【作者】 陈英；

【导师】 陈仲常；

【作者基本信息】 重庆大学 ， 产业经济学， 2008， 硕士

【摘要】 资本结构问题是一个具有重大理论价值与实践意义的研究课题。从企业经营的最基本要素--资金出发,探讨企业资本结构与经营绩效的关系,无疑具有重要意义。目前国内对资本结构与经营绩效的关系研究,主要是以资产负债率为资本结构指标进行分析的,也就是说只分析了债务资本对公司绩效的影响,而忽略了权益资本对公司绩效的作用。本文试图将上市公司分为垄断性行业和竞争性行业两个子样本来分析资本结构与公司绩效的关系,找出样本间资本结构和经营绩效的差异,分析债务资本和权益资本与公司绩效的关系,以资本结构的优化调整为目的,为企业提高经营绩效提供可参考的建议。文章采用长期资产负债率、流动资产负债率与股东权益比率来反映公司的资本结构,主营业务收益率和净资产收益率反映公司的经营绩效,对上市公司2003年到2006年的时间截面数据进行回归,得出了债务资本与企业经营绩效负相关,权益资本与绩效的关系在竞争性行业中显著正相关,而在垄断性行业中,净资产收益率与股东权益比率显著正相关,主营业务收益率与股东权益负相关的结论。后针对两大行业的资本结构特点,提出了相关的政策建议。更多还原

【Abstract】 The matter of capital structure is an important research task which both has great theoretical value and practical meaning. Undoubtedly, it is significantly meaningful to discuss the relationship of capital structure and management performance,first begin with capital,the most basic factor of running a corporation. At present the main objects of domestic study upon the relationship of capital structure and management performance are that carries on the analysis take the property ratio of debt to net worth as the structure target. That is to say, they have only analyzed the debt capital to the company achievement influence. The influence of the rights and interests capital to the company achievement has neglected.This article will attempt to divide the companies listed into the monopolistic profession and the competitive profession to analyze the relations between capital structure and the company achievement. We will discover the differences of the capital structure and the achievement between two sub-samples. The relationships of debt capital and the rights and interests capital and the management performance will be analyzed. Take the capital structure optimized adjustment as the goal; we will enhance the suggestion for the enterprise which the management achievement will provide may refer.The article uses the long-term asset-liability ratio, the current assets- liability ratio and the shareholder rights and interests ratio reflect the capital structure of companies, and use the host camp service returns ratio and the net assets returns ratio reflects the company’s management achievements. This paper chooses panel data of lased companies to make regression. Based on the data of listed companies suiting study, we can draw the conclusions as follows: the debt capital is negative correlated with the management performance; the rights and interests capital is remarkably positive correlated with CROA and COE in competitive trades; equity ratio is remarkably positive correlated with ROE and negative correlated with CROA in the monopolizing trades. Finally, the paper put forward the related policy proposal aiming at the capital unique features in two big professions.更多还原