信息技术上市公司资本结构与经营绩效相关性研究

发布时间：2018-04-14 10:37

本文选题：信息技术上市公司 + 资本结构　；参考：《中南林业科技大学》2017年硕士论文

【摘要】：随着“互联网+”概念的提出,信息技术行业正处于由传统信息技术产业向新一代产业转型发展的关键期,对其创新能力和成长性提出了更高的要求,作为国家重点扶持的新兴产业,针对该行业进行资本结构与经营绩效的相关性研究是很有实际意义的。资本结构是反映企业资金实力、检验企业整体风险的重要指标,选择不同的资本结构会产生不同的财务杠杆效应和治理效应,影响公司治理结构与效果,进而影响其经营绩效。本文选取目前能够直接推动经济增长,带动众多传统产业发展的支柱行业—信息技术行业为研究对象,以2013-2015年为研究期间,选取159家沪深两市该行业上市公司共477个样本展开研究。在回顾了现有研究理论成果的基础上,从理论和实证两个层面对资本结构与经营绩效的关系进行探讨。在模型设计上,构建四个模型,第一个模型是探究债务期限结构与经营绩效之间的关系,第二个模型是探究债务水平与经营绩效之间的关系,第三个模型引入资产负债率的平方,探究资产负债率的最优值,第四个模型是探究股权结构与经营绩效的关系。在实证分析上,首先选取具有代表性的经营绩效的十个指标,对其进行因子分析,归类为四个公共因子,接着,运用多元回归分析方法,使用SPSS20.0统计软件进行分析,对提出的五个假设进行验证。通过分析,得到如下几个结论:(1)信息技术上市公司的资产负债率与经营绩效之间不是简单的线性关系,而是倒“U”型关系,驻点为53.541%。当资产负债率在0-53.541%的范围内时,公司综合经营绩效ComF与资产负债率正相关;当资产负债率大于53.541%之间时,公司综合经营绩效ComF与资产负债率负相关。(2)流动负债率与经营绩效呈现负相关关系;(3)长期资本负债率与经营绩效呈现正相关关系:(4)第一大股东持股比例与经营绩效呈现负相关关系;(5)前十大股东持股比例与经营绩效呈现正相关关系。结合第三章信息技术上市公司的现状分析,从宏观和微观两个方面对其提出优化的对策建议。
[Abstract]:With the introduction of the concept of "Internet", the information technology industry is in a critical period of transition from the traditional information technology industry to a new generation of industries, which puts forward higher requirements for its innovation ability and growth.As a new industry supported by the state, it is of practical significance to study the correlation between capital structure and operating performance.Capital structure is an important index to reflect the capital strength of an enterprise and test the overall risk of an enterprise. Choosing different capital structure will produce different financial leverage effect and governance effect, which will affect the corporate governance structure and effect, and then affect its management performance.In this paper, the information technology industry, which can directly promote economic growth and promote the development of many traditional industries, is selected as the research object. During the period of 2013-2015,A total of 477 samples were selected from 159 listed companies in Shanghai and Shenzhen stock markets.On the basis of reviewing the existing research achievements, this paper discusses the relationship between capital structure and management performance from two aspects: theoretical and empirical.In the design of the model, four models are built. The first model is to explore the relationship between debt maturity structure and operating performance, the second model is to explore the relationship between debt level and operating performance.The third model introduces the square of asset-liability ratio to explore the optimal value of asset-liability ratio. The fourth model is to explore the relationship between equity structure and operating performance.In the empirical analysis, firstly, ten representative performance indicators are selected and classified into four common factors by factor analysis. Then, using the method of multiple regression analysis and using SPSS20.0 statistical software to analyze,The five hypotheses proposed are verified.Through analysis, we get the following conclusions: (1) the relationship between the asset-liability ratio and the operating performance of IT listed companies is not a simple linear relationship, but an inverted "U" type relationship, with a stationary point of 53.541.When the asset-liability ratio is in the range of 0-53.541%, the comprehensive operating performance (ComF) is positively correlated with the asset-liability ratio, and when the asset-liability ratio is greater than 53.541%,Negative correlation between Comprehensive operating performance (ComF) and Asset-liability ratio. (2) there is a negative correlation between current debt ratio and operating performance; (3) A positive correlation between long-term capital debt ratio and operating performance: (4) proportion of first largest shareholder's shareholding and operating performanceThere is a negative correlation between the proportion of the top ten shareholders and the operating performance.Based on the analysis of the current situation of IT listed companies in Chapter 3, the author puts forward some suggestions on how to optimize IT listed companies from macro and micro aspects.
【学位授予单位】：中南林业科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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