【摘要】：2009年，創(chuàng)業(yè)板市場在深圳正式開板。創(chuàng)業(yè)板市場是我國多層次資本市場的重要組成部分，是協(xié)助我國高科技公司以及高成長性的新型創(chuàng)新公司進(jìn)行籌資和資本運(yùn)作的市場。創(chuàng)業(yè)板市場的建立是我國根據(jù)經(jīng)濟(jì)建設(shè)和社會發(fā)展的客觀需要所作出的重大戰(zhàn)略決策，對于促進(jìn)我國資本市場的發(fā)展和完善起著非常重要的作用。在我國創(chuàng)業(yè)板上市公司的有著較為嚴(yán)格的上市條件，主要包括：發(fā)行人應(yīng)具備較強(qiáng)的盈利能力，具有一定的規(guī)模和存續(xù)時間，發(fā)行人主營業(yè)務(wù)突出，發(fā)行人有著良好的公司治理結(jié)構(gòu)。創(chuàng)業(yè)板上市公司也以其高成長性和創(chuàng)新性取得了快速的發(fā)展，市場份額不斷擴(kuò)大、盈利能力不斷增強(qiáng)、企業(yè)價值不斷提高。隨著創(chuàng)業(yè)板上市公司的發(fā)展，對其的研究也日益增多，然而大部分的研究都是關(guān)于其成長性以及價值的研究，對于創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與財務(wù)績效之間相關(guān)關(guān)系的研究還不多。本文主要對其資本結(jié)構(gòu)與財務(wù)績效之間的相關(guān)關(guān)系進(jìn)行實證研究，為其下一步優(yōu)化資本結(jié)構(gòu)、提高公司績效提供理論依據(jù)。 自MM理論創(chuàng)立以來，，人們對于資本結(jié)構(gòu)的研究也越來越多。對于任一公司而言，保持合理的資本結(jié)構(gòu)不僅能夠給企業(yè)帶來財務(wù)杠桿收益和節(jié)稅收益而且會向外部投資者傳遞有關(guān)企業(yè)價值的信息，影響外部投資決策，從而影響企業(yè)價值，對于創(chuàng)業(yè)板上市公司更是如此。近年來，對于資本結(jié)構(gòu)與財務(wù)績效之間關(guān)系的研究也不斷增多，國內(nèi)外的學(xué)術(shù)界研究也比較全面和透徹，同時取得了一定的研究成果，但是受他們所選取樣本的國別差異、行業(yè)差別以及所有制差別等的限制以及受所運(yùn)用的研究方法的影響，使得他們研究所得的成果也各有差異。目前為止，學(xué)術(shù)界對于財務(wù)績效與資本結(jié)構(gòu)之間的關(guān)系尚未形成一致的觀點，其中，選取不同行業(yè)所進(jìn)行的研究也會取得不同的研究結(jié)果。創(chuàng)業(yè)板上市公司是具有高成長性和創(chuàng)新性的公司，目前也取得了快速的發(fā)展。因此，選取創(chuàng)業(yè)板上市公司為研究樣本，對于創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與財務(wù)績效的相關(guān)關(guān)系研究也就具有重要的現(xiàn)實意義。 在相關(guān)理論研究的基礎(chǔ)上，本文使用SPSS16.0軟件對我國創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與財務(wù)績效之間的關(guān)系進(jìn)行實證研究。文章所選取的財務(wù)績效指標(biāo)為凈資產(chǎn)收益率，資本結(jié)構(gòu)指標(biāo)則包括每股凈資產(chǎn)、流動比率、速動比率、產(chǎn)權(quán)比率、資產(chǎn)負(fù)債率、權(quán)益乘數(shù)、股東權(quán)益比率、有形凈值債務(wù)率、長期負(fù)債率、固定資產(chǎn)比率和無形資產(chǎn)比率等。文章第一步采用相關(guān)分析法對資本結(jié)構(gòu)指標(biāo)之間的自相關(guān)性進(jìn)行研究，并根據(jù)相關(guān)分析研究的結(jié)果，選擇出具有代表性的資本結(jié)構(gòu)指標(biāo)。下一步文章對創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)與財務(wù)績效之間的關(guān)系進(jìn)行回歸分析，并根據(jù)回歸分析的結(jié)果提出相關(guān)的對策建議，為創(chuàng)業(yè)板上市公司下一步資本結(jié)構(gòu)的調(diào)整和發(fā)展提供理論依據(jù)。
[Abstract]:In 2009, the gem market in Shenzhen officially opened the board. Growth Enterprise Market (gem) is an important part of the multi-level capital market in China. It is also a market that helps high-tech companies and innovative companies with high growth to raise funds and operate their capital. The establishment of the gem market is an important strategic decision made by our country according to the objective needs of economic construction and social development. It plays a very important role in promoting the development and perfection of our capital market. In our country, gem listed companies have more strict listing conditions, including: issuers should have a strong profitability, have a certain scale and survival time, issuer main business outstanding, Issuers have a good corporate governance structure. Gem listed companies have also made rapid development with their high growth and innovation, the market share is expanding, the profitability is increasing, and the enterprise value is improving. With the development of gem listed companies, the research on it is increasing day by day. However, most of the research is about its growth and value. There are few studies on the relationship between capital structure and financial performance of gem listed companies. This paper makes an empirical study on the correlation between capital structure and financial performance in order to provide theoretical basis for further optimization of capital structure and improvement of corporate performance. Since the establishment of MM theory, there have been more and more researches on capital structure. For any company, maintaining a reasonable capital structure can not only bring about financial leverage income and tax saving income, but also transfer information about enterprise value to external investors, influence external investment decision, thus affect enterprise value. For gem listed companies are more so. In recent years, the research on the relationship between capital structure and financial performance is increasing, the academic research at home and abroad is more comprehensive and thorough, at the same time, some research results have been obtained. The limitations of industry differences and ownership differences, as well as the influence of the research methods used, make their research results different. So far, the academic community has not formed a consistent view on the relationship between financial performance and capital structure. Gem listed companies are high growth and innovative companies, but also made rapid development. Therefore, selecting the gem listed companies as the research sample has important practical significance for the research on the relationship between the capital structure and financial performance of gem listed companies. On the basis of relevant theoretical research, this paper makes an empirical study on the relationship between capital structure and financial performance of listed companies in gem by using SPSS16.0 software. The financial performance index selected in this paper is the return on net assets, while the capital structure index includes net assets per share, current ratio, liquid ratio, property ratio, asset-liability ratio, equity multiplier, stockholder's equity ratio, tangible net worth debt ratio. Long-term debt ratio, fixed assets ratio and intangible assets ratio, etc. The first step of this paper is to use the correlation analysis method to study the autocorrelation between the capital structure indicators and select the representative capital structure indicators according to the results of the correlation analysis. The next step is to make regression analysis on the relationship between capital structure and financial performance of gem listed companies, and put forward relevant countermeasures and suggestions according to the results of regression analysis. It provides the theoretical basis for the adjustment and development of the capital structure of gem listed companies.
【學(xué)位授予單位】：山東農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275.1;F832.51

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