發(fā)布時間：2018-02-28 20:17

  本文關(guān)鍵詞： 資本結(jié)構(gòu) 公司績效 赴美上市 中國概念股　出處：《江南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來，經(jīng)濟(jì)全球化步伐的加快，使得國際間資本的跨境流動更加便捷。特別是由于國內(nèi)市場容量有限，越來越多的中國企業(yè)走出國門，轉(zhuǎn)而向海外市場進(jìn)行融資。而美國資本市場作為全球最發(fā)達(dá)、最開放的資本市場，受到了眾多中國企業(yè)的青睞。隨著中國赴美上市公司的迅猛發(fā)展，這一企業(yè)集群逐漸進(jìn)入學(xué)術(shù)界的視野。大多數(shù)境內(nèi)企業(yè)赴美上市取得了一定的成效，在短期內(nèi)籌集到大量的發(fā)展資金，獲得了跨越式的發(fā)展。但從2010年下半年起，中國赴美上市公司成為美國市場上做空機(jī)構(gòu)獵殺的目標(biāo)，短短兩年間40余家公司退市，遭遇了前所未有的信任危機(jī)。這一現(xiàn)象得到了學(xué)術(shù)界的再度關(guān)注，究其根本原因，還是赴美上市公司自身治理問題的暴露造成的，而企業(yè)的資本結(jié)構(gòu)是決定其治理結(jié)構(gòu)的基礎(chǔ)。雖然有關(guān)資本結(jié)構(gòu)的研究一直以來是中外學(xué)術(shù)界關(guān)注的熱點(diǎn)，也取得了較多研究成果，但以赴美上市的中國公司為細(xì)分對象的研究還非常少見。因此，對赴美上市公司資本結(jié)構(gòu)的研究在目前背景下顯得尤為迫切。 本文試圖結(jié)合我國赴美上市公司資本結(jié)構(gòu)現(xiàn)狀，采用理論研究與實(shí)證研究相結(jié)合的方法，尋求赴美上市公司資本結(jié)構(gòu)與績效之間的關(guān)系，立足于資本結(jié)構(gòu)優(yōu)化策略，嘗試探索出改善赴美上市公司資本結(jié)構(gòu)現(xiàn)狀、提升公司治理水平、提高公司績效的途徑。首先，本文分析研究背景和研究意義，說明研究方法和研究框架，介紹研究內(nèi)容以及可能的創(chuàng)新之處。其次，本文簡要回顧資本結(jié)構(gòu)和績效基礎(chǔ)理論理論，梳理國內(nèi)外相關(guān)研究動態(tài)。再次，本文對美國資本市場進(jìn)行介紹，結(jié)合西方國家主要資本結(jié)構(gòu)模式和國內(nèi)上市公司資本結(jié)構(gòu)的現(xiàn)狀，探討赴美上市公司資本結(jié)構(gòu)的特點(diǎn)。然后，，本文分析資本結(jié)構(gòu)與公司績效關(guān)系的理論框架，結(jié)合赴美上市公司資本結(jié)構(gòu)特點(diǎn)，對其資本結(jié)構(gòu)和績效關(guān)系提出假設(shè)，收集赴美上市公司的數(shù)據(jù)，選擇變量，構(gòu)建研究模型。之后運(yùn)用主成分分析、多元線性回歸分析和曲線擬合分析的統(tǒng)計(jì)方法，對赴美上市公司資本結(jié)構(gòu)與績效進(jìn)行實(shí)證分析，得出實(shí)證結(jié)果。 實(shí)證結(jié)果顯示：赴美上市公司的資產(chǎn)負(fù)債率與績效呈顯著負(fù)相關(guān)關(guān)系，長期負(fù)債率與績效呈顯著的正相關(guān)關(guān)系，股權(quán)結(jié)構(gòu)與績效關(guān)系不顯著。最后本文對實(shí)證結(jié)果進(jìn)行原因分析，并提出合理化建議，以期通過資本結(jié)構(gòu)的優(yōu)化和公司治理的完善來避免信任危機(jī)，改善美國投資者心目中的中國概念股形象。從而為赴美上市的中國公司改善融資環(huán)境，真正實(shí)現(xiàn)其赴美上市的意圖，進(jìn)一步在海外資本市場做大做強(qiáng)提供一些理論參考，也為其他有意“走出去”的企業(yè)提供借鑒。
[Abstract]:In recent years, with the accelerated pace of economic globalization, the cross-border movement of international capital has become more convenient. In particular, due to the limited capacity of the domestic market, more and more Chinese enterprises have gone abroad. The U. S. capital market, the world's most developed and most open capital market, has been favored by many Chinese companies. With the rapid development of Chinese listed companies in the United States, This enterprise cluster has gradually entered the academic field of vision. Most domestic enterprises listed in the United States have achieved certain results, raised a large number of development funds in a short period of time, and obtained leap-forward development. However, since the second half of 2010, Chinese listed companies in the United States have become the target of hunting for short sellers in the United States market. In just two years, more than 40 companies have delisted from the market and encountered an unprecedented crisis of trust. This phenomenon has received renewed attention from the academic community, and the root cause of this phenomenon has been investigated. But the capital structure of the enterprise is the basis of its governance structure. Although the research on the capital structure has always been a hot topic in the academic circles both at home and abroad, Many research results have been made, but the research on Chinese companies listed in the United States is very rare. Therefore, it is urgent to study the capital structure of listed companies in the United States. This paper attempts to combine the present situation of capital structure of Chinese listed companies in the United States with the method of combining theoretical research with empirical research to seek the relationship between capital structure and performance of listed companies in the United States, based on the optimization strategy of capital structure. This paper attempts to explore ways to improve the capital structure of listed companies in the United States, improve the level of corporate governance and improve corporate performance. First, this paper analyzes the research background and significance, explains the research methods and research framework. Secondly, this paper briefly reviews the basic theories of capital structure and performance, combs the domestic and foreign related research trends. Thirdly, this paper introduces the capital market of the United States. Combined with the main capital structure models of western countries and the present situation of the capital structure of the domestic listed companies, this paper discusses the characteristics of the capital structure of the listed companies in the United States. Then, this paper analyzes the theoretical framework of the relationship between the capital structure and corporate performance. Combined with the characteristics of capital structure of listed companies in the United States, this paper makes assumptions on the relationship between capital structure and performance, collects the data of listed companies in the United States, selects variables, and constructs a research model. This paper analyzes the capital structure and performance of listed companies in the United States by the statistical methods of multiple linear regression analysis and curve fitting analysis, and obtains the empirical results. The empirical results show that the asset-liability ratio of listed companies in the United States is negatively correlated with their performance, while the long-term debt ratio is positively correlated with their performance. The relationship between equity structure and performance is not significant. Finally, this paper analyzes the reasons of the empirical results, and puts forward some reasonable suggestions in order to avoid the trust crisis through the optimization of capital structure and the perfection of corporate governance. To improve the image of Chinese stocks in the minds of American investors, thus providing some theoretical references for Chinese companies listed in the United States to improve their financing environment, truly realize their intention of listing in the United States, and further expand and strengthen overseas capital markets. Also for other intention to "go out" enterprises to provide reference.
【學(xué)位授予單位】：江南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F831.51;F275

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