發(fā)布時(shí)間：2018-04-24 17:56

  本文選題：融資結(jié)構(gòu) + 公司績效��； 參考：《華東交通大學(xué)》2017年碩士論文

【摘要】：近幾年,我國高速鐵路的迅猛發(fā)展,帶領(lǐng)了社會(huì)的前進(jìn)。由于高鐵具有高速、節(jié)能、產(chǎn)業(yè)布局優(yōu)等優(yōu)點(diǎn),不僅我國,世界上許多國家都紛紛加入了高鐵的建設(shè)隊(duì)伍。隨著經(jīng)濟(jì)發(fā)展的加快,快速建設(shè)的高鐵熱潮也給經(jīng)濟(jì)發(fā)展帶來了不小的影響。諸如資金需求量大,經(jīng)過很長一段時(shí)間才能收回投資等問題都是制約高鐵行業(yè)發(fā)展的瓶頸。因此,正確處理好高鐵行業(yè)上市公司融資與績效的關(guān)系,優(yōu)化其融資結(jié)構(gòu),使公司績效得到提升,以實(shí)現(xiàn)高鐵行業(yè)穩(wěn)健的發(fā)展,具有重要的意義和價(jià)值。本文從高鐵行業(yè)上市公司融資結(jié)構(gòu)與公司績效的關(guān)系角度考慮,詳細(xì)的研究了融資結(jié)構(gòu)對公司績效的影響。全文首先在總結(jié)評述國內(nèi)外學(xué)者相關(guān)研究成果的基礎(chǔ)上,介紹了相關(guān)的理論基礎(chǔ),從理論上解讀融資結(jié)構(gòu)對公司績效會(huì)產(chǎn)生的影響,為接下來的實(shí)證分析提供理論依據(jù)。其次分析了高鐵行業(yè)上市公司的經(jīng)營情況和融資結(jié)構(gòu),將制造業(yè)上市公司與高鐵行業(yè)上市公司進(jìn)行了對比,發(fā)現(xiàn)了行業(yè)間的差異,進(jìn)一步證明本文的研究價(jià)值。最后根據(jù)內(nèi)源融資、債權(quán)融資和股權(quán)融資對公司績效的影響,提出了6個(gè)假設(shè),以高鐵行業(yè)上市公司2011年至2015年的指標(biāo)數(shù)據(jù)為樣本,進(jìn)行了實(shí)證分析。本文得出的研究結(jié)論是:高鐵行業(yè)上市公司的內(nèi)源融資率與公司績效正相關(guān);資產(chǎn)負(fù)債率與公司績效負(fù)相關(guān);流動(dòng)負(fù)債率與公司績效正相關(guān);長期負(fù)債率與公司績效負(fù)相關(guān);第一大股東持股比例與公司績效呈倒U型的二次曲線關(guān)系;流通股比例與公司績效負(fù)相關(guān)。最后,本文還提出了優(yōu)化高鐵行業(yè)上市公司的融資結(jié)構(gòu),促進(jìn)公司績效水平的提升的具體建議。
[Abstract]:In recent years, the rapid development of high-speed railway in China has led the progress of society. Due to the advantages of high speed, energy saving and excellent industrial layout, high-speed high-speed rail (HSR) has joined the construction of high-speed railway (HSR) not only in China but also in many countries all over the world. With the acceleration of economic development, the rapid construction of high-speed rail boom has also brought a great impact on economic development. Problems such as high demand for funds and a long period of time to recover investment are bottlenecks restricting the development of high-speed rail industry. Therefore, it is of great significance and value to correctly handle the relationship between financing and performance of listed companies in high-speed rail industry, optimize its financing structure, and improve its performance so as to realize the steady development of high-speed rail industry. From the perspective of the relationship between the financing structure and corporate performance of listed companies in high-speed rail industry, this paper studies the impact of financing structure on corporate performance in detail. First of all, based on the review of domestic and foreign scholars' related research results, this paper introduces the relevant theoretical basis, theoretically interprets the impact of financing structure on corporate performance, and provides a theoretical basis for the next empirical analysis. Secondly, this paper analyzes the operation and financing structure of listed companies in high-speed rail industry, compares the listed companies in manufacturing industry with the listed companies in high-speed rail industry, and finds out the differences between industries, which further proves the research value of this paper. Finally, according to the influence of endogenous financing, debt financing and equity financing on corporate performance, this paper puts forward six hypotheses, taking the target data of listed companies in high-speed rail industry from 2011 to 2015 as the sample, and carries on the empirical analysis. The conclusions of this paper are as follows: the endogenous financing rate of listed companies in high-speed rail industry is positively correlated with corporate performance; the asset-liability ratio is negatively correlated with corporate performance; the liquidity debt ratio is positively correlated with corporate performance; and the long-term debt ratio is negatively correlated with corporate performance. The proportion of the first largest shareholder has a conic relationship with corporate performance, while the proportion of circulating shares is negatively correlated with corporate performance. Finally, the paper puts forward some specific suggestions on how to optimize the financing structure of listed companies in high-speed rail industry and promote the improvement of corporate performance.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F532.6;F530.68;F406.7;F426

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