摘要……………………………………………… VII
Abstract…………………………………………. VIII
前言……………………………………………….. 1
第一章 研究的背景及意义……………………………… 2
1.1选题背景………………………………………… 2
1.2研究意义………………………………………… 2
第二章 公司资本结构与绩效的关系………………………. 4
2.1我国上市公司资本结构相关的概念……………………… 4
2.2公司绩效的衡量方法………………………………… 4
2.3资本结构的重要理论………………………………… 5
2.3.1MM理论………………………………………. 5
2.3.2权衡理论……………………………………. 5
2.3.5信号传递理论………………………………… 6
2.4公司资本结构与公司绩效的相关性研究…………………… 6
第三章 影响我国上市公司资本结构的因素…………………. 7
3.1行业因素对资本结构的影响…………………………… 7
3.1.1竞争程度……………………………………… 7
3.1.2增长阶段……………………………………… 7
3.1.3经营特性……………………………………. 7
3.2公司特征因素对资本结构的影响……………………….. 7
3.2.1股权结构……………………………………… 8
3.2.2公司规模……………………………………… 8
3.2.3公司盈利能力………………………………….. 8
3.2.4公司的成长性………………………………….. 8
第四章 我国上市公司资本结构与公司绩效关系分析…………. 10
15
第五章 优化我国上市公司资本结构的措施………………… 16
5.1大力发展公司债券市场……………………………… 16
5.2控制财务风险……………………………………. 17
5.3完善上市公司治理结构……………………………… 17
5.4完善股票市场……………………………………. 18
5.5鼓励上市公司适当地回购股份………………………… 18
我国上市公司资本结构与公司绩效关系的探讨
本文在对资产结构和公司绩效的相关理论进行阐述，然后讲述了评价公司绩效的方法，一种是财务指标评价法;另一种是市场价值指标评价法。为了提高研究结果的准确性，同时采用了这两种方法对公司绩效进行衡量。目前学术界常用的衡量公司业绩的财务指标有：总资产利润率、净资产收益率，但本文主要采用净资产收益率来衡量，在市场价值指标评价法，采用备受推崇的市场价值指标是托宾Q值(TobinQ)。接着阐述了资本结构中几个较为重要的理论，比如MM理论、权衡理论、激励理论、优序筹资理论、信号传递理论、控制权理论等。介绍资本结构之后，分析了影响我国上市公司资本结构的因素大致分为行业因素和公司特征因素，行业因素中主要有竞争程度、发展历程、经营性质。公司特征因素中有股权结构、公司规模、公司盈利能力、公司的成长性。之后实证分析我国上市公司资本结构与公司绩效的关系，在实证过程中，根据相关的资本结构理论提出假设，然后用净资产收益率和托宾Q来衡量公司业绩。得出我国上市公司资本结构与企业绩效呈负相关。最后提出了要优化资本结构，就要大力发展公司债券市场、控制财务风险、完善上市公司治理结构、完善股票市场、鼓励上市公司适当地回购股份等措施，以促进公司优化资产结构提高经济效益。
关键词 公司绩效，资本结构，核心竞争力，上市公司
The relationship between capital structure and corporate performance of Listed Companies in
China
This paper expounds the related theory of asset structure and corporate performance, and then describes the method of evaluating the performance of the company, one is the financial index evaluation method; The other is the evaluation of market value index. In order to improve the accuracy of the research, both methods are used. At present, the financial indicators commonly used to measure the company’s performance are: total assets profit rate and net assets return, but this paper mainly uses the net asset rate of return to measure, the market value index is Tobin q value ( Tobin ). Then it expounds several important theories of capital structure, such as mm theory, trade-off theory, incentive theory, optimum sequence financing theory, signal transmission theory, control theory, etc. After introducing the capital structure, this paper analyzes the factors influencing the capital structure of listed companies in China mainly divided into industry factors and corporate characteristics, the main factors of the industry are the degree of competition, development process and business nature. The company characteristics factors include ownership structure, company scale, corporate profitability, the growth of the company’s capital structure. After empirical analysis of the relationship between capital structure and corporate performance of listed companies in China, in the empirical process, according to the related capital structure theory, hypothesis, and then use net assets yield and Tobin q to measure the company performance. It shows that the capital structure of Chinese listed companies is negatively correlated with corporate performance. Finally, to optimize the capital structure, we should vigorously develop the corporate bond market, control financial risk, improve the governance structure of listed companies, improve the stock market, and encourage listed companies to buy back shares appropriately to improve the economic benefits of the company.
Keywords:Firm performance,Capital structure,Core-competitiveness,Listed company
