本文關鍵詞： 資本結構 績效 面板數(shù)據(jù) 汽車制造業(yè)　出處：《遼寧科技大學》2014年碩士論文　論文類型：學位論文

【摘要】：企業(yè)不僅是產(chǎn)品市場的主體，也是資本市場的主體，而在我國卻常常忽視其在資本市場的作用，尤其我國正處于經(jīng)濟轉(zhuǎn)型期，調(diào)整資本結構具有重要意義。融資是企業(yè)在資本市場上的重要行為之一，融資的方式與途徑直接影響到公司的經(jīng)營績效。公司要提高其市場價值，根本思路就是對資本結構的調(diào)整。我國關于資本結構的研究主要集中在優(yōu)化資本結構、資本結構影響因素等方面，此外針對單個行業(yè)，尤其是汽車制造業(yè)的研究較少，依據(jù)資本結構理論，不同行業(yè)的資本結構差異很大。 本文采用比較分析，統(tǒng)計描述等方法進行分析，發(fā)現(xiàn)我國汽車制造業(yè)資產(chǎn)負債率偏低；流動負債偏高；股權集中度高。因此國外文獻不能完全作為研究我國汽車制造業(yè)上市公司的依據(jù)。本文將資本結構分為債權結構與股權結構，創(chuàng)新性的把兩者放在同一個模型中，從兩方面研究資本結構與公司績效的關系。通過對早期資本結構理論、代理理論、優(yōu)序融資論、信號傳遞論、權衡理論等相關資本結構理論的分析，對2010-2012年的69家汽車制造業(yè)上市公司的財務數(shù)據(jù)進行收集、整理，選取指標后提出研究假設，建立模型，采用面板數(shù)據(jù)模型進行分析與驗證，，實證分析后得出結果：資產(chǎn)負債率、長期負債占總資產(chǎn)比例、第一大股東持股比例與公司績效是正相關關系，短期負債占總資產(chǎn)的比率、流通股的比例、公司規(guī)模大小同公司績效是負相關關系，其中，短期負債占總資產(chǎn)的比率與公司績效關系不顯著。 最后，根據(jù)研究結果對我國汽車制造業(yè)及其相關產(chǎn)業(yè)的資本結構的改進和公司治理方面提出一些有價值的參考意見。
[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.
【學位授予單位】：遼寧科技大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.471

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