导　　师： 张华

学科专业： L0201

授予学位： 硕士

作　　者： ;

机构地区： 江苏大学

摘　　要： 合理的资本结构有利于规范企业行为,提高企业价值；不合理的资本结构会造成企业行为错位,企业价值下降。无论是在理论上还是实践中,资本结构不合理一直被认为是导致我国企业绩效低下的原因之一,对资本结构与绩效之间关系的研究也因此引起了众多学者的兴趣,成为了一个备受关注的课题。民营上市公司作为民营企业中的佼佼者,代表了民营企业未来的发展方向,研究民营上市公司的资本结构和绩效的关系对进一步推动我国民营企业的发展,利用资本结构的调整来提高民营企业的绩效具有重要的现实意义。 本文首先分析了国内外目前的研究现状和相关的基础理论,然后结合我国民营上市公司资本结构与绩效的现状,就我国民营上市公司的资本结构与绩效之间的相关性进行实证分析,揭示两者在我国现阶段经济状态下的内在联系。本文主要以2007年-2009年的民营上市公司的年报数据为样本,以资产负债率为解释变量,以因子分析法得出的绩效综合评价指标为被解释变量,分不同年度和不同行业分别进行一次线性回归和二次曲线回归,经过现状分析和实证研究主要得出以下结论：第一,我国民营上市公司资本结构与绩效负相关,即资产负债率越高企业的绩效越低；第二,资本结构与绩效的关系因行业的不同而有所差异；第三,我国民营上市公司的资本结构中长期负债所占比例较低,且偏好股权融资。 根据以上结论提出了几点建议：积极发展企业债券市场并鼓励民营上市公司从多种渠道筹措资金,促进民营企业上市,优化民营上市公司内部治理结构并不断完善民营上市公司绩效评价体系。 Reasonable capital structure will standardize business practices, improve corporate value; unreasonable capital structure will cause dislocation of corporate behavior, decline in companies value. The distortion of capital structure has been thought that it should be responsible for the low efficiency of operating performance of Chinese Private listed companies in theory researching as well as in practical operation. Hence researches on the relationship between capital structure and operating performance have attracted numerous researchers'interest and become important task with widespread concerns. Private listed companies as a leader in private enterprise, represent the orientation of private enterprises. The study on the relationship between capital structure and performance of Private listed companies in China has important practical significance, not only in improving the further development of private enterprises, but also in restructuring the performance of private enterprises. First of all, this paper analyzes the status of current research and the related basic theories at home and abroad, then combined with the capital structure and performance of the current situation of China's private listed companies, we make the empirical analysis of the correlation between them reveals the inner link of our current economic state. In this paper, we choose the Annual Report of Listed Companies from 2007 to 2009 as the sample data, asset-liability ratio as explanatory variables, factor analysis Derived from the evaluation of performance indicators as the explanatory variables.conduct a linear regression and quadratic regression in different years and different industries respectively, we get the following conclusions after the situation analysis and empirical research:First, China's private listed companies in capital structure and performance negatively correlated, that is, the higher the debt ratio the lower the performance of enterprises; Second, the relationship between capital structure and performance vary for different industries; Third, China's private listed company's capital structure have the low proportion of long-term debt and they preferred equity financing. Based on the above conclusions we propose some suggestions:Actively develop the corporate bond market and encourage private listed companies raise funds from various sources; promote the listing of private enterprises and optimize the internal governance structure of listed companies private; Constantly improve the performance evaluation system of private listed companies.

关 键 词： 民营上市公司 资本结构 绩效 因子分析

分 类 号： [F2]

领　　域： [经济管理]