浙江省上市公司资本结构与公司业绩相关性分析毕业论文.doc

毕业论文 （20_ _届） 浙江省上市公司资本结构与公司业绩相关性分析 摘 要 资本结构问题是一个具有重大理论价值和实践意义的研究课题。它是企业相关利益者权利义务的集中反映，它不仅影响企业的资本成本和企业总价值，而且影响企业的治理结构，进而影响一个国家或地区的总体经济增长和稳定。合理的资本结构有利于企业行为的规范以及企业价值的提高，对资本结构理论的研究不仅可以揭示公司资本结构与企业绩效及公司管理行为的内在关系，并且能为公司资本结构决策和投资决策提供理论基础和指导。 关于上市公司资本结构与公司业绩之间的相关性问题，国内外学者曾经进行了大量的研究。研究的结果出现了两种截然不同的结论：一种是资本结构与公司业绩之间呈现出正相关的关系，即资产负债率越高，公司业绩越好；资产负债率越低，公司业绩越差。另一种是资本结构与公司业绩之间呈现出负相关的关系，即资产负债率越高，公司业绩越差；资产负债率越低，公司业绩越好。这两种截然不同的研究结论给人们带来了一些困惑。直到今天，资本结构问题依然值得探讨。 本文选取2006年以前上市的，2007-2009年在深沪两市上市的A股浙江省上市公司为研究样本，收集相关数据，构建了回归模型对上市公司资本结构与公司业绩的关系进行实证分析。研究结果表明，相关，且对其有显著影响。同时，经营能力、成长能力与公司业绩呈正相关关系但影响不显著。 关键词：资本结构；公司业绩；公司治理Abstract Capital structure is a major theoretical and practical significance of the research topic. It is the business stakeholders concentrated reflection of the rights and obligations, which not only affect the total cost of capital and corporate value and impact of corporate governance structure, thereby affecting a country or regions overall economic growth and stability. Reasonable capital structure is conducive to regulate corporate behavior and corporate value, increased research on capital structure theory can not only reveal the companys capital structure and corporate performance management practices and the inherent relationship between the company and the companys capital structure for decision-making and investment decisions Theoretical foundation and guidance. Capital Structure of Listed Companies and the correlation between company performance issues, domestic and foreign scholars have conducted a lot of research. Results of the study there were two different conclusions: one is between capital structure and performance of the company showing a positive relationship, that is, the higher the debt ratio, the better performance of the company; asset-liability ratio the lower the performance of the company more Poor. The other is between the capital structure and corporate performance showed negative correlation, that is, the higher the debt ratio, the poorer perfo