國內有色金屬行業(yè)上市公司資本結構影響因素研究
發(fā)布時間：2018-12-18 03:24
【摘要】：2008年國際金融危機給各國經濟造成了重大影響，對國內有色金屬行業(yè)也造成了一定的沖擊。當前有色金屬行業(yè)正面臨著錯綜復雜的市場環(huán)境，面臨著更大的財務風險和競爭壓力。本文希望通過對有色金屬行業(yè)上市公司資本結構影響因素進行研究，幫助相關上市公司分析所處行業(yè)、企業(yè)自身所面臨的資本結構影響因素。各個企業(yè)再根據實際情況不斷優(yōu)化資本結構、增強企業(yè)抵御財務風險的能力，從而提高公司的經濟效益，更好的應對復雜多變的市場。同時,本文也為有色金屬行業(yè)中小企業(yè)提供一定的借鑒和參考。 首先，本文回顧了中外學者對資本結構理論的研究成果，查閱了國內外研究資本結構影響因素的相關文獻，搜集了關于有色金屬行業(yè)的相關研究并進行了評述。在此基礎上，對資本結構影響因素進行總結和概括，形成本文資本結構影響因素的基礎。其次，剔除ST類、上市不滿五年、數據指標異常的部分有色金屬行業(yè)上市公司，選取40家作為樣本進行研究，對其現狀從資產、負債、股東情況等方面分析。然后根據樣本公司2010——2012年年報數據計算分析其資本結構狀況，總結出資產負債率集中度高、波動幅度大，股權集中度高，流動負債比重高于非流動負債比重，借款合理性有待提高四個特點，并總結分析可能影響有色金屬行業(yè)上市公司的影響因素。 再次，，以有色金屬行業(yè)上市公司2010-2012年報表數據做為樣本，設置資產負債率和短期資產負債率為被解釋變量，總資產凈利率、權益凈利率、流動比率、營業(yè)收入增長率等十個因素為解釋變量，對資本結構和其影響因素之間進行描述性統計、相關性分析、多元線性回歸分析等實證研究。通過實證分析我們得出有色金屬行業(yè)上市公司資本結構與盈利能力、非債務稅盾、資產流動性、營運能力呈現負相關關系。其中它和盈利能力、非債務稅盾兩個因素之間是顯著負相關關系。資本結構與抵押能力、有形資產呈現較為顯著正相關，而企業(yè)規(guī)模和成長性兩個因素對資本結構并未產生顯著影響的結論。 最后，本文依據實證研究的結果，對有色金屬行業(yè)上市公司在資本結構優(yōu)化方面提出了加強對資本結構理念的重視、提高企業(yè)盈利能力、融資方式多樣化、債券結構優(yōu)化、證券市場不斷完善等幾點合理化建議。
[Abstract]:The 2008 international financial crisis has had a great impact on the economy of all countries, and has also caused a certain impact on the domestic non-ferrous metal industry. At present, the nonferrous metal industry is facing the complicated market environment, facing greater financial risk and competitive pressure. This paper hopes to study the influencing factors of capital structure of listed companies in non-ferrous metal industry to help related listed companies to analyze the influencing factors of capital structure in their respective industries and enterprises themselves. According to the actual situation, each enterprise continuously optimizes the capital structure, strengthens the enterprise to resist the financial risk, thus enhances the company's economic benefit, better deal with the complex and changeable market. At the same time, this article also provides certain reference and reference for non-ferrous metal industry small and medium-sized enterprises. First of all, this paper reviews the research results of the capital structure theory at home and abroad, looks up the domestic and foreign literature on the influencing factors of capital structure, collects the relevant research and comments on the non-ferrous metal industry. On this basis, the paper summarizes and generalizes the influencing factors of capital structure, and forms the basis of the influencing factors of capital structure in this paper. Secondly, excluding the ST category, less than five years on the market and abnormal data indicators, 40 non-ferrous metal listed companies are selected as samples to study their current situation from the aspects of assets, liabilities, shareholders and so on. Then according to the sample company 2010-2012 annual report data calculation and analysis of its capital structure, summed up the high concentration of asset-liability ratio, large fluctuations, high equity concentration, the proportion of current liabilities is higher than the proportion of non-current liabilities. The rationality of borrowing needs to be improved, and the factors that may affect the listed companies in nonferrous metal industry are summarized and analyzed. Thirdly, taking the data of 2010-2012 financial statements of non-ferrous metal industry listed companies as samples, setting asset-liability ratio and short-term asset-liability ratio as explained variables, total net asset interest rate, equity net interest rate, current ratio, Ten factors, such as the growth rate of operating income, are taken as explanatory variables. Descriptive statistics, correlation analysis, multiple linear regression analysis and so on are carried out between capital structure and its influencing factors. Through empirical analysis, we conclude that the capital structure of listed companies in non-ferrous metals industry is negatively related to profitability, non-debt tax shield, asset liquidity and operational ability. Among them, there is a significant negative correlation between it and profitability and non-debt tax shield. The conclusion that the capital structure is positively correlated with the mortgage ability and tangible assets, while the two factors of enterprise size and growth have no significant influence on the capital structure. Finally, according to the results of the empirical research, this paper puts forward that the listed companies in the non-ferrous metal industry should pay more attention to the capital structure concept, improve the profitability of the enterprises, diversify the financing methods, optimize the bond structure. The stock market continuously consummates and so on several rationalization suggestions.
