本文選題：煤炭上市公司　切入點：資本結(jié)構(gòu)　出處：《中國地質(zhì)大學(xué)（北京）》2014年碩士論文

【摘要】：經(jīng)營績效決定了企業(yè)的生存和發(fā)展，是企業(yè)高效運營的保障，對于資本結(jié)構(gòu)與經(jīng)營績效關(guān)系的研究一直是國內(nèi)外學(xué)者備受關(guān)注的熱點�；诿禾啃袠I(yè)對于我國國民經(jīng)濟(jì)發(fā)展的重要作用，煤炭板塊的上市公司也備受投資者的關(guān)注。但每個行業(yè)都有良莠不齊的公司，很多煤炭企業(yè)本身也出現(xiàn)資本結(jié)構(gòu)的不合理現(xiàn)象，對其經(jīng)營績效的提高有制約性。煤炭企業(yè)如何應(yīng)對危機(jī)并實現(xiàn)企業(yè)的平穩(wěn)發(fā)展，這都離不開我們對煤炭公司資本結(jié)構(gòu)和經(jīng)營績效的研究。 本文以煤炭行業(yè)為研究對象，結(jié)合資本結(jié)構(gòu)和經(jīng)營績效的相關(guān)理論研究，分析了煤炭資源在我國國民經(jīng)濟(jì)發(fā)展中舉足輕重的地位，并對我國煤炭行業(yè)上市公司的特征進(jìn)行總結(jié)，對煤炭上市公司的資本結(jié)構(gòu)進(jìn)行描述性統(tǒng)計。實證研究中，本文以30家煤炭行業(yè)上市公司為研究樣本，以其2007—2012年6年的數(shù)據(jù)進(jìn)行分析，以探究資本結(jié)構(gòu)與經(jīng)營績效的相關(guān)關(guān)系。實證研究采用回歸分析法來研究資本結(jié)構(gòu)與經(jīng)營績效的關(guān)系，以樣本公司的資本結(jié)構(gòu)作為自變量；以煤炭上市公司的經(jīng)營績效為因變量，在經(jīng)營績效的衡量指標(biāo)選取中，本文選擇了凈資產(chǎn)收益率、凈利率、應(yīng)收賬款周轉(zhuǎn)率、存貨周轉(zhuǎn)率和總資產(chǎn)增長率等10項指標(biāo)為因子分析的基礎(chǔ)，采用因子分析法以合理衡量企業(yè)的經(jīng)營績效。 通過對樣本企業(yè)資本結(jié)構(gòu)與經(jīng)營績效的關(guān)系研究分析結(jié)果顯示：煤炭企業(yè)的資產(chǎn)負(fù)債率與其經(jīng)營績效呈顯著的正相關(guān)關(guān)系；長期資產(chǎn)適合率與經(jīng)營績效的關(guān)系為顯著的負(fù)相關(guān)；股權(quán)集中度與煤炭公司的經(jīng)營績效為正相關(guān)關(guān)系；法人股比例與公司經(jīng)營績效的相關(guān)性不顯著。 針對以上研究結(jié)果，為優(yōu)化煤炭行業(yè)上市公司的資本結(jié)構(gòu)，本文從煤炭企業(yè)自身和宏觀政策層面提出如下建議：（1）適度提高負(fù)債比率；（2）加強(qiáng)財務(wù)管理水平；（3）保護(hù)流通股股東的利益；（4）實現(xiàn)優(yōu)化資本結(jié)構(gòu)的動態(tài)機(jī)制；（5）強(qiáng)化煤炭企業(yè)資本運作能力；（6）注重企業(yè)的可持續(xù)增長能力；（7）健全企業(yè)債券市場；（8）推動煤炭行業(yè)上市公司的整體上市。希望通過這些途徑，，使煤炭企業(yè)的資本結(jié)構(gòu)愈加合理化，以從根本上達(dá)到提升煤炭企業(yè)經(jīng)營績效水平的目的，實現(xiàn)煤炭企業(yè)的穩(wěn)健長遠(yuǎn)發(fā)展。
[Abstract]:Business performance determines the survival and development of enterprises and is the guarantee of efficient operation of enterprises. The research on the relationship between capital structure and management performance has been a hot topic for scholars at home and abroad. Based on the important role of coal industry in the development of our national economy, Listed companies in the coal sector have also attracted the attention of investors. However, there are mixed companies in every industry, and many coal enterprises themselves also have unreasonable capital structure. How to deal with the crisis and realize the steady development of coal enterprises is inseparable from our research on the capital structure and management performance of coal companies. This article takes the coal industry as the research object, unifies the capital structure and the management performance correlation theory research, has analyzed the coal resources in our country national economy development pivotal position, The characteristics of listed companies in coal industry in China are summarized and the capital structure of coal listed companies is described. In the empirical study, 30 listed companies in coal industry are taken as the research samples. In order to explore the correlation between capital structure and operating performance, the empirical study uses regression analysis method to study the relationship between capital structure and operating performance, and takes the capital structure of sample company as independent variable. Taking the operating performance of coal listed companies as dependent variables, this paper chooses the return on net assets, net interest rate, turnover rate of accounts receivable in the selection of operational performance indicators. The factor analysis is based on 10 indexes, such as inventory turnover rate and total asset growth rate, and the factor analysis method is used to reasonably measure the business performance of the enterprise. Through the analysis of the relationship between the capital structure and the operating performance of the sample enterprises, the results show that the asset-liability ratio of coal enterprises has a significant positive correlation with their operating performance; There is a significant negative correlation between long-term asset suitability rate and operating performance; a positive correlation between ownership concentration and operating performance of coal companies; and no significant correlation between corporate equity ratio and operating performance. In order to optimize the capital structure of listed companies in coal industry, This paper puts forward the following suggestions from the coal enterprises' own and macro policy level: 1) appropriately raising the debt ratio (2) strengthening the level of financial management and (3) protecting the interests of the shareholders of the circulating shares 4) the dynamic mechanism to realize the optimization of the capital structure 5) strengthen the coal industry. The ability of enterprises to operate capital is to focus on the sustainable growth of enterprises. 7) to improve the corporate bond market and promote the overall listing of listed companies in the coal industry. I hope that through these channels, The capital structure of coal enterprises should be rationalized so as to achieve the goal of improving the management performance of coal enterprises and to realize the steady and long-term development of coal enterprises.
【學(xué)位授予單位】：中國地質(zhì)大學(xué)（北京）
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F426.21;F272.5

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