企业资本结构与绩效的关系研究
——以浙江上市公司为例
摘要： 企业是社会经济体中的最为重要的微观主体，而企业的良好经营和持续发展，离不开投资融资活动，相应的各种融资方式、筹资类型和资本组合影响公司的资本结构变化，进而提升或降低企业业绩和经营质量。上市公司的资本结构和业绩表现及其相互影响情况为人们所关注。资本结构是企业治理的根本，公司治理依存于资本结构。资本结构中的股权融资和债权融资的主体是债权人、股东和经营者，他们在上市公司治理中存在着动态的依存关系，在公司治理中为提高企业的绩效也起主要作用。合理的资本结构对于规范企业经营行为、加强企业内部管理、优化企业资源配置、提升企业价值等具有重要的现实意义。本文在前人的研究基础上，研究公司资本结构与绩效之间的关系。从资本结构理论出发，将公司资本结构以其指标的形式分为资产负债率、长期负债率、短期负债率、股权集中度四个维度，并从市场价值、盈利能力二个维度衡量公司绩效，构建模型，提出4个假设。以浙江上市公司为例，收集二手数据进行实证分析，进行假设验证，并根据结果提出建议。
关键词：资本结构；公司绩效；浙江上市公司
The study on the relationship between Capital structure and Corporate
performance
——the analysis based on the listed companies in Zhejiang province
Abstract: Market economy is based on micro-enterprises, and a good corporate management and sustainable development, it can not be separated from investment financing activities, the corresponding variety of financing, funding types and combinations of capital changes in the company's capital structure, and then raise or lower business performance and business quality. Capital structure, performance and their mutual influence of listed companies are more concerned. Capital structure is the fundamental of the corporate governance, and the corporate governance dependent on the capital structure. Creditors, shareholders and managers are the main part of equity financing and debt financing in the capital structure. They dynamically depends each other in corporate governance, and play a major role in company
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performance. Reasonable capital structure has important practical significance for strengthening internal management, standardizing business operations, optimizing the allocation of resources and enhancing corporate value. This paper is about the relationship between Capital structure and Corporate performance based on previous studies. Based on the theory of capital structure, this paper decomposes the Capital structure from four aspects, such as asset-liability ratio, long term debt ratio, short-term debt ratio and ownership concentration, and decomposes company’s performance from two aspects, such as market value and profitability, then build model and proposes four assumptions. Then analysis the list companies’ annual report data in Zhejiang, and make sure assumption are established, and put forward the some suggestions based on the study.
Key words: The listed companies in Zhejiang; Capital structure; Corporate performance
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目 录
1 引 言 .......................................................................................................................... 1 2 资本结构理论及公司绩效的概述 .............................................................................. 1
2.1 2.2
资本结构的概念 ............................................................................................ 1 公司绩效概述 ................................................................................................ 3
3 研究设计与构建模型 .................................................................................................. 4
3.1 研究变量的设计 ............................................................................................... 4
3. 1. 1 企业资本结构研究变量的设计 .......................................................... 4 3. 1. 2 公司绩效研究变量的设计 .................................................................. 4 3. 1. 2 控制变量的设计 .................................................................................. 5 3.2 研究假设 ........................................................................................................... 5 4 浙江上市公司资本结构和绩效关系的实证分析 ...................................................... 6
4.1 浙江上市公司的概况 ....................................................................................... 6
4. 1. 1 浙江上市公司资本结构的描述性分析 .............................................. 6 4. 1. 2 浙江上市公司企业规模的描述性分析 .............................................. 7 4. 1. 3 浙江上市公司企业绩效的描述性分析 .............................................. 7 4.2
相关性分析 .................................................................................................... 8 4. 2. 1 2009年企业资本结构与绩效的相关性分析 ..................................... 8 4. 2. 2 2010年企业资本结构与绩效的相关性分析 ..................................... 9 4. 2. 3 2011年企业资本结构与绩效的相关性分析 ..................................... 9 4. 2. 4 2012年企业资本结构与绩效的相关性分析 ................................... 10 4. 2. 5 企业资本结构与绩效的相关性分析总结 ........................................ 11 4.3
回归性分析 .................................................................................................. 11 4. 3. 1 企业资本结构与市场的回归性分析 ................................................ 12 4. 3. 2 企业资本结构与盈利能力的回归性分析 ........................................ 14
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研究结论与总结 .................................................................................................... 16 5.1 研究结论与建议 ............................................................................................. 16
5.1.1 保持上市公司资本结构的灵活性 ...................................................... 16 5.1.2 建立完善的公司内部治理结构 .......................................................... 17 5.1.3 大力发展债券市场 .............................................................................. 17 5.2 总结 ................................................................................................................. 17 参考文献 .......................................................................................................................... 19
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会计毕业论文 企业资本结构与绩效的关系研究
