本文選題：上市證券公司　切入點(diǎn)：資本結(jié)構(gòu)　出處：《天津財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著中國(guó)金融市場(chǎng)的對(duì)外開放程度越來(lái)越高,證券市場(chǎng)逐步走向規(guī)范化,并且日益與國(guó)際市場(chǎng)接軌,國(guó)內(nèi)證券公司在獲得良好的發(fā)展機(jī)遇的同時(shí),也面臨著國(guó)外大型公司的強(qiáng)有力沖擊。因此,對(duì)我國(guó)上市證券公司資本構(gòu)成及經(jīng)營(yíng)績(jī)效進(jìn)行研究,并根據(jù)研究成果確定適用于證券公司的合理資本結(jié)構(gòu),有利于解決當(dāng)前證券市場(chǎng)所面臨的發(fā)展瓶頸,同時(shí)有利于我國(guó)資本市場(chǎng)以及金融行業(yè)的健康、穩(wěn)定及長(zhǎng)遠(yuǎn)發(fā)展。文章通過(guò)介紹資本結(jié)構(gòu)對(duì)經(jīng)營(yíng)績(jī)效的影響理論,并選取我國(guó)10家上市證券公司的2004-2012年的樣本數(shù)據(jù)建立面板數(shù)據(jù)多重門限模型,選取了公司規(guī)模、資產(chǎn)結(jié)構(gòu)、成長(zhǎng)性3個(gè)控制變量,最終通過(guò)估計(jì)得出門限值為0.627。因此認(rèn)為我國(guó)上市證券公司合理的資產(chǎn)負(fù)債率為62.7%。當(dāng)證券公司資產(chǎn)負(fù)債率小于62.7%時(shí),增加負(fù)債融資,能夠提高公司的經(jīng)營(yíng)績(jī)效；當(dāng)證券公司資產(chǎn)負(fù)債率大于等于62.7%時(shí),繼續(xù)增加負(fù)債融資,將會(huì)使公司財(cái)務(wù)風(fēng)險(xiǎn)不斷增加,負(fù)債籌資利息成本所起的抵稅作用會(huì)被財(cái)務(wù)風(fēng)險(xiǎn)所抵消,公司經(jīng)營(yíng)績(jī)效開始下降。同時(shí),根據(jù)模型估計(jì),證券公司規(guī)模擴(kuò)大能夠?qū)窘?jīng)營(yíng)績(jī)效產(chǎn)生積極影響,且影響較為顯著；證券公司營(yíng)業(yè)收入增長(zhǎng)率的提升,說(shuō)明公司業(yè)務(wù)持續(xù)增加,經(jīng)營(yíng)業(yè)績(jī)不斷提高；而證券公司固定資產(chǎn)由于在證券公司資產(chǎn)總額中比重相對(duì)較小,對(duì)證券公司經(jīng)營(yíng)績(jī)效的影響沒(méi)有上述兩個(gè)控制變量影響顯著,但仍然呈現(xiàn)出一定的負(fù)相關(guān)關(guān)系�；趯�(shí)證研究成果,我國(guó)證券公司應(yīng)重視行業(yè)特征,適度調(diào)整資本結(jié)構(gòu),權(quán)衡公司融資成本,拓寬公司融資渠道,充分利用規(guī)模優(yōu)勢(shì),并積極創(chuàng)新。國(guó)家應(yīng)加快債券市場(chǎng)建設(shè),建立健全公司績(jī)效評(píng)價(jià)體系,簡(jiǎn)化證券市場(chǎng)審批程序,監(jiān)督并完善證券市場(chǎng)內(nèi)部治理結(jié)構(gòu)。
[Abstract]:With the opening of China's financial market to the outside world, the securities market is becoming more and more standardized, and increasingly in line with the international market, while the domestic securities companies are getting good opportunities for development, Therefore, the capital composition and operating performance of listed securities companies in China are studied, and the reasonable capital structure suitable for securities companies is determined according to the research results. This paper introduces the theory of the influence of capital structure on management performance, which is conducive to solving the bottleneck of the development of the current securities market, and is conducive to the healthy, stable and long-term development of the capital market and the financial industry in China. And select the sample data of 10 listed securities companies in China from 2004 to 2012 to set up multi-threshold model of panel data, select three control variables of company size, asset structure and growth. Finally, it is estimated that the limit of going out is 0.627.Therefore, the reasonable asset-liability ratio of listed securities companies in China is 62.7%. When the asset-liability ratio of securities companies is less than 62.7%, increasing debt financing can improve the operating performance of the companies. When the asset-liability ratio of a securities company is greater than or equal to 62.7%, if the debt financing continues to increase, the financial risk of the company will continue to increase, and the tax offset of the interest cost of debt financing will be offset by the financial risk. At the same time, according to the model, the expansion of the scale of securities companies can have a positive impact on the performance of the company, and the impact is more significant. It shows that the business of the securities company continues to increase, and the business performance of the securities company continues to improve, while the fixed assets of the securities company have a relatively small proportion in the total assets of the securities company, so the impact on the operating performance of the securities company is less significant than that of the two control variables mentioned above. However, there is still a negative correlation. Based on the results of empirical research, China's securities companies should pay attention to the characteristics of the industry, adjust the capital structure appropriately, weigh corporate financing costs, broaden the financing channels of companies, and make full use of the advantages of scale. The government should speed up the construction of the bond market, establish and perfect the evaluation system of the company's performance, simplify the examination and approval procedure of the securities market, supervise and perfect the internal governance structure of the securities market.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.39;F830.42

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