东北上市公司资本结构与绩效关系研究
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摘要
资本结构问题是一个具有重大理论价值和实践意义的研究课题。从企业经营角度出发,探讨改善资本结构对公司经营绩效的影响,无疑具有十分重要的意义。近年,东北上市公司经营业绩普遍较差,其中一个主要的原因就是资本结构不完善,从而改善资本结构提升公司绩效十分必要。
以沪深两市90家东北上市公司作为研究对象,采用主成分分析方法建立了公司绩效的评价体系,再次依据综合绩效指标,采用回归分析法建立公司资本结构与绩效回归模型。分析整体样本公司、不同行业公司、不同企业规模公司资产负债率与绩效的相关关系。结果发现,整体样本公司资本结构与绩效呈现负相关关系,按不同行业、不同规模划分的企业资本结构与绩效之间的关系是不一样。最后,对实证分析的结果进行分析,针对原因提出优化资本结构的策略,从而达到提高东北上市公司绩效的目的。
The matter of capital structure is an important research task which both has great theoretical value and practical meaning. It is important to study the impact of optimizing capital structure on company performance. Recent years, the performance of listed companies in northeast plate is generally poor. The main reason is imperfect on capital structure. Therefore we want to pass through improving capital structure to raise company performance.
The thesis selects 90 listed companies in northeast plate, uses the method of principal component analysis to set up the evaluation system about company performance. Then the paper uses regression method to set up the regression model between capital structure (the rate of assets and liabilities) and company performance to research the relationship between capital structure and company performance .After that, according to different industries and scale enterprises, the thesis does in-depth study to research the relationship between capital structure and company performance. The regression results shows that the relationship between capital structure and company performance is negative relationship, under different industries and scale enterprises the relationship between capital structure and company performance is inconsistent. In the end, the paper analyzes the reasons for the negative relationship between capital structure and company performance. For the reasons put forward measures to optimize capital structure, and then achieve the purpose of improving company performance.
以沪深两市90家东北上市公司作为研究对象,采用主成分分析方法建立了公司绩效的评价体系,再次依据综合绩效指标,采用回归分析法建立公司资本结构与绩效回归模型。分析整体样本公司、不同行业公司、不同企业规模公司资产负债率与绩效的相关关系。结果发现,整体样本公司资本结构与绩效呈现负相关关系,按不同行业、不同规模划分的企业资本结构与绩效之间的关系是不一样。最后,对实证分析的结果进行分析,针对原因提出优化资本结构的策略,从而达到提高东北上市公司绩效的目的。
The matter of capital structure is an important research task which both has great theoretical value and practical meaning. It is important to study the impact of optimizing capital structure on company performance. Recent years, the performance of listed companies in northeast plate is generally poor. The main reason is imperfect on capital structure. Therefore we want to pass through improving capital structure to raise company performance.
The thesis selects 90 listed companies in northeast plate, uses the method of principal component analysis to set up the evaluation system about company performance. Then the paper uses regression method to set up the regression model between capital structure (the rate of assets and liabilities) and company performance to research the relationship between capital structure and company performance .After that, according to different industries and scale enterprises, the thesis does in-depth study to research the relationship between capital structure and company performance. The regression results shows that the relationship between capital structure and company performance is negative relationship, under different industries and scale enterprises the relationship between capital structure and company performance is inconsistent. In the end, the paper analyzes the reasons for the negative relationship between capital structure and company performance. For the reasons put forward measures to optimize capital structure, and then achieve the purpose of improving company performance.