【學位授予單位】：江西理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.32
本文編號：2385249
[Abstract]:The 2008 international financial crisis has had a great impact on the economy of all countries, and has also caused a certain impact on the domestic non-ferrous metal industry. At present, the nonferrous metal industry is facing the complicated market environment, facing greater financial risk and competitive pressure. This paper hopes to study the influencing factors of capital structure of listed companies in non-ferrous metal industry to help related listed companies to analyze the influencing factors of capital structure in their respective industries and enterprises themselves. According to the actual situation, each enterprise continuously optimizes the capital structure, strengthens the enterprise to resist the financial risk, thus enhances the company's economic benefit, better deal with the complex and changeable market. At the same time, this article also provides certain reference and reference for non-ferrous metal industry small and medium-sized enterprises. First of all, this paper reviews the research results of the capital structure theory at home and abroad, looks up the domestic and foreign literature on the influencing factors of capital structure, collects the relevant research and comments on the non-ferrous metal industry. On this basis, the paper summarizes and generalizes the influencing factors of capital structure, and forms the basis of the influencing factors of capital structure in this paper. Secondly, excluding the ST category, less than five years on the market and abnormal data indicators, 40 non-ferrous metal listed companies are selected as samples to study their current situation from the aspects of assets, liabilities, shareholders and so on. Then according to the sample company 2010-2012 annual report data calculation and analysis of its capital structure, summed up the high concentration of asset-liability ratio, large fluctuations, high equity concentration, the proportion of current liabilities is higher than the proportion of non-current liabilities. The rationality of borrowing needs to be improved, and the factors that may affect the listed companies in nonferrous metal industry are summarized and analyzed. Thirdly, taking the data of 2010-2012 financial statements of non-ferrous metal industry listed companies as samples, setting asset-liability ratio and short-term asset-liability ratio as explained variables, total net asset interest rate, equity net interest rate, current ratio, Ten factors, such as the growth rate of operating income, are taken as explanatory variables. Descriptive statistics, correlation analysis, multiple linear regression analysis and so on are carried out between capital structure and its influencing factors. Through empirical analysis, we conclude that the capital structure of listed companies in non-ferrous metals industry is negatively related to profitability, non-debt tax shield, asset liquidity and operational ability. Among them, there is a significant negative correlation between it and profitability and non-debt tax shield. The conclusion that the capital structure is positively correlated with the mortgage ability and tangible assets, while the two factors of enterprise size and growth have no significant influence on the capital structure. Finally, according to the results of the empirical research, this paper puts forward that the listed companies in the non-ferrous metal industry should pay more attention to the capital structure concept, improve the profitability of the enterprises, diversify the financing methods, optimize the bond structure. The stock market continuously consummates and so on several rationalization suggestions.
【學位授予單位】：江西理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.32
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