【摘要】：公司資本結(jié)構(gòu)是其經(jīng)營風(fēng)格和主導(dǎo)戰(zhàn)略的體現(xiàn)，同時也是其融資方式的縮影，西方企業(yè)管理理論在很早就提出通過資本結(jié)構(gòu)的管理和優(yōu)化來完成公司戰(zhàn)略布局、滿足發(fā)展需求。由于國有上市公司資本規(guī)模大、所處行業(yè)重要性和壟斷性強，因此針對我國國有上市公司的資本結(jié)構(gòu)研究一直是該領(lǐng)域的熱點。我國國有上市公司在國民經(jīng)濟(jì)當(dāng)中處于重要地位，且都持有和管理著龐大資本，，因此其在國民經(jīng)濟(jì)中肩負(fù)的責(zé)任和使命更加重要。然而我國市場經(jīng)濟(jì)歷史較短，現(xiàn)代化管理在我國還未積累下足夠研究和借鑒的實踐經(jīng)驗，因此企業(yè)的經(jīng)營管理是我國國有上市公司的薄弱環(huán)節(jié)，這種薄弱體現(xiàn)在諸多方面，例如資本結(jié)構(gòu)不合理、資本價值增值效應(yīng)不明顯、利益關(guān)系復(fù)雜等等。我國國有上市公司股權(quán)分置改革后，公司的資本結(jié)構(gòu)逐步向去權(quán)力化轉(zhuǎn)軌，資本結(jié)構(gòu)在公司治理方面的作用開始集中顯現(xiàn)，因此不得不說資本結(jié)構(gòu)對國有上市公司的持續(xù)經(jīng)營和發(fā)展擴(kuò)張意義重大。 本文中，筆者以此為背景，在閱讀大量文獻(xiàn)資料和對所收集的50家國有上市公司數(shù)據(jù)做出實證分析后，將資本結(jié)構(gòu)與公司績效管理二者之間的關(guān)聯(lián)和影響做出總結(jié)，旨在以此作為鼓勵我國國有上市公司資本結(jié)構(gòu)調(diào)整和優(yōu)化的論據(jù)。本文主要由四大部分構(gòu)成，第一部分為理論基礎(chǔ)，在此筆者將資本結(jié)構(gòu)以及資本結(jié)構(gòu)管理理論、相關(guān)學(xué)術(shù)研究進(jìn)展做出總結(jié)并詳細(xì)闡述，以此構(gòu)成本文的理論支撐。第二部分則是介紹了樣本資料，對筆者所選取的樣本、選取理由以及評價標(biāo)準(zhǔn)做了詳細(xì)解釋，并將所需要的數(shù)據(jù)資料以及財務(wù)指標(biāo)作了簡要說明。第三部分是本文的實證分析部分，在此筆者將實證分析的前提假設(shè)、實證過程以及所收集和整理的數(shù)據(jù)的處理方式一一說明，最后利用相關(guān)數(shù)據(jù)處理軟件得出了本文的實證結(jié)論。第四部分是本文的重點，也是實證的總結(jié)和思索部分。在這里，筆者將實證分析結(jié)果予以歸納，并對實驗結(jié)論作出分析和闡述，指出了資本機構(gòu)對國有上市公司績效和盈利的影響因素和作用機制。最后，針對二者之間的關(guān)聯(lián)，筆者對我國國有上市公司的資本結(jié)構(gòu)管理和績效提升提出了一些自己的看法和建議。
[Abstract]:The corporate capital structure is the embodiment of its management style and leading strategy, and it is also the epitome of its financing mode. The western enterprise management theory put forward to complete the strategic layout of the company through the management and optimization of the capital structure early, to meet the development needs. Due to the large scale of capital and the strong importance and monopoly of the state-owned listed companies, the research on the capital structure of the state-owned listed companies in China has always been a hot spot in this field. China's state-owned listed companies are in an important position in the national economy, and they all hold and manage huge capital, so their responsibilities and missions in the national economy are even more important. However, the history of market economy in our country is relatively short, and the modern management has not accumulated enough practical experience to study and draw lessons from in our country. Therefore, the management and management of enterprises is the weak link of the state-owned listed companies in our country, which is reflected in many aspects. For example, the capital structure is unreasonable, the capital value increment effect is not obvious, the interest relation is complex and so on. After the split share structure reform of state-owned listed companies in China, the capital structure of the company has gradually changed to a decentralized system, and the role of the capital structure in corporate governance has begun to appear. Therefore, it has to be said that capital structure is of great significance to the continuous operation and development and expansion of state-owned listed companies. In this paper, the author makes a summary of the relationship and influence between capital structure and corporate performance management after reading a lot of literature and analyzing the data of 50 state-owned listed companies. The purpose is to use this as an argument to encourage the capital structure adjustment and optimization of our state-owned listed companies. This paper is mainly composed of four parts, the first part is the theoretical basis, in this paper, the capital structure and capital structure management theory, related academic research progress is summarized and elaborated in detail, which constitutes the theoretical support of this paper. The second part is the introduction of sample data, the author selected the sample, the selection of reasons and evaluation criteria to do a detailed explanation, and the need for data and financial indicators made a brief explanation. The third part is the empirical analysis part of this paper, in this paper, the premise of the empirical analysis assumptions, empirical process and the data collected and collated way of processing one by one. Finally, the empirical conclusions of this paper are obtained by using the relevant data processing software. The fourth part is the focus of this paper, but also the empirical summary and thinking part. Here, the author sums up the empirical analysis results, analyzes and expounds the experimental conclusions, and points out the influencing factors and mechanism of the capital institutions on the performance and profit of the state-owned listed companies. Finally, in view of the relationship between the two, the author puts forward some opinions and suggestions on the capital structure management and performance improvement of the state-owned listed companies in China.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F272.5;F832.51

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