引文
[1]Bradley,Michael,Jarrell,Gregg A.,and Kim,E.H.,On the Existence of an Optimal Capital Structure:Theory and Evidence[J].Journal of Finance,1984(39)
[2]Ross.S.The Determination of Financial Structures:An Incentive Signalling Approach[M].Bell Journal of Economics,1977(8)
[3]K.Shah,TheNature of Information Conveyed by Pure Capital Structure Chances[J],Journal of Financial Economics.1994(36)
[4]Robichek,AlexanderA.and Myers,Stewan C:problems in the Theory of Optimal Capital Structure[J],Journal of Financial and Quantitative Analysis,1966,(1)
[5]Titman,S.and R.Wessels:The Determinants of Capital Structure Choice [J],Journal of Finance,1988,(43)
[6]Masulis,Ronald W:The Impact of Capital Structure Change On Firm Values:Some Estimate[J],Journal of Finance,1983,(38)
[7]Campbell R.Harvey,Karl V.Gins and Andrew H.Roper,The effect of capital structure when expected agency costs are extreme[J].Journal of Financial Economics 2004(74)
[8]Booth,L.,Aivazian,V.,Demirgur-Kunt,A.and Maksimovic,V.Capital Structure in Developing Countries[J]Journal of Finance.2001(56)
[9]Frank,M.Z.and Goyal,V.K.Capital Structure Decisions.Working Paper.University of British Columbia,2003
[10]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析[J].厦门大学学报(社科版),2000,3
[11]陈小悦、李晨,上海股市的收益与资本结构关系实证研究[J],北京大学学报(哲学社会科学版),1995(1)
[12]王娟,杨凤林.中国上市公司资本结构影响因素的最新研究[J].国际金融研究,2002,(8)
[13]陈晓,单鑫.债务融资是否会增加上市企业的融资成本[J].经济研究.1999,(9)
[14]张佳林,杜颖.电力行业上市公司资本结构与公司绩效实证分析[J].湖南大学学报,2003,(5)
[15]李义超、蒋振声.上市公司资本结构与企业绩效的实证分析[J].数量经济技术经济研究.2001,(2)
[16]李义超,中国上市公司资本结构研究[M],北京:中国社会科学出版社,2003,P138-139
[17]于东智.资本结构、债权治理与公司绩效:一项经验分析[J].中国工业经济.2003(1)
[18]吕长江、王克敏.上市公司资本结构、股利分配及管理股权比例相互作用机制研究[J].会计研究.2002,(3)
[19]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998,(8)
[20]陈超,饶育蕾.中国上市公司资本结构、企业特征与绩效[J].管理工程学报.2003,(1)
[21]肖作平,上市公司资本结构与公司绩效互动关系实证研究[J],管理科学,2005(6)
[22]冯根福,吴林江,刘世彦.我国上市公司资本结构形成的影响因素分析[J].经济学家,2000,(5)
[23]黄晓莉.我国上市公司资本结构影响因素实证分析[J].数理统计与管理.2002,(2)
[24]程大友.河南省上市公司资本结构与绩效研究[J].河南社会科学.2004,(7)
[25]刘静芳,毛定祥,我国上市公司资本结构影响绩效的实证分析[J],上海大学学报,2005,(2)
[26]朱雪峰,我国上市公司资本结构与公司绩效实证研究[J],财经界,2007.(5)
[27]Modigliani,F.,Miller,M.H.The Cost of Capital,Corporation Finance and the Theory of Investment.American Economic Review,1958,(8):261-297
[28]Modigliani,F.and Miller,M.H.,Corporate Income Taxes and the Cost of Capital:A Correction,American Economic Review,Vol.1963,(53):433-443
[29]Miller,M.H.,Debt and Taxes[J],Journal of Finance,Vol.1977,(32):261-275
Ross.S.The Determination of Financial Structure:An Incentive Signaling Approach[J].Bell Journal of Economics,1977,8(1):23-40
[30]Ross.S.The Determination of Financial Structure:An Incentive Signaling Approach[J].Bell Journal of Economics,1977,8(1):23-40
[31]Myers,S.C.and Majluf,N.S.Corporate Financing and Investment Decisions when Firms have Information that Investors do not have[J],Journal of Financial Economics,1984(13)187-221
[32]Morck,Shleifer and Vishny.Management Performances:An Empirical Analysis.Journal of Financial pp293-315.Ownership and Economics Vol,20Issue1/2,1988
[33]S.David Young,Stephen F.O.Byme.EVA & Value-Based Management.社会科学文献出版社,2002
[34]Damodaran A.corporate finance:Theory and practice[M].New York:John Wiley and Sons,2001
[35]HovakimianA,oplerT.Titman S.The debt equity choice[J]journal Financial and quantitative Analysis.2001,36(1):1-24
[36]Frielinghaus.A,Moster B,Firer C.Capital structure and firm's life stage [J].South African journal of business Management,2005,36(4):9-18
