我国家电行业上市公司资本结构与公司业绩相关性实证研究

华东交通大学硕士学位论文我国家电行业上市公司资本结构与公司业绩相关性实证研究姓名：吴尚荣申请学位级别：硕士专业：企业管理指导教师：史焕平20071030I2000-200620SPSS13.0AbstractIIEMPIRICALRESEARCHONCORRELATIONBETWEENCAPITALSTRUCTUREANDBUSINESSPERFORMANCEOFTHELISTEDHOUSEHOLDELECTRICALAPPLIANCESINDUSTRYINCHINAABSTRACTCapitalstructurehaslongbeenatheoreticalresearchenterprisefinancialmanagementinthecoreoftheproblem,notonlycapitalstructureandcorporatetaxstatus,financialsituation,agencycostandmanagementstructure,butwiththebusinessperformanceandfuturedevelopmentcapacity.Areasonablecapitalstructurewhichhelpstostandardizethebehaviorsofenterpriseandreducecapitalcostandimprovethebusinessperformance;Onthecontrary,unreasonablecapitalstructurewillincreasethecapitalcost,reducebusinessperformance.Thereexistsaninteractiverelationshipbetweenthecapitalstructureandbusinessperformance,thatis:thecapitalstructureofthelistedcompanyinfluencesitsperformance,andviseversa.Scholarsathomeandabroadhavecarriedoutalargeamountofresearchonthecorrelationsbetweenthecapitalstructureandthebusinessperformance.Theirfindingsshowthattwodefinitelydifferentconclusions:oneisthatthecorrelationbetweenthecapitalstructureandbusinessperformancearealwayspositive,inotherwords,thehigherthedebt-assetratio,thebetterthebusinessperformance,whilethelowerthedebt-assetratio,theworsethebusinessperformance.Theoppositeconclusionisthatthecorrelationbetweenthecapitalstructureandthebusinessperformancearealwaysnegative,inotherwords,thehigherthedebt-assetratio,theworsethebusinessperformance;whilethelowerthedebt-assetratio,thebetterthebusinessperformance.Thesetwodifferentconclusionsseemtogiverisetosomeconfusion.Inthispaper,basedonthepresentresearchandchosetherelativelylesshouseholdelectricalappliancesinChina'smanufacturingindustriesofthelistedcompanyasaresearchobject,thethesisanalyzescapitalstructureandbusinessperformanceandthestatusofitscausesbyqualitativeanalysis,andthenselectmultiplevariablesbetweenthecapitalstructureandtheperformanceof20companieslistedinShenzhenandShanghaifrom2000to2006totestthetwo-waycorrelationsbetweenthecapitalstructureandbusinessperformance.Inempiricalprocess,theselectionofthetotalassetsofthemainbusinessprofitmarginsandprofitability,thenetrateofreturnoninvestmentasthecompanyperformanceindicators,withtherateofassetsandliabilitiesreflectthecapitalstructureasthemaintarget,andfurthertochooselong-termdebtrate,ascurrentliabilitiesrateofcapitalstructureandinternalfactorsindicators.ThroughSPSS13.0analysissoftware,thevariousvariablesandmultiplelinearregressionanalysisofthetwosides.Empiricalresultsisthat:ontheonehandthehouseholdAbstractIIIelectricalapplianceindustrieslistedcompaniesassetliabilityratiotototalassetswasopendownmarginssquareparabolicrelationship,thatthebestcapitalstructuretheorycriticalvalueoflistedcompaniesexistsintheapplianceindustryinthecourseofdevelopment;OntheotherhandthatthehouseholdelectricalapplianceindustriestotheperformanceoflistedcompaniesVariableimpactonthecapitalstructureexistsrelations.PositiveresponsetothefindingsofthesisconcludeswithaperfectChina'shouseholdelectricalapplianceindustrylistedcompany'scapitalstructureandimprovingtheperformanceofthecompanypolicyrecommendations,thatis:treatprudentlyChina'shouseholdelectricalapplianceindustrycompaniesdebtconstraint;EnhancingChina'shouseholdelectricalapplianceindustrieslistedcompanyequityfinancingmechanism;Improveelectricindustrylistedcompaniesachievements,wemustoptimizethecapitalstructure;Vigorouslydevelopthecorporatebondsmarket,andimprovethehouseholdelectricalapplianceindustrieslistedcompaniesandtheproportionofbondfinancingoflistedcompanies;Improvefinancialmanagementappliancelevel.KeyWords:householdelectricalappliancesindustry,capitalstructure,businessperformance,correlation____________________________________________________________11.1MBO220012071.2VCDDVD[1]20002006A201401.31.3.1207SPSS13.031.3.2IT1.414252.1C197219662.21952(D.Durand)19521958(Modiglianni)(Miller)MMMM20502.2.1[2]2.2.1.1NI6100%2.2.1.2NOI2.2.1.32.2.2MM19586ModiglianiMiller91963MMMMMMMM7MM2.2.2.1MMMMMM[3]1KEBITV=(1-1)1-1VEBITKMM2kjijjkkjSDrppi/)(−+=(1-2)jijkprjDjS2(1)3jiMMMM2.2.2.2MMMM8MMMMMM[4]1lVuVDTlVuVTD(1-3)(1-3)100%211-TSDrpTppdds/))(1(−−+=(1-4)spdprTDS(1-4)3MMMMMMMM2.2.2.3MM100%92-1Fig.2-1Trade-offTheoryVLVUVMTBFAD1D22-12-12.2.2.4MMMMD1D2TBVUVMVLFA102.2.370MM2.2.3.1JensenMackling(1976)[5]GrossmanHart(GH)GH/Stulz(1990)[6]HarrisRaviv(1988)11[7]Myers(1977)[8]2.2.3.2Willamson(1988)[9]Jeffrey1996[10]HarrisandRaviv(1988)[11](Aghion-Bolton1992)[12]2.2.3.3MMRoss(1977)RossRoss12[13]Heinkel(1982)RossRoss[14]Talmon(1981)Ross()RossBBBPV[15]LelandandPyle(1977)[16]2.2.3.41984MyersMujluf()()[17]()2.2.3.5132.3ModiglianiandMiller1958MMMM2.3.1BrennanandSchwartz1978[18]MasuliS1980Masulis(19830.23~0.45LongMaltiz(1985[19]LaxmichBhandari(1988[20]KShah(1994142.3.2MyersMujluf1984)[21]JesenSolbergZorn1992[22]MohdPerryRimbey1998[23]SimerlyLi(2000)[24]2.3.32.42.4.1199815[25]199919980.4-0.5[26]2000[27]2002[28]2002Q[29]2002199966200066[30]2003313119972001Masulis1983[31](2005)2004[32]2.4.2119961998)[33]2000[34]2000)[35