【摘要】：創(chuàng)業(yè)板市場,作為我國多層次資本市場的重要組成部分之一,自2009年設(shè)立以來就受到了廣泛的關(guān)注并表現(xiàn)出了不錯的發(fā)展前景,僅僅三年時間,在創(chuàng)業(yè)板上市的公司數(shù)量就達(dá)到了三百多家,占所有上市公司的比例約為十分之一。創(chuàng)業(yè)板市場為中小型新興企業(yè)和高成長性科技企業(yè)提供了融資的平臺和成長機(jī)遇,對于我國經(jīng)濟(jì)結(jié)構(gòu)轉(zhuǎn)型、產(chǎn)業(yè)結(jié)構(gòu)調(diào)整、支持創(chuàng)新型企業(yè)發(fā)展,有著重要的意義。 創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)有著不同于主板上市公司的特點,而資本結(jié)構(gòu)會影響企業(yè)的治理結(jié)構(gòu)和經(jīng)營行為,最終影響到企業(yè)的業(yè)績水平,因此對資本結(jié)構(gòu)進(jìn)行優(yōu)化能提高創(chuàng)業(yè)板上市公司的治理水平,提高企業(yè)業(yè)績。本文以創(chuàng)業(yè)板2009年至2011年的年報數(shù)據(jù)做研究樣本,以凈資產(chǎn)收益率和托賓Q來衡量企業(yè)業(yè)績,與創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)各解釋變量進(jìn)行實證分析,研究創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)對公司業(yè)績產(chǎn)生的影響并給出優(yōu)化資本結(jié)構(gòu)和公司業(yè)績的政策建議。實證結(jié)果表明我國創(chuàng)業(yè)板上市公司債務(wù)規(guī)模與公司業(yè)績顯著負(fù)相關(guān)；股權(quán)集中度與公司業(yè)績顯著正相關(guān)；國家股比例與公司業(yè)績沒有顯著相關(guān)關(guān)系；法人股與公司業(yè)績顯著負(fù)相關(guān),流通股比例與公司業(yè)績有很高的負(fù)相關(guān)關(guān)系。本文的實證研究有針對性的分析了剛剛推出的創(chuàng)業(yè)板上市公司的資本結(jié)構(gòu)與業(yè)績的關(guān)系,對創(chuàng)業(yè)板資本結(jié)構(gòu)合理優(yōu)化和未來進(jìn)行相關(guān)研究具有一定的參考意義。
[Abstract]:The GEM market, as one of the important components of China's multi-level capital market, has attracted wide attention and shown good prospects for development since its establishment in 2009. In only three years, the number of companies listed on the GEM has reached more than 300, accounting for about one tenth of all listed companies. The market provides a financing platform and growth opportunities for small and medium-sized emerging enterprises and high-growth technology enterprises. It is of great significance for China's economic restructuring, industrial restructuring and supporting the development of innovative enterprises.
The capital structure of the listed companies on GEM is different from that of the listed companies on the main board. The capital structure will affect the corporate governance structure and operation behavior, and ultimately affect the performance level of the enterprises. Therefore, the optimization of the capital structure can improve the governance level of the listed companies on GEM and improve the corporate performance. The annual report data from year to 2011 are used as research samples to measure the performance of enterprises by the return on equity and Tobin Q. Empirical analysis is made with the explanatory variables of capital structure of listed companies on GEM. The impact of capital structure on the performance of listed companies on GEM is studied and policy suggestions are given to optimize capital structure and corporate performance. The results show that the debt scale of listed companies on GEM is negatively correlated with corporate performance; the ownership concentration is positively correlated with corporate performance; the proportion of state shares is not significantly correlated with corporate performance; corporate shares are negatively correlated with corporate performance; and the proportion of circulating shares is negatively correlated with corporate performance. Empirical research has pointed out the relationship between capital structure and performance of Listed Companies in GEM, which has a certain reference significance for the reasonable optimization of capital structure and future research.
【學(xué)位授予單位】：貴州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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本文編號：2244586