基于资本结构差异的国有企业与民营企业经营绩效比较研究-技术经济及管理专业论文.docxVIP

万方数据 万方数据 摘要 自上世纪五十年代以来，对企业资本结构的研究一直是世界金融理论界研究的 热门话题之一。国有企业一直以来都是中国企业主要的所有形式，为社会发展贡献 了很多的力量，随着改革开放及市场经济的进一步发展，个体、私营等非公有制经 济也逐渐成为社会经济的重要组成部分，以家族制为代表的民营企业目前正以蓬勃 发展之势成为中国经济发展的新动力。国有企业和民营企业正在各个领域发挥着各 自的作用。本文从国有企业与民营企业两种不同产权的所属性质出发，研究资本结 构与经营绩效的关系。 本文以我国四个直辖市的上市公司为例，研究国有企业与民营企业的资本结 构、股权结构与经营绩效之间的关系。首先，本文在遵循资本结构理论研究的基本 轨迹、吸收借鉴前人研究成果的基础上，对资本结构的内涵、基本理论以及资本结 构与经营绩效关系的理论进行了全面的总结。其次对四市的资本结构与经营绩效现 状进行了分析。最后，利用面板数据对资本结构与经营绩效进行了回归分析。我们 发现，国有企业资本结构与经营绩效不相关，民营企业资本结构与绩效正相关；国 有企业股权集中度与经营绩效负相关，股权制衡度与经营绩效正相关，高管持股比 例与经营绩效不相关；民营企业股权集中度与资本结构正相关，股权制衡度、高管 持股比例与经营绩效不相关。 针对以上研究结论，本文提出三点有关国有企业与民营企业资本结构优化的策 略与方向。1、大力推进国有企业混合所有制改革，以产权制度改革促进国有企业资 本结构优化；2、改善民营企业融资环境，为信贷资金的合理配置提供政策支持；3、 改革国有企业高管行政任免体制，完善职业经理人市场，从市场选聘国有企业的职 业经理人。 关键词：国有企业；民营企业；资本结构；经营绩效 I II Abstract Since the 1950s, the study of corporate capital structure has been one of the hot issues in the world of financial theory research. State-owned enterprises have always been the major form of Chinese enterprises, making a great contribution to the development of our society. With the further development of the market economy owing to reform and opening up policy, individual, private and other non-public economy has become an important part of the social economy. Private enterprise, representative of the family system, is becoming a new driving force for Chinas economic development. State-owned enterprises and private enterprises are playing their roles in all areas separately. Based on the property characteristics of state-owned enterprises and private enterprises, the relationship between capital structure and operating performance is discussed in this paper. Based on the example of listed companies of the four municipalities in China, this paper discussed the relationship between capital structure, ownership structure and operating performance between state-owned enterprises and private enterprises. Firstly, following the basic track of capital structure theory research and learning from the result of previous research, this paper made