导　　师： 鲁盛潭

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 广东工业大学

摘　　要： 随着我国资本市场的不断发展和完善,企业价值最大化已被越来越多的企业作为追求目标,公司经营绩效也受人们普遍关注。资本结构作为公司治理结构中的重要方面,不仅影响企业的资本成本,还会影响企业的治理结构和经营绩效。公司资本结构与公司绩效的关系,一直是国内外研究学者非常关注的问题。 近几年来,我国通过积极参与经济全球化进程,高新技术产业得到快速发展,已成为我国国民经济的战略性先导产业。随着经济的发展,高新技术发展中的一些问题也逐渐呈现出来,由于企业资本结构不合理,资金利用效果降低,影响了企业的经营绩效。因此,研究高新技术企业资本结构与公司绩效的关系,探讨企业最优资本结构,对企业减少财务风险,提高经营绩效,改善财务状况,有着重要的理论意义和实践价值。 本文在阐述公司资本结构和公司绩效相关理论的基础上,较详细地对高新技术上市公司的资本结构与公司绩效相关性进行理论与实证分析。研究表明：高新技术上市公司资本结构中的股权结构与公司绩效呈正相关关系,债权结构与公司绩效呈负相关关系,因此合理的资本结构有助于提升公司绩效。 全文共分为五部分：第一部分,绪论。主要说明研究背景、意义,国内外的研究现状以及本文研究思路、内容和研究方法。第二部分,公司资本结构与公司绩效相关理论概述。主要阐述资本结构的概念及影响因素、公司绩效的概念及其评价方法等相关理论,为以后各章研究提供必要的理论基础。第三部分,高新技术上市公司的资本结构与公司绩效相关性的理论分析。主要阐述公司资本结构与公司绩效相关性的理论分析依据,并就资本结构与公司绩效的关系进行理论分析。第四部分,高新技术上市公司的资本结构与公司绩效相关性的实证分析。以2010年至2012年在沪深板块及创业板块的354家高新技术上市公司为研究对象,提出研究假设,构建模型,对公司资本结构与公司绩效的相关性进行实证分析。第五部分,研究结果和政策建议。根据资本结构与公司绩效相关性的理论分析和实证分析得出的研究结果,提出优化资本结构,提高公司绩效的建议。 With the continuous development and improvement of China's capital market, to maximize corporate value has been more and more enterprises as a goal to be pursued by the Company's operating performance is also widespread concern. The capital structure of corporate governance as an important aspect, not only affects the cost of capital of enterprises, but also affect corporate governance structure and operating performance. Relations firm capital structure and corporate performance, has been a matter of great concern to researchers at home and abroad. In recent years, our country through active participation in the process of economic globalization, the rapid development of high-tech industry, has become a strategic leading industry of the national economy. With economic development, high-tech development in some of the issues have been presented, because the corporate capital structure is irrational, the effect of reducing the use of funds, the impact of the company's operating performance. Therefore, the studies of high-tech capital structure and corporate performance, and to explore business problems of optimal capital structure for companies to reduce financial risk, improve operational performance, improve its financial position, has important theoretical and practical value. This paper describes the company's capital structure and corporate performance theory, based on a more detailed listing of the company's high-tech capital structure and corporate performance theory and empirical analysis correlation. Studies have shown that: the high-tech capital structure of listed companies in the ownership structure and corporate performance is positively correlated, debt structure and corporate performance was negatively correlated, that is a reasonable capital structure helps to improve corporate performance. The thesis is divided into five parts:The first part of the introduction. Mainly on research background, significance, structure, corporate performance and correlation studies on the status of the company's capital at home and abroad, research ideas, content and research methods. The second part of the company's capital structure and corporate performance theory overview. Introduces the concept of capital structure and influencing factors, the concept of corporate performance evaluation methods and theory, provide the necessary theoretical foundation for future research chapters. The third part, the high-tech listed company's capital structure and corporate performance correlation theory. Mainly on the company's capital structure and corporate performance-related basis of theoretical analysis and explore the impact on the performance of companies on capital structure theory. The fourth part, empirical correlation analysis of high-tech listed company's capital structure and corporate performance. In2010-2012in the CSI sector and small and medium-high-tech sectors of354listed companies for the study, propose hypotheses, build models, the company's capital structure and corporate performance empirical analysis correlation. The fifth part, the findings and policy recommendations. The results obtained in accordance with the capital structure and corporate performance correlation between theoretical and empirical analysis, make recommendations to optimize the capital structure, improve the company's performance.

关 键 词： 高新技术 上市公司 资本结构 公司绩效

分 类 号： [F276.44 F271 F272.5]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理] [经济管理] [经济管理]