我国上市公司资本结构与企业绩效的实证研究

摘要现代企业的财务管理目标都在致力于实现价值最大化,相应的做出的许多财务决策也都致力于服从这个目标。其中，资本结构与企业的价值目标有着紧密的联系，因而是财务决策的重要内容。国外很多学者从不同的角度和方面以发达的经济环境和成熟的资本市场为出发点，证实了资本结构的变化会影响企业的价值，并提出了和丰富发展了资本结构理论。80440

本文的主要研究内容是通过面板数据模型，选取2001-2014年的宏观时间环境背景，以受经济环境波动影响较大的比较有代表性的制造业为样本对象，分析同一行业在外部经济环境动态变化下，即企业处于阳泰经济环境和阴泰经济环境时，企业资本结构与绩效的关系。本文的主要脉络是：先阐述资本结构与企业绩效的定义，再表明两者的相关理论；然后根据目前我国在资本结构与企业绩效的变动趋势表得出大体的结论；最后根据前面的理论阐述提出相关假设，设计相关变量和实证模型，得出实证结果和相关的对策建议。

关键词上市公司资本结构企业绩效经济环境实证分析

毕业论文外文摘要

Title An empirical study of capital structure and business performance in listed companies

Abstract Modern enterprise financial management objectives are committed to maximizing profits or value ,and many corporate financial decisions are also committed to achieving this goal。At the same time,the Capital Structure has close relationship with Corporation Value,so it is an important research direction in financial decisions。Based in developed economic environment and mature capital markets,many scholars abroad confirmed the change in capital structure will affect the value of the enterprise and proposed and developed Capital Structure Theory。

The main contents of this paper is to select samples of manufacturing industry from 2001 to 2014 which is mostly affected by the fluctuations of the economic environment, and we analyze the relationship of capital structure and corporate performance between the same industry in a dynamic economic environment by using the panel data model。The main thread of this paper is:Firstly,we introduce the definition of the capital structure and corporate performance,and we describe some basic theory。Then we draw general conclusions according to the trend of capital structure and corporate performance in China。Finally,based on the theory above,we propose assumptions,design related variables and empirical models,obtain empirical results and related suggestions。

Keywords Listed Companies Capital Structure Business Performance

Macroeconomic environment Empirical Analysis

1 绪论 1

1。1 研究背景及其意义 1

1。2 研究方法和论文结构 2

1。3 创新点 3

2 资本结构与企业绩效关系理论基础和文献综述 4

2。1 相关概念的界定 4

2。2 早期资本结构理论 4

2。3 现代资本结构理论 5

2。4 新现代资本结构理论 6

2。5 相关资本结构研究的文献综述 7

3我国上市公司资本结构及企业绩效的现状分析我国上市公司资本结构与企业绩效的实证研究:http://www.youerw.com/kuaiji/lunwen_93451.html