【摘要】：2006年初國(guó)務(wù)院將自主創(chuàng)新戰(zhàn)略納入十一五規(guī)劃中,為了呼應(yīng)該策略的提出,政府對(duì)于創(chuàng)新性企業(yè)給予政策上的大力支持和幫助。近些年來(lái),以科研和創(chuàng)新為主的高新技術(shù)企業(yè)隊(duì)伍日益龐大起來(lái)。創(chuàng)業(yè)板市場(chǎng)更有利于高新技術(shù)企業(yè)上市交易,能夠有效處理其在資金上遇到的各種難題。從其2009年最初設(shè)立到2015年底共有500家企業(yè)在創(chuàng)業(yè)板市場(chǎng)陸續(xù)落戶,規(guī)模越來(lái)越大。然而近幾年來(lái),我國(guó)創(chuàng)業(yè)板公司績(jī)效水平不穩(wěn)定,引起研究學(xué)者的廣泛關(guān)注。在研究上,側(cè)重于探析資本結(jié)構(gòu)影響因素以及其在資本市場(chǎng)是如何影響公司績(jī)效的,進(jìn)而提出完善建議增加企業(yè)價(jià)值。資金是一個(gè)企業(yè)開(kāi)展工作和持續(xù)經(jīng)營(yíng)的根基,資本結(jié)構(gòu)剛好可以反映資金構(gòu)成比例關(guān)系。因此資本結(jié)構(gòu)必然會(huì)影響到公司日常經(jīng)營(yíng)和經(jīng)濟(jì)利益流入,進(jìn)而影響整體績(jī)效水平。本文在具體闡述資本結(jié)構(gòu)的相關(guān)理論基礎(chǔ)上,主要探究創(chuàng)業(yè)板市場(chǎng),選取2009-2015七年的樣本數(shù)據(jù),對(duì)照創(chuàng)業(yè)板上市公司不同行業(yè)、不同地區(qū)的財(cái)務(wù)數(shù)據(jù),總結(jié)其資本結(jié)構(gòu)目前的變革趨向。本文采納描述性統(tǒng)計(jì)的方法對(duì)創(chuàng)業(yè)板上市公司的現(xiàn)狀進(jìn)行具體論述,即我國(guó)高新技術(shù)企業(yè)整體負(fù)債比率過(guò)低,流動(dòng)比率偏高,債務(wù)結(jié)構(gòu)發(fā)展不合理。本文在實(shí)證研究設(shè)計(jì)上,借助SPSS20.0軟件工具,運(yùn)用因子分析和多元線性回歸分析方法得出結(jié)論,并且驗(yàn)證了所提出的假設(shè)。即創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效之間呈負(fù)相關(guān)關(guān)系;流動(dòng)負(fù)債率與經(jīng)營(yíng)績(jī)效存在負(fù)相關(guān)關(guān)系;長(zhǎng)期負(fù)債率與公司經(jīng)營(yíng)績(jī)效存在線性關(guān)系且負(fù)相關(guān);第一大股東持股比例與公司績(jī)效負(fù)相關(guān);公司規(guī)模與經(jīng)營(yíng)績(jī)效之間關(guān)系不顯著。最后根據(jù)實(shí)證結(jié)果得出結(jié)論,當(dāng)前創(chuàng)業(yè)板上市公司之所以績(jī)效水平浮動(dòng)比較大,是其資金構(gòu)成不恰當(dāng)造成的。我們可以根據(jù)研究結(jié)論調(diào)整資本結(jié)構(gòu)進(jìn)而提升企業(yè)綜合業(yè)績(jī),增加財(cái)富來(lái)實(shí)現(xiàn)目標(biāo)。
[Abstract]:At the beginning of 2006, the State Council brought the independent innovation strategy into the 11th Five-Year Plan. In order to put forward the strategy of calling for innovation, the government gave policy support and help to the innovative enterprises. In recent years, scientific research and innovation-based high-tech enterprises are increasingly large. The gem market is more conducive to the listing and trading of high-tech enterprises, and can effectively deal with all kinds of financial problems encountered by them. From its initial establishment in 2009 to the end of 2015, a total of 500 enterprises in the gem market, the scale of the growing. However, in recent years, the performance level of gem companies in China is unstable, which has attracted the attention of researchers. In the research, the author focuses on the analysis of the influencing factors of capital structure and how it affects the performance of the company in the capital market, and then puts forward some suggestions to increase the value of the enterprise. Capital is the foundation of an enterprise to work and continue to operate, and the capital structure can reflect the proportion of capital composition. Therefore, capital structure will inevitably affect the daily operation and the inflow of economic benefits, and then affect the overall performance level. Based on the related theories of capital structure, this paper mainly explores the gem market, selects the sample data from 2009-2015, and compares the financial data of different industries and regions of gem listed companies. Summary of its capital structure of the current trend of change. This paper adopts descriptive statistical method to discuss the present situation of listed companies in gem, that is, the overall debt ratio of high-tech enterprises in our country is too low, the current ratio is too high, and the development of debt structure is unreasonable. In this paper, we use the SPSS20.0 software tool, factor analysis and multiple linear regression analysis method to draw a conclusion, and verify the hypothesis. That is, there is a negative correlation between capital structure and operating performance of listed companies in gem, a negative correlation between current debt ratio and operating performance, a linear relationship between long-term debt ratio and operating performance, and a negative correlation between long-term debt ratio and business performance. The first shareholder's shareholding ratio is negatively correlated with corporate performance, and the relationship between company size and operating performance is not significant. Finally, according to the empirical results, it is concluded that the reason why the performance level of gem companies fluctuates is due to the inappropriate composition of their funds. We can adjust the capital structure according to the conclusion of the research and then improve the comprehensive performance and increase the wealth to achieve the goal.
【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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本文編號(hào)：2238215