發(fā)布時(shí)間：2018-06-16 22:05

  本文選題：中小板 + 資本結(jié)構(gòu)��； 參考：《東華大學(xué)》2014年碩士論文

【摘要】：中小企業(yè)對(duì)于促進(jìn)社會(huì)穩(wěn)定,構(gòu)造市場(chǎng)主體,推動(dòng)我國(guó)國(guó)民經(jīng)濟(jì)發(fā)展發(fā)揮著舉足輕重的作用。由于中小企業(yè)本身規(guī)模較小,收益缺乏確定性,加之可用于抵押的資產(chǎn)少,這使得中小企業(yè)具有較高的財(cái)務(wù)風(fēng)險(xiǎn),從而對(duì)于其自身的資本結(jié)構(gòu)造成影響。2004年中小企業(yè)板在深圳證券交易所成立,為上市中小企業(yè)提供了便利的融資渠道,也為中小企業(yè)構(gòu)建合理的資本結(jié)構(gòu)搭建了平臺(tái)。本文以中小企業(yè)板上市公司為對(duì)象,著重研究其資本結(jié)構(gòu)的影響因素,為優(yōu)化中小板上市公司的資本結(jié)構(gòu)提供參考。 文章首先對(duì)資本結(jié)構(gòu)理論以及資本結(jié)構(gòu)影響因素理論進(jìn)行了文獻(xiàn)綜述,為后文研究其影響因素做了理論鋪墊。 其次,文章通過(guò)分析中小板市場(chǎng)以及中小板上市公司的特點(diǎn),提出了中小板上市公司資本結(jié)構(gòu)的影響因素。對(duì)影響因素的分析主要從行業(yè)層面和公司層面入手：在行業(yè)層面,分析了資本結(jié)構(gòu)在不同行業(yè)間的差異性；在公司層面,著重分析了企業(yè)盈利性、規(guī)模、成長(zhǎng)性、非債務(wù)稅盾、資產(chǎn)擔(dān)保價(jià)值、產(chǎn)品獨(dú)特性這六個(gè)公司特征變量與公司資本結(jié)構(gòu)之間的關(guān)系。 再次,運(yùn)用SPSS統(tǒng)計(jì)軟件對(duì)行業(yè)數(shù)據(jù)進(jìn)行了描述性的分析、正態(tài)分布檢驗(yàn)以及非參數(shù)檢驗(yàn),對(duì)于公司特征因素進(jìn)行了描述性統(tǒng)計(jì)分析和回歸分析,得出結(jié)論：我國(guó)中小企業(yè)板上市公司資本結(jié)構(gòu)存在行業(yè)間差異；企業(yè)規(guī)模、成長(zhǎng)性和資產(chǎn)擔(dān)保價(jià)值與企業(yè)總資產(chǎn)負(fù)債率正相關(guān),盈利性、非債務(wù)稅盾和產(chǎn)品獨(dú)特性與企業(yè)總資產(chǎn)負(fù)債率負(fù)相關(guān)；在資本結(jié)構(gòu)影響因素中,資產(chǎn)擔(dān)保價(jià)值的作用最顯著。針對(duì)實(shí)證研究結(jié)果,作了結(jié)合中小板上市公司自身特點(diǎn)的解釋。 最后,總結(jié)了文章結(jié)論,并結(jié)合我國(guó)經(jīng)濟(jì)的宏觀環(huán)境,以及上市公司的自身情況,對(duì)優(yōu)化中小板上市公司資本結(jié)構(gòu)提出了相應(yīng)的政策建議。
[Abstract]:Small and medium-sized enterprises play an important role in promoting social stability, constructing the main body of the market and promoting the development of our national economy. Due to the small size of SMEs themselves, the lack of certainty of income, and the small amount of assets that can be used as collateral, SMEs have higher financial risk. In 2004, the SME Board was established in Shenzhen Stock Exchange, which provided a convenient financing channel for the listed SMEs, and also set up a platform for the SMEs to build a reasonable capital structure. This paper focuses on the influencing factors of the capital structure of the listed companies on the SME board, and provides a reference for the optimization of the capital structure of the listed companies on the SME board. This paper firstly summarizes the theory of capital structure and the theory of influencing factors of capital structure, and makes a theoretical foundation for the later study of the influencing factors. Secondly, by analyzing the characteristics of the small and medium-sized board market and the listed companies, the paper puts forward the influencing factors of the capital structure of the small and medium-sized board listed companies. The analysis of the influencing factors mainly starts from the industry level and the company level: at the industry level, it analyzes the difference of the capital structure in different industries; at the corporate level, it focuses on the analysis of the profitability, scale, growth, non-debt tax shield of the enterprise. The relationship between asset guarantee value, product uniqueness and corporate capital structure. Thirdly, using SPSS statistical software to analyze the industry data descriptive, normal distribution test and non-parametric test, descriptive statistical analysis and regression analysis for the company characteristic factors. The conclusions are as follows: there are industry differences in the capital structure of the listed companies on the SME board in China, and the scale, growth and asset-guaranteed value of the enterprises are positively related to the total asset-liability ratio and profitability. The non-debt tax shield and product uniqueness are negatively correlated with the total asset-liability ratio, and the value of asset-guaranteed value is the most significant among the influencing factors of capital structure. According to the results of empirical research, this paper makes an explanation of the characteristics of small and medium board listed companies. Finally, this paper summarizes the conclusions of the article, and combines the macroeconomic environment of our country, as well as the situation of the listed companies, and puts forward the corresponding policy recommendations to optimize the capital structure of the small and medium-sized board listed companies.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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