- 上一篇：创业板上市公司股利政策的研究
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摘要：每家企业在经营管理的过程中，会遇到各种需要资金的情形，此时单靠企业内部资金完全无法应对。因此，在缺少大量资金的情况下，企业或多或少都会向银行或其它金融机构借款，以取得更多的资金来扩大企业规模，以此增强经济实力并提高企业经营绩效。现阶段我国上市企业特殊的股权结构会对企业融资决策产生影响，同时良好的股权结构能够促进企业良好发展，提高其经营绩效，从而影响企业价值。本文主要关注财务杠杆的运用对企业经营的影响，分析财务杠杆与企业投资之间的关系，进而阐述财务杠杆对企业经营绩效的影响，通过对财务杠杆以及股权结构的研究，分析由此带来的利益与风险，找到适合自己的资本结构与股权结构。51761
毕业论文关键词：财务杠杆；股权集中度；经营绩效
The Influence of Financial Leverage Affecting Company Management Under Different Equity Structure
ABSTRACT：In the process of production and operation management, enterprises will encounter all sorts of situation that require funding. While we depend on internal accumulation of its own capital alone, it’s not completely unable to copy with. Therefore, under the condition of the lack of a lot of money, the enterprise will borrow from Banks or other financial institutions more or less, and use more money to expand business scale and economic strength, improve the operation efficiency and competitiveness of enterprises. At the present stage, the equity of listed companies in our country special structure will impact on corporate financing decisions. At the same time a good ownership structure can dramatically promote the development of enterprise and improve the business performance. Finally affect the enterprise’s value. This article focuses on the impact of that the use of financial leverage affecting enterprise management, analyzing the relationship between financial leverage and corporate investment. Then, this paper will elaborate the effect of which financial leverage affecting corporate performance. Through the study of financial leverage and ownership structure, analysis the benefits and risk of it. Finally find their own capital structure and ownership structure suits them well.
Key Words: financial leverage；ownership concentration,；performance
目 录
摘要 I
ABSTRACT II
目 录 III
一、导论 1
（一）选题背景与意义 1
（二）研究方法 1
二、相关理论和研究现状 2
（一）资本结构理论 2
（二）股权结构视角下财务杠杆对企业经营绩效的研究 3
三、股权结构视角下财务杠杆对企业经营的实证检验 5
（一）研究假设 5
（二）研究样本及数据来源 6
（三）研究变量的选取 6
（四）实证检验与分析 8
四、股权结构视角下财务杠杆对企业经营的实证结果分析 14
（一）我国房地产上市公司财务杠杆与企业绩效负相关 14
（二）我国房地产上市公司股权结构对成长性不同的企业绩效影响不一致 14
（三）我国房地产上市公司成长性与企业绩效正相关