成长视角下资本结构、融资行为对公司绩效实证分析.pdf

摘 要 II 摘 要 随着我国市场经济水平的提高与上市公司治理水平的提升，理论界和实务 界对于资本结构与公司绩效的研究越发关注，他们致力于寻找一种合理的资本 结构来适应不断发展的与规范的制度环境。一旦确定了资本结构，公司就可以 根据资金来源的成本、风险及效益，选择最佳的融资方式和理想的融资组合， 这就是融资行为的选择问题。 对成长性不同的公司而言，不同的机遇会导致其所需的资金量不同；处于 不同成长性的公司面临的经营风险的程度也是不同的，所需承受的财务风险也 不同。因此本文从基于公司处于不同成长性的视角来分别考察资本结构对公司 绩效以及融资行为对公司绩效的作用。 首先，本文围绕着资本结构理论以及相关概念介绍展开论述；然后，运用 理论分析与实证检验相结合的科学方法，论证资本结构变化是如何影响公司绩 效，以及实行融资行为发生之前和发生之后对业绩的影响情况；最后，本文指 出上市公司资本结构、融资行为以及公司经营管理中现有的状况，并指出了若 干对策建议。 关键词：资本结构；融资行为；公司绩效；成长性 ABSTRACT III ABSTRACT with the high speed of improvement of Chinas market economy and listed companies governance, more and more scholars care about research between capital structure and corporate performance,and they devoted into a reasonable capital structure to adapt to continuous developing institutional environment.Once capital structure is designed,companies will choose best financing behavior and suitable financing combination according to the capital cost,risk and benefit. Faced with various growths, the companies confront with different opportunities and amount of funds, and they inevitably come across severe business risks and harsh financial risk. Therefore, based on the growth of the companies, the paper respectively examines the influence of capital structure and financial behavior on company performance. Firstly, the paper begins with capital structure theory and related definition. Secondly, the paper uses a method combining theoretical explanations and empirical validation, besides, the paper thoroughly analysis the influence of capital structure on company performance and financing behavior before and after the occurrence of the impact on corporate performance. After expounding and summarizing the Chinese listed companies problems of capital structure and financing behavior, the paper also show several suggestions. Key Word: Capital structure; Financing behavior; Corporate performance; Growth 目 录 IV 目 录 第 1章 绪论 ..........................................................