本文選題：上市公司 + 杠桿率　； 參考：《湖南大學(xué)》2014年碩士論文

【摘要】：自2008年國(guó)際金融危機(jī)爆發(fā)以來，歐美金融機(jī)構(gòu)遭受巨大損失和面臨破產(chǎn)威脅，迫使各國(guó)政府紛紛出臺(tái)大規(guī)模注資、不良資產(chǎn)擔(dān)保等措施�？v觀此次金融危機(jī)，過度使用高杠桿、資產(chǎn)負(fù)債表過度膨脹是造成危機(jī)的重要原因。上市公司的杠桿率所反映出的是公司的資本結(jié)構(gòu)，，而上市公司的股票價(jià)格則體現(xiàn)了公司的實(shí)際價(jià)值，二者之間的關(guān)聯(lián)性研究并不是一個(gè)新的話題。但是，通過分析兩者之間的關(guān)系并輔以實(shí)際數(shù)據(jù)進(jìn)行研究，從而論證不同經(jīng)營(yíng)狀況的公司在不同時(shí)期的杠桿水平，并據(jù)此反向分析出杠桿水平對(duì)股票價(jià)格所帶來的影響，具有非常重大的理論和現(xiàn)實(shí)意義。 本文旨在結(jié)合上市公司的杠桿率與市盈率之間的相關(guān)性，探討杠桿率的變動(dòng)對(duì)上市公司股票價(jià)格和公司價(jià)值的影響。首先分析資本結(jié)構(gòu)和股價(jià)效應(yīng)假說的相關(guān)理論基礎(chǔ)；其次對(duì)中小板上市公司杠桿率和市盈率的現(xiàn)狀進(jìn)行分析；接著根據(jù)理論基礎(chǔ)和實(shí)際情況提出存在最佳杠桿率區(qū)間的假設(shè)；然后以中小板上市公司的收益率作為公司價(jià)值的衡量指標(biāo)，對(duì)杠桿率的變動(dòng)對(duì)市盈率的影響進(jìn)行實(shí)證研究；最后給出實(shí)證結(jié)果并根據(jù)實(shí)證結(jié)果提出相關(guān)建議。 在實(shí)證研究中，本文選取了中小板上市公司中2010年1季度至2013年3季度間持續(xù)上市的371家公司共5565個(gè)平衡面板數(shù)據(jù)作為樣本，分行業(yè)分類別進(jìn)行了分類討論，得出了上市公司的杠桿率對(duì)股票價(jià)格和公司價(jià)值的影響趨勢(shì)。通過對(duì)實(shí)證結(jié)果的分析，得出了如下結(jié)論：（1）中小板上市公司的杠桿率與市盈率普遍呈現(xiàn)出曲線相關(guān)關(guān)系，并且二次項(xiàng)系數(shù)普遍小于零，這就證明了在中小板上市公司中確實(shí)存在一個(gè)最優(yōu)杠桿率水平區(qū)間使得市盈率保持在一個(gè)理想狀態(tài)。（2）不同行業(yè)的二次回歸方程中各項(xiàng)系數(shù)有很大差別，這說明不同行業(yè)的上市公司最優(yōu)杠桿率水平存在著較大的差異，而且不同行業(yè)的企業(yè)發(fā)展水平也有著一定差別。
[Abstract]:Since the outbreak of the international financial crisis in 2008, European and American financial institutions have suffered huge losses and faced the threat of bankruptcy, forcing governments to introduce large-scale capital injection, non-performing asset guarantees and other measures. Throughout the financial crisis, excessive use of high leverage, balance sheet expansion is an important cause of the crisis. The leverage ratio of the listed company reflects the capital structure of the company, while the stock price of the listed company reflects the actual value of the company. The research on the correlation between the two is not a new topic. However, by analyzing the relationship between the two and studying with actual data, the paper demonstrates the leverage levels of companies with different operating conditions in different periods, and then analyzes the impact of leverage levels on stock prices. It is of great theoretical and practical significance. The purpose of this paper is to discuss the influence of the change of leverage ratio on the stock price and company value of listed companies by combining the correlation between the leverage ratio and the price-earnings ratio of listed companies. Firstly, it analyzes the theoretical basis of the hypothesis of capital structure and stock price effect; secondly, it analyzes the current situation of leverage ratio and price-earnings ratio of small and medium-sized listed companies, and then puts forward the hypothesis of the best leverage ratio range according to the theoretical basis and the actual situation. Then take the return rate of the small and medium board listed companies as the measure of corporate value, and make an empirical study on the influence of the change of leverage ratio on the price-earnings ratio. Finally, the empirical results are given and the relevant suggestions are put forward according to the empirical results. In the empirical study, we select 555 balanced panel data from 371 listed companies from the first quarter of 2010 to the third quarter of 2013 as samples, and discuss them by industry classification. The influence trend of leverage ratio on stock price and company value is obtained. Through the analysis of the empirical results, the following conclusions are drawn: (1) the leverage ratio of the small and medium-sized board listed companies generally presents a curve correlation relationship with the price-earnings ratio, and the quadratic coefficient is generally less than zero. This proves that there really exists an optimal leverage ratio horizontal range in small and medium-sized listed companies to keep the P / E ratio in an ideal state) the coefficients in the quadratic regression equations of different industries are very different. This shows that there are great differences in the optimal leverage ratio of listed companies in different industries, and there are some differences in the development level of enterprises in different industries.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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