)營績效的量化模型，運用SPSS軟件進(jìn)行因子分析，找到反映我國煤炭上市公司經(jīng)營績效的量化值；再次，構(gòu)建資本結(jié)構(gòu)與公司經(jīng)營績效量化值之間的回歸模型，運用Eviews軟件進(jìn)行回歸分析。分析結(jié)果顯示公司的資產(chǎn)負(fù)債率、第一大股東持股比例與經(jīng)營績效呈顯著正相關(guān)關(guān)系，流通股比例與公司經(jīng)營績效呈負(fù)相關(guān)關(guān)系，公司規(guī)模以及前十大股東持股比例對績效呈不顯著的影響；最后，基于回歸分析結(jié)果提出了合理控制內(nèi)源融資與外源融資比例、豐富資本市場流通股比例、落實中小股東利益以及創(chuàng)新融資方式等資本結(jié)構(gòu)優(yōu)化的建議。 本文共分為五部分內(nèi)容：第一部分為緒論，介紹了本文的研究背景、意義，對國內(nèi)外研究進(jìn)行綜述，提出論文研究方法與框架；第二部分為相關(guān)資本結(jié)構(gòu)與經(jīng)營績效的理論介紹，通過分析理論得到有關(guān)資本結(jié)構(gòu)影響經(jīng)營績效的啟示；第三部分描述性分析了我國煤炭行業(yè)轉(zhuǎn)型與資本結(jié)構(gòu)現(xiàn)狀；第四部分對樣本公司進(jìn)行實證分析并得出有關(guān)結(jié)果；第五部分為根據(jù)運行結(jié)果的出結(jié)論，并對有關(guān)問題提出修改對策。
[Abstract]:Although China encourages the use of new types of energy, coal resources are still dominant in China's energy structure. Reasonable financing structure has become the foundation of the sustainable development of the coal industry, and the effective operating performance reflects the effect of the reorganization and integration of the coal industry. Therefore, under the test of the transformation and leapfrogging development of the coal enterprises, It is of great significance to study the correlation between capital structure and management performance of coal industry in China. Based on the theory of capital structure and operation performance, this paper analyzes the present situation of capital structure and company performance of coal listed companies in China. Secondly, 33 coal listed companies in Shanghai and Shenzhen stock markets are selected as samples. Using the data of sample company annual report and related report in 2010-2012, the quantitative model of operating performance is constructed, and the factor analysis is carried out by using SPSS software to find the quantitative value reflecting the operating performance of coal listed company in China. The regression model between the capital structure and the quantitative value of the company's operating performance is constructed, and the regression analysis is carried out by using Eviews software. The results show that the ratio of assets and liabilities, the proportion of the largest shareholder holding shares and the operating performance are significantly positive correlation. The proportion of circulating shares is negatively related to the company's operating performance, and the company size and the proportion of the top ten shareholders have no significant effect on the performance. Finally, based on the results of regression analysis, the paper puts forward the reasonable control of the proportion of endogenous financing and exogenous financing. To enrich the proportion of circulating shares in the capital market and to implement the suggestions of optimizing the capital structure such as the interests of minority shareholders and innovative financing methods. This paper is divided into five parts: the first part is introduction, introduces the research background and significance of this paper, summarizes the domestic and foreign research, and puts forward the research methods and framework; The second part is the theoretical introduction of related capital structure and operating performance, through the analysis of the theory of capital structure to obtain the impact of operating performance, the third part of the descriptive analysis of the coal industry in China and the status quo of capital structure; In the 4th part, the empirical analysis of the sample company is carried out and the relevant results are obtained. Part 5th is the conclusion based on the operation result, and puts forward the modification countermeasures to the related problems.
【學(xué)位授予單位】：山西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.21;F275

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