本文關(guān)鍵詞： 資本結(jié)構(gòu) 績(jī)效 面板數(shù)據(jù) 汽車制造業(yè)　出處：《遼寧科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)不僅是產(chǎn)品市場(chǎng)的主體，也是資本市場(chǎng)的主體，而在我國(guó)卻常常忽視其在資本市場(chǎng)的作用，尤其我國(guó)正處于經(jīng)濟(jì)轉(zhuǎn)型期，調(diào)整資本結(jié)構(gòu)具有重要意義。融資是企業(yè)在資本市場(chǎng)上的重要行為之一，融資的方式與途徑直接影響到公司的經(jīng)營(yíng)績(jī)效。公司要提高其市場(chǎng)價(jià)值，根本思路就是對(duì)資本結(jié)構(gòu)的調(diào)整。我國(guó)關(guān)于資本結(jié)構(gòu)的研究主要集中在優(yōu)化資本結(jié)構(gòu)、資本結(jié)構(gòu)影響因素等方面，此外針對(duì)單個(gè)行業(yè)，尤其是汽車制造業(yè)的研究較少，依據(jù)資本結(jié)構(gòu)理論，不同行業(yè)的資本結(jié)構(gòu)差異很大。 本文采用比較分析，統(tǒng)計(jì)描述等方法進(jìn)行分析，發(fā)現(xiàn)我國(guó)汽車制造業(yè)資產(chǎn)負(fù)債率偏低；流動(dòng)負(fù)債偏高；股權(quán)集中度高。因此國(guó)外文獻(xiàn)不能完全作為研究我國(guó)汽車制造業(yè)上市公司的依據(jù)。本文將資本結(jié)構(gòu)分為債權(quán)結(jié)構(gòu)與股權(quán)結(jié)構(gòu)，創(chuàng)新性的把兩者放在同一個(gè)模型中，從兩方面研究資本結(jié)構(gòu)與公司績(jī)效的關(guān)系。通過(guò)對(duì)早期資本結(jié)構(gòu)理論、代理理論、優(yōu)序融資論、信號(hào)傳遞論、權(quán)衡理論等相關(guān)資本結(jié)構(gòu)理論的分析，對(duì)2010-2012年的69家汽車制造業(yè)上市公司的財(cái)務(wù)數(shù)據(jù)進(jìn)行收集、整理，選取指標(biāo)后提出研究假設(shè)，建立模型，采用面板數(shù)據(jù)模型進(jìn)行分析與驗(yàn)證，，實(shí)證分析后得出結(jié)果：資產(chǎn)負(fù)債率、長(zhǎng)期負(fù)債占總資產(chǎn)比例、第一大股東持股比例與公司績(jī)效是正相關(guān)關(guān)系，短期負(fù)債占總資產(chǎn)的比率、流通股的比例、公司規(guī)模大小同公司績(jī)效是負(fù)相關(guān)關(guān)系，其中，短期負(fù)債占總資產(chǎn)的比率與公司績(jī)效關(guān)系不顯著。 最后，根據(jù)研究結(jié)果對(duì)我國(guó)汽車制造業(yè)及其相關(guān)產(chǎn)業(yè)的資本結(jié)構(gòu)的改進(jìn)和公司治理方面提出一些有價(jià)值的參考意見。
[Abstract]:The enterprise is not only the main body of the product market, but also the main body of the capital market, but in our country it often ignores its function in the capital market, especially our country is in the economic transition period. It is of great significance to adjust the capital structure. Financing is one of the important behaviors of enterprises in the capital market. The ways and means of financing have a direct impact on the operating performance of the company. The company should improve its market value. The basic idea is to adjust the capital structure. The research on capital structure in our country mainly focuses on optimizing the capital structure, influencing factors of capital structure, and aiming at a single industry. Especially the research of automobile manufacturing industry is less, according to the capital structure theory, the capital structure of different industries is very different. In this paper, comparative analysis, statistical description and other methods are used to analyze, it is found that the asset-liability ratio of automobile manufacturing industry in China is on the low side; High current liabilities; Therefore, foreign literature can not be used as the basis for the study of listed companies in China's automobile manufacturing industry. In this paper, the capital structure is divided into creditor's rights structure and equity structure. Innovatively put the two in the same model, from two aspects to study the relationship between capital structure and corporate performance. Through the early capital structure theory, agency theory, priority financing theory, signaling theory. Based on the analysis of relevant capital structure theory, the financial data of 69 listed companies in automobile manufacturing industry from 2010 to 2012 are collected, sorted out, and the research hypotheses are put forward after selecting indicators. Establish the model, using panel data model to analyze and verify, empirical analysis results: asset-liability ratio, long-term debt to total assets ratio, the largest shareholder holding ratio and corporate performance is a positive correlation. The ratio of short-term liabilities to total assets, the proportion of tradable shares and the size of companies are negatively related to corporate performance, among which, the ratio of short-term liabilities to total assets is not significantly related to corporate performance. Finally, based on the results of the study, some valuable suggestions are put forward for the improvement of capital structure and corporate governance of China's automobile manufacturing industry and its related industries.
【學(xué)位授予單位】：遼寧科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426.471

【參考文獻(xiàn)】

相關(guān)期刊論文 前4條

1 李東陽(yáng);曾奕;;我國(guó)上市公司戰(zhàn)略因素與績(jī)效關(guān)系的研究——以食品飲料行業(yè)上市公司為例[J];東北大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2009年01期

2 連玉君;程建;;不同成長(zhǎng)機(jī)會(huì)下資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效之關(guān)系研究[J];當(dāng)代經(jīng)濟(jì)科學(xué);2006年02期

3 于東智;資本結(jié)構(gòu)、債權(quán)治理與公司績(jī)效:一項(xiàng)經(jīng)驗(yàn)分析[J];中國(guó)工業(yè)經(jīng)濟(jì);2003年01期

4 張錦銘;;債務(wù)融資的治理效應(yīng):理論分析與實(shí)證檢驗(yàn)[J];山西財(cái)經(jīng)大學(xué)學(xué)報(bào);2005年06期

本文編號(hào)：1464414