【作者】 李丹；

【导师】 金燕华；

【作者基本信息】 北京化工大学 ， 企业管理， 2007， 硕士

【摘要】 资本结构与绩效的研究，一直是理论界和实业界研究的热点和难点问题。按照现代资本结构理论，资本结构的选择影响资本的使用效率、公司治理，最终影响公司的绩效。制造业上市公司是制造业发展到一定阶段所实现的一种较为先进的企业组织形式，是我国制造业在WTO背景下参与国际竞争力的主力军。制造业上市公司通过上市这种形式，可以有效地组织生产资源，促进制造业产业结构调整和产业化水平的提高。随着资本市场的发展，制造业上市公司的比重越来越高。此时，研究制造业上市公司资本结构的特点以及资本结构对绩效的影响，对于制造业上市公司优化资本结构、提高绩效、增强核心竞争力，具有重要的意义。本文以制造业658家上市公司2003-2005年3年数据为总样本，确定了6个资本结构变量、4个绩效变量；采用描述性统计方法，对我国制造业上市公司资本结构的现状进行了详尽的分析，并考虑到股权分置改革对股权结构的影响；采用实证分析方法，应用SPSS软件，对我国制造业上市公司的资本结构与绩效进行实证研究；选择食品、金属两个具有代表性的次类，进一步分析性质不同行业的资本结构与绩效的相关性。经过实际数据的分析，得出以下结论：流通股比例和适当的股权集中度的升高，有利于提升公司的绩效；债务比率与绩效呈负相关关系，且短期负债与绩效的相关性更为显著；应该多方面综合选取指标；行业性质的不同对实证结果的影响也不同。更多还原

【Abstract】 The capital structure and performance of listed companies has been being a hot topic and a difficult problem being focused by both the academia and empirical researchers. In light of theories of modern capital structure, selection of capital structure will influence utilizing efficiency of asset values, governance structure whereby influence corporate achievements finally.The manufacturing-listed company is a kind of comparatively advanced organizational form in certain stage. The manufacturing-listed company is the international main stay of the manufacturing in China under the competitiveness of WTO. The manufacturing -listed company can organize resources of products effectively, promote the adjustment of manufacturing structure and improve the industrialization level. With the development of capital market, the manufacturing-listed companies have large proportion in all listed companies. This study on the characteristic of the capital structure and the relevance between the capital structure and performance has immediate significance for the manufacturing-listed companies to draw out development strategies, optimize the capital structure, raise the corporate performance, and to intensify the core competitiveness.Totally 658 manufacturing-listed companies were chosen as samples and 7 variables of capital structure and 4 variables of performance were defined. A describing statistical analysis on relevant data of capital structure given from 2003 to 2005 was made, in the hope of summarizing its current situation. The empirical study of capital structure and performance were carried out by using SPSS software. Subgroups of listed companies, namely metal and food were chosen and the empirical study results were further analyzed in the paper.After the actual data analysis, this article discovered that, the circulation stock and the equity concentration degree account for the total capital stock proportion elevating, is advantageous to the promotion enterprise’s management achievements; the corporate performance is negatively related with the short-term debt ratio, the long-term debt ratio. Industry difference and indicator difference are important factor that affects the regression result.更多还原