创业板上市公司资本结构对经营绩效的影响—基于制造业板块的研究金融学专业论文.docxVIP

摘要 自我国创业板开启以来，学者们对我国创业板进行了多方面的研究，所研究的 多为理论方面的研究。本文尝试在创业板启动后以创业板中制造业的上市公司为研究 对象，研究影响经营绩效的关键的资本结构构成因素，这不仅对创业板本身的健康发 展和目前以及未来的上市公司的经营效率提高有很强的指导意义，而且也可以籍此来 指导企业做出有效的投资决策。 本文共有 5 章内容。第 1 章是总论，阐述了全文的选题背景和意义，介绍了文章 的研究方法、研究对象、主要内容和创新点。第 2 章是理论基础。通过对资本结构和 经营绩效的的理论综述，为本文的研究奠定理论基础。第 3 章对我国创业板上市公司 资本结构与经营绩效的现状进行描述性统计分析。第 4 章主要是针对我国上市公司资 本结构对经营绩效关系的影响做实证分析。第 5 章为政策建议。在第 4 章的实证结论 基础上，从优化资本结构的角度出发，提出改进我国创业板上市公司经营绩效的对策 和建议。 本文的创新点主要表现在：1．本文在实证研究时运用托宾 Q 值（Tobin’s Q） 或净资产收益率（ROE）作为公司绩效的替代指标，并将两者进行对比选出更优指标。 2．本文将创业板上市公司的资本结构进行分析，得出对影响经营绩效显著的因素。 关键词：创业板；资本结构；经营绩效；制造业 Abstract At present,the research on GEM is much about theory ,only little about empirical research. This article try to set manufacturing listed companies as the research object after the start of the gem and study the key factors of capital structure which impact business performance. This is not only good for the healthy development of the gem itself and has a strong guiding significance of business efficiency of listed companies, but also it can be used to guide the investment of enterprise to make effective decisions. This paper consists of five chapters. Chapter 1 is the general, introduced the selected topic background and significance of the full text, the article’s the research method and research object, main content and innovation points. Chapter 2 is theoretical basis.It’s based on the traditional capital structure theory, modern capital structure theory, the new capital structure theory review, lay theoretical foundation for the research of this paper. Chapter 3 gem capital structure and operating performance of listed companies in China present situation carries on the descriptive statistical analysis. Chapter 4 is mainly the capital structure of listed companies in China to do empirical analysis on the influence of operating performance relationship. Chapter 5 for policy recommendations. Based on the empirical conclusion in chapter 4, from the perspective of optimizing capital structure, improvement of ge