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论文编号：	8418
作者编号：	2120142468
上传时间：	2016/6/11 15:32:59
中文题目：	创业板上市公司资本结构与财务绩效关系研究
英文题目：	THE RESEARCH ON THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND FINANCIAL PERFORMANCE OF GEM
指导老师：	余娟
中文关键字：	资本结构；财务绩效；创业板上市公司；因子分析
英文关键字：	Capital Structure；Company Financial Performance；GEM Listed；Company Factor Analysis
中文摘要：	在“The Cost of Capital, Corporation Finance and the Theory of Investment”一文中，Modigliani和Miller对 MM理论进行了具体阐述，这之后有关资本结构的话题逐渐成为理论界研究的焦点。资本结构问题是一个具有重大事件意义的研究课题，是影响公司绩效水平的关键。多年来，国内外学者一直致力于研究资本结构与财务绩效的相互关系，然而由于行业的差异和企业自身发展水平的不同，“资本结构与企业绩效究竟关系如何”这一论题一直没有统一的结论。 中国创业板上市于2009年，尽管存在着投机行为，该板块的成功运转仍然预示着中国资本市场在顺应历史潮流和中国特色中迈出了重要一步。作为主板市场的重要补充，创业板市场是初创型公司特别是高科技公司进行资金筹集的重要平台。在中国发展创业板市场是调整产业布局、响应“大众创业、万众创新”口号的重要手段。该资本市场上的企业能够更快地成长和从事创新性活动，但往往由于企业内部建设并不成熟，其运作手段也不规范，因此大多数企业的资本结构不能适应企业的发展进程。这种不合理的资本结构，阻碍企业绩效的提高，进而阻碍上市公司的进一步发展。因此，本论文研究的出发点就是创业板上市公司资本结构是如何影响企业财务绩效，目的是找出企业最优的资本结构，以提高公司的发展水平。 本文以创业板上市企业2012~2014的财务指标和经营业绩为研究样本，从理论分析和实证检验的角度探寻资本结构与财务绩效的关系。本研究按照“提出问题——分析问题——解决问题”的思路开展。首先，从相关理论出发介绍了资本结构理论的发展和财务绩效的评价方法，并根据相关数据对创业板上市公司的现状进行描述。其次，基于国内外学者对资本结构与财务绩效相关关系的研究现状做出综述。再次，借鉴以往学者的研究经验，利用因子分析法，得出因变量财务绩效的综合得分，资产负债率、长期资本负债率和第一大股东持股比是文章的自变量，企业规模和成长性水平是控制变量，并运用Spss软件探究创业板上市公司资本结构与财务绩效的关系。分析结果显示：企业的资产负债率与财务绩效负相关，长期资本负债率与财务绩效没有相关关系，最大股东持股比与财务绩效呈现倒U型关系。最后，提出相关研究建议，指出创业板上市公司应完善创业板市场相关法律制度、建立严格的退出机制、提高长期负债的比率，建立股东之间相互制衡的股权结构。
英文摘要：	Since Modigliani and Millerin put forward MM theory in the article of “The Cost of Capital, Corporation Finance and the Theory of Investment ”in 1958, the theory of capital structure of corporation have become hotspot subject in securities business since 1958. Capital structure is worthy of study for its great theoretical and practical value. At the same time, the problem of capital structure is a key factor in the financial administration of modern enterprise. For many years, domestic and overseas scholars have dedicated to studying the relationship between capital structure and company financial performance. The conclusion that the capital structure influence the financial performance was agreed and accepted, but still has no clear and consistent conclusion on the above two issues because of different size of companies and different industries. Chinese Growth Enterprises Market (GEM) came into market in 2009. Despite the obvious risks to speculators, the ChiNext is being heralded as an important step forward for China’s stock and capital markets. As an important supplement to the Main Board Market, GEM is an important platform for SMEs, especially high-tech corporates. As an important means，the development of the GEM market in China can help to adjust industrial structure and expand the scale of capital markets and promote the construction of an innovative country. Companies listed on the GEM market mostly in high innovation and growth, but because of new and small, coupled with the absence of effective means to regulate the operation, its capital structures are unreasonable. Such unreasonable capital structures are not conducive to improving business performance levels, thereby impeding the long-term development of listed companies. So what on earth is the relationship between the capital structure and the financial performance of Chinese listed companies, How to improve the capital structure of Chinese listed companies, and how to enhance the financial performance of the listed companies of Growth Enterprise Board. The core of this thesis is to offer a theoretical explanation and prediction on the relationship between the capital structure and corporate financial performance. In this paper, we choose the operating results and financial indicators of the GEM listed companies in 2012 and 2014 as samples to explore the relationship between capital structure and financial performance from the theoretical analysis and empirical point of view. The order in this study is "raise questions - analysis of questions - solve the questions". First of all, describe the development of the capital structure theory and the evaluation methods of financial performance, the status of GEM listed companies. Secondly, review domestic and foreign capital structure and financial performance correlation theory. Again, drawing on past research experience, giving full consideration to the characteristics of GEM listed companies, selecting consolidated financial performance indicators as the dependent variable, asset-liability ratio, long-term debt to capitalization ratio and intangible assets ratio as independent variables, firm size and growth levels as control variables, and using Spss software to analyze the relationship between capital structure and financial performance. The results show that: asset-liability ratio of enterprises and financial performance are negatively correlated, long-term debt to equity ratio and financial performance are no correlation, the ratio of intangible assets and financial performance are positively correlated. Finally, make feasible suggestions about how to optimize the GEM listed company's capital structure and improve the financial performance of companies.
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