[37]财政部会计资格评价中心,《中级财务管理》[M],中国财政经济出版社,2006,371
[38]惠恩才.关于上市公司成长性分析[J].财经问题研究.1998,(4):24-25
[2]Ross.S.The Determination of Financial Structures:An Incentive Signalling Approach[M].Bell Journal of Economics,1977(8)
[3]K.Shah,TheNature of Information Conveyed by Pure Capital Structure Chances[J],Journal of Financial Economics.1994(36)
[4]Robichek,AlexanderA.and Myers,Stewan C:problems in the Theory of Optimal Capital Structure[J],Journal of Financial and Quantitative Analysis,1966,(1)
[5]Titman,S.and R.Wessels:The Determinants of Capital Structure Choice [J],Journal of Finance,1988,(43)
[6]Masulis,Ronald W:The Impact of Capital Structure Change On Firm Values:Some Estimate[J],Journal of Finance,1983,(38)
[7]Campbell R.Harvey,Karl V.Gins and Andrew H.Roper,The effect of capital structure when expected agency costs are extreme[J].Journal of Financial Economics 2004(74)
[8]Booth,L.,Aivazian,V.,Demirgur-Kunt,A.and Maksimovic,V.Capital Structure in Developing Countries[J]Journal of Finance.2001(56)
[9]Frank,M.Z.and Goyal,V.K.Capital Structure Decisions.Working Paper.University of British Columbia,2003
[10]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析[J].厦门大学学报(社科版),2000,3
[11]陈小悦、李晨,上海股市的收益与资本结构关系实证研究[J],北京大学学报(哲学社会科学版),1995(1)
[12]王娟,杨凤林.中国上市公司资本结构影响因素的最新研究[J].国际金融研究,2002,(8)
[13]陈晓,单鑫.债务融资是否会增加上市企业的融资成本[J].经济研究.1999,(9)
[14]张佳林,杜颖.电力行业上市公司资本结构与公司绩效实证分析[J].湖南大学学报,2003,(5)
[15]李义超、蒋振声.上市公司资本结构与企业绩效的实证分析[J].数量经济技术经济研究.2001,(2)
[16]李义超,中国上市公司资本结构研究[M],北京:中国社会科学出版社,2003,P138-139
[17]于东智.资本结构、债权治理与公司绩效:一项经验分析[J].中国工业经济.2003(1)
[18]吕长江、王克敏.上市公司资本结构、股利分配及管理股权比例相互作用机制研究[J].会计研究.2002,(3)
[19]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998,(8)
[20]陈超,饶育蕾.中国上市公司资本结构、企业特征与绩效[J].管理工程学报.2003,(1)
[21]肖作平,上市公司资本结构与公司绩效互动关系实证研究[J],管理科学,2005(6)
[22]冯根福,吴林江,刘世彦.我国上市公司资本结构形成的影响因素分析[J].经济学家,2000,(5)
[23]黄晓莉.我国上市公司资本结构影响因素实证分析[J].数理统计与管理.2002,(2)
[24]程大友.河南省上市公司资本结构与绩效研究[J].河南社会科学.2004,(7)
[25]刘静芳,毛定祥,我国上市公司资本结构影响绩效的实证分析[J],上海大学学报,2005,(2)
[26]朱雪峰,我国上市公司资本结构与公司绩效实证研究[J],财经界,2007.(5)
[27]Modigliani,F.,Miller,M.H.The Cost of Capital,Corporation Finance and the Theory of Investment.American Economic Review,1958,(8):261-297
[28]Modigliani,F.and Miller,M.H.,Corporate Income Taxes and the Cost of Capital:A Correction,American Economic Review,Vol.1963,(53):433-443
[29]Miller,M.H.,Debt and Taxes[J],Journal of Finance,Vol.1977,(32):261-275
Ross.S.The Determination of Financial Structure:An Incentive Signaling Approach[J].Bell Journal of Economics,1977,8(1):23-40
[30]Ross.S.The Determination of Financial Structure:An Incentive Signaling Approach[J].Bell Journal of Economics,1977,8(1):23-40
[31]Myers,S.C.and Majluf,N.S.Corporate Financing and Investment Decisions when Firms have Information that Investors do not have[J],Journal of Financial Economics,1984(13)187-221
[32]Morck,Shleifer and Vishny.Management Performances:An Empirical Analysis.Journal of Financial pp293-315.Ownership and Economics Vol,20Issue1/2,1988
[33]S.David Young,Stephen F.O.Byme.EVA & Value-Based Management.社会科学文献出版社,2002
[34]Damodaran A.corporate finance:Theory and practice[M].New York:John Wiley and Sons,2001
[35]HovakimianA,oplerT.Titman S.The debt equity choice[J]journal Financial and quantitative Analysis.2001,36(1):1-24
[36]Frielinghaus.A,Moster B,Firer C.Capital structure and firm's life stage [J].South African journal of business Management,2005,36(4):9-18
[37]财政部会计资格评价中心,《中级财务管理》[M],中国财政经济出版社,2006,371
[38]惠恩才.关于上市公司成长性分析[J].财经问题研究.1998,(4):24-25