本文關鍵詞： 創(chuàng)業(yè)板 資本結構 公司成長性　出處：《哈爾濱工業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：創(chuàng)業(yè)板自成立以來就在資本市場扮演著重要的角色,為眾多創(chuàng)業(yè)型企業(yè)、中小企業(yè)、高科技企業(yè)提供了融資途徑和成長空間,是主板市場的重要補充。資本結構和成長性作為財務領域的重要研究內(nèi)容,一直備受關注,創(chuàng)業(yè)板上市公司能否構建科學合理的資本結構會對公司的成長性產(chǎn)生重要影響。與主板市場相比,創(chuàng)業(yè)板市場成立的時間較晚,且經(jīng)營模式是全新的,目前學者們對其的研究大多數(shù)是集中在對公司的財務風險進行評價上或者是探討企業(yè)資本結構的影響因素。為了使創(chuàng)業(yè)板市場保持快速穩(wěn)定的發(fā)展,規(guī)避可能出現(xiàn)的財務風險,使其呈現(xiàn)出合理的資本結構;也為了使創(chuàng)業(yè)板上市公司在進行籌資決策時能夠有更可靠的決策依據(jù),本文以創(chuàng)業(yè)板上市公司為研究對象,對資本結構對公司成長性的影響進行了探討。在研究中以170家創(chuàng)業(yè)板上市公司近三年的財務數(shù)據(jù)為基礎,選取十二種可以反映公司成長性的指標,通過因子分析法對公司成長性進行全面的衡量;選取了可以代表公司資本結構的四個方面相關財務指標,即資產(chǎn)負債率、長期負債比率、商業(yè)信用率以及股權融資比率;在此基礎上通過多元回歸分析法對所構建的模型進行實證分析,對所提出的相關假設進行驗證。在理論與實證分析的基礎上,本文認為創(chuàng)業(yè)板上市公司資本結構對公司成長性有非常大的影響。實證結果表明,資產(chǎn)負債率與公司成長性呈負相關關系;股權融資比率與公司成長性呈正相關關系;長期負債比率與公司成長性呈正相關關系;商業(yè)信用率與公司成長性呈負相關關系。
[Abstract]:Since the establishment of the gem, it has played an important role in the capital market, providing financing channels and growth space for many entrepreneurial enterprises, small and medium-sized enterprises, and high-tech enterprises. Capital structure and growth, as an important research content in the financial field, have been attracting much attention. Whether the gem listed companies can build a scientific and reasonable capital structure will have an important impact on the growth of the company. Compared with the main market, the gem market was established later, and the business model is completely new. At present, most of the researches are focused on the evaluation of the financial risk of the company or on the influencing factors of the capital structure of the enterprise. In order to keep the gem market developing rapidly and stably, and avoid the possible financial risks, So that it presents a reasonable capital structure, and in order to enable the gem listed companies to have a more reliable basis for decision-making, this paper takes the gem listed companies as the research object. This paper discusses the influence of capital structure on the growth of companies. Based on the financial data of 170 gem listed companies in the past three years, we select 12 kinds of indicators that can reflect the growth of companies. Through factor analysis, the paper measures the growth of the company comprehensively, and selects four related financial indicators which can represent the capital structure of the company, namely, the ratio of assets and liabilities, the ratio of long-term liabilities, the ratio of business credit and the ratio of equity financing. On this basis, the empirical analysis of the model is carried out through multiple regression analysis, and the relevant hypotheses are verified. On the basis of theoretical and empirical analysis, The empirical results show that the asset-liability ratio has a negative correlation with the corporate growth, the equity financing ratio has a positive correlation with the corporate growth, and the equity financing ratio has a positive correlation with the growth of the company. The long-term debt ratio is positively correlated with the growth of the company, and the business credit ratio is negatively correlated with the growth of the company.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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