【作者】 赵丽；

【导师】 郭恩才；

【作者基本信息】 大连海事大学 ， 企业管理， 2005， 硕士

【摘要】 资本结构问题是一个具有重大理论价值和实践意义的研究课题。从企业经营最基本的要素资金出发,探讨改善资本结构对企业经营业绩的影响,无疑具有十分重要的意义。 从资本结构理论看,上市公司的运作模式和管理手段更加符合资本结构研究对象的特点要求,并且上市公司资本形成的基础是资本市场,而非上市公司则不是,因此研究上市公司比研究非上市公司重要得多。为了消除行业因素对资本结构的影响以及进一步可能对本文实证分析结果造成的影响,同时使各上市公司业绩之间具有可比性,本文仅选取一个行业——交通运输仓储行业,作为研究对象。 现代资本结构理论指出:在有效的市场条件下,资本结构变动会影响企业价值,债权融资方式相对于股权融资方式而言对企业更为有利。本研究正是致力于通过实证分析,发现样本公司的资本结构是否影响公司绩效以及怎样影响公司绩效,并从一个侧面反映中国证券市场的成熟程度和有效性。 文章采用资产负债率来反映上市公司的资本结构,分别以净资产收益率和单位经济增加值指标来反映上市公司绩效。文章首先对交通运输仓储行业1999年以前上市的27家公司的截面数据进行线性回归,发现在分析时段1999年至2003年,样本公司的净资产收益率和单位经济增加值与资产负债率之间线性不相关;然后文章又对该行业上市公司的截面数据进行二次函数回归,同样也没有得到令人满意的结果,这说明仅就1999年至2003年五年的截面数据而言,上市公司资本结构不存在最优区间;最后,文章对我国证券市场存在的问题以及该行业上市公司资本结构的不合理性提出了改进的设想,并从四个方面提出了优化我国上市公司资本结构的建议。更多还原

【Abstract】 Capital structure is worthy of study for its great theoretical and practical value. It is very necessary to disscuss how improving capital structure influences firm performance.The study on listed companies is much more important than on non-listed companies since the operation and management of listed companies are more standardized according to theory of capital structure and capital of them comes from the capital market. To eliminate the influence from industry classification on capital structure and make performance of variable companies comparable we choose only one industry——communications and transportation industry for research.Modern theory of capital structure indicates that the change of capital structure has some impact in firm value and companies can benefit more from liabilities financing than from equity financing under efficient market. This paper is designed to find how capital structure of the sample companies affects their performance through empirical analysis. Maybe it can reflect the degree of maturity and efficiency of our security market.The rate of debts is used to describe the capital structure and the ROE and the EVA per capital are used to describe the firm performance respectively. Firstly, the sectional data from 27 companies in communications and transportation industry, which are listed before 1999, are linearly regressed. We find their capital structure and firm performance are irrelated significantly. Then the section data are quadricly regressed, but the result is also disillusionary, which indicates that the capital structure of listed companies has not the best range only with the sectional data from 1999 to 2003. Finally, in allusion to the problems in the securities market and illogicality of the capital structure, we put forward some methods to optimize the capital structure for listed companies from four facts.更多还原