本文選題：上市證券公司　切入點：資本結構　出處：《天津財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：隨著中國金融市場的對外開放程度越來越高,證券市場逐步走向規(guī)范化,并且日益與國際市場接軌,國內(nèi)證券公司在獲得良好的發(fā)展機遇的同時,也面臨著國外大型公司的強有力沖擊。因此,對我國上市證券公司資本構成及經(jīng)營績效進行研究,并根據(jù)研究成果確定適用于證券公司的合理資本結構,有利于解決當前證券市場所面臨的發(fā)展瓶頸,同時有利于我國資本市場以及金融行業(yè)的健康、穩(wěn)定及長遠發(fā)展。文章通過介紹資本結構對經(jīng)營績效的影響理論,并選取我國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)結構、成長性3個控制變量,最終通過估計得出門限值為0.627。因此認為我國上市證券公司合理的資產(chǎn)負債率為62.7%。當證券公司資產(chǎn)負債率小于62.7%時,增加負債融資,能夠提高公司的經(jīng)營績效；當證券公司資產(chǎn)負債率大于等于62.7%時,繼續(xù)增加負債融資,將會使公司財務風險不斷增加,負債籌資利息成本所起的抵稅作用會被財務風險所抵消,公司經(jīng)營績效開始下降。同時,根據(jù)模型估計,證券公司規(guī)模擴大能夠?qū)窘?jīng)營績效產(chǎn)生積極影響,且影響較為顯著；證券公司營業(yè)收入增長率的提升,說明公司業(yè)務持續(xù)增加,經(jīng)營業(yè)績不斷提高；而證券公司固定資產(chǎn)由于在證券公司資產(chǎn)總額中比重相對較小,對證券公司經(jīng)營績效的影響沒有上述兩個控制變量影響顯著,但仍然呈現(xiàn)出一定的負相關關系。基于實證研究成果,我國證券公司應重視行業(yè)特征,適度調(diào)整資本結構,權衡公司融資成本,拓寬公司融資渠道,充分利用規(guī)模優(yōu)勢,并積極創(chuàng)新。國家應加快債券市場建設,建立健全公司績效評價體系,簡化證券市場審批程序,監(jiān)督并完善證券市場內(nèi)部治理結構。
[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.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.39;F830.42

【相似文獻】

相關期刊論文 前10條

1 鄧智明;淺析資本結構的影響因素[J];時代財會;2003年08期

2 李曜;上市公司的雙層資本結構——加拿大的經(jīng)驗及對我國的啟示[J];證券市場導報;2003年06期

3 鄒芳莉,洪正;最優(yōu)資本結構還是有效資本結構?[J];河北經(jīng)貿(mào)大學學報;2004年01期

4 吳可夫;資本與資本結構的影響因素[J];企業(yè)經(jīng)濟;2004年01期

5 李志國;;試論我國中小企業(yè)資本結構的現(xiàn)狀及其優(yōu)化[J];常州工學院學報;2006年03期

6 楊楓;;資本結構經(jīng)典文獻簡介——稅收與公司資本結構關系研究[J];北方經(jīng)濟;2006年20期

7 呂娜;;試析資本結構的評價及優(yōu)化[J];理論界;2006年12期

8 趙勇;薛軍;;遼寧國有資本結構調(diào)整對策研究[J];合作經(jīng)濟與科技;2007年02期

9 陽玉香;;資本結構的行業(yè)模式:來自中國上市公司的經(jīng)驗證據(jù)[J];商場現(xiàn)代化;2007年18期

10 李杰;沈永建;;隱性資本結構與公司治理優(yōu)化的關系分析[J];財會通訊(學術版);2007年05期

相關會議論文 前10條

1 吳尚宗;;企業(yè)整體資本結構評級和優(yōu)化問題研究[A];中國會計學會2006年學術年會論文集（下冊）[C];2006年

2 王培欣;李文華;向廷勛;;我國上市公司終極控制權與資本結構關系的實證研究[A];中國會計學會高等工科院校分會2010年學術年會論文集[C];2010年

3 楊慧輝;;“中小企業(yè)板”對改善中小企業(yè)資本結構的實證分析[A];中國會計學會高等工科院校分會2005年學術年會暨第十二屆年會論文集[C];2005年

4 范蕊;;貨幣政策、企業(yè)性質(zhì)和資本結構[A];中國會計學會2012年學術年會論文集[C];2012年

5 侯金旺;侯衛(wèi)強;;揭開資本結構之迷[A];第三屆海峽兩岸會計學術研討會論文集[C];2011年

6 納鵬杰;納超洪;;產(chǎn)品市場、資本結構與公司戰(zhàn)略[A];中國會計學會2006年學術年會論文集（下冊）[C];2006年

7 李小軍;王平心;;終極控制權、股權結構與資本結構[A];中國會計學會高等工科院校分會2007年學術年會暨第十四屆年會論文集[C];2007年

8 趙自強;熊筱燕;易秋e，

本文編號：1575807