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摘要资本结构一直是财务以及金融领域研究的焦点问题之一，而研究资本结构的最终目的是改善资本结构以提高企业绩效。但对于资本结构与企业绩效的关系，学术界一直没有一个确切的答案。因此，用实证分析的方法研究资本结构与企业绩效的相关性，对这方面的研究具有补充完善的作用。本文研究的重点是对制造业上市公司资本结构与企业绩效相关性的实证研究。首先，本文对前人的研究进行了总结分析，并回顾了资本结构理论的发展历程。其次，以我国制造业上市公司为研究对象，选取了1478家制造业上市公司2011年的数据作为样本。采用描述性统计的方法对样本进行了数据分析，得出我国制造业上市公司资产负债率水平偏低，成长性较差，各公司之间绩效水平、成长性相差较大等结论。然后，通过对资本结构与企业绩效的相关性进行回归分析，分析结果表明：我国制造业上市公司资本结构、公司规模与企业绩效呈较显著的负相关性，而成长性则与企业绩效呈较显著的正相关性。最后，根据实证研究的结论，提出了相应的对策建议。22102
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毕业论文关键词 资本结构 企业绩效 制造业 上市公司 实证分析
论文外文摘要
Title The Empirical Study on the Capital Structure and Performance of the Manufacturing Enterprises：Evidence from Listed Companies in China
Abstract
Capital structure has been one of the focuses of accounting and finance research problems,and the ultimate goal of the research on capital structure is to improve the capital structure in order to promote enterprise performance.But for the relationship between capital structure and corporate performance, academia has not a definite answer.Therefore, using empirical analysis method to study the relativity between capital structure and corporate performance has supplemental function to the research in this area.This study focus of the thesis is the empirical research on the correlation between capital structure and corporate performance of listed companies of manufacturing.First of all,in this thesis, previous research were summarized and analyzed, and the development process of the theory of capital structure was reviewed.Secondly,it chose manufacturing listed companies as the research object, and selected the data of 1478 manufacturing listed companies in 2011 as sample.It adopted the method of descriptive statistics on the sample data analysis. It is concluded that the capital structure of manufacturing listed companies in China had low levels of asset-liability ratio and poor growth.The performance and growth had much difference between companies.Thirdly, through the correlation regression analysis between capital structure and corporate performance, the analysis results showed that the capital structure, company size and corporate performance of Chinese manufacturing listed company show a significantly negative correlation, while growth and corporate performance show a significant positive correlation.Finally, according to the empirical research conclusion, it put forward the corresponding countermeasures and suggestions.
Keywords Capital Structure Enterprise Performance Manufacturing Industry Listed Company Empirical Analysis
目 次
1 引言 1
1．1 研究背景与意义 1
1.1.1 研究背景 1
1.1.2 研究意义 2
1．2 研究内容及方法 2
2 文献综述 3
2．1 国外研究 3
2．2 国内研究 4
2.2.1 资本结构与企业绩效呈正相关关系 4