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摘要近年来，江苏省装备制造业公司的总体业绩较为优良，是推动江苏省工业经济发展极为重要的一部分。本文以江苏省装备制造业121家上市公司的财务数据为样本，建立了资本结构与企业绩效的联立方程模型，并且使用广义矩估计法 (GMM)进行估计研究，考察其资本结构与企业绩效之间的联动关系。实证研究的结果证明二者间确实存在联动关系。在对资本结构的影响中，公司的成长能力、资产担保价值呈现显著的正相关性，而企业绩效、偿债能力、资产规模、非债务税盾呈现显著的负相关性；在对企业绩效的影响中，公司的资产规模、成长能力呈现显著的正相关性，而资本结构与第一大股东持股比例都呈现U型的非线性关系，资产担保价值的影响并不显著。最后本文从改善企业的负债结构、合理调整股权结构、积极开拓新型融资方式这三个方面提出优化资本结构从而提高企业绩效的政策建议。30162
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关键词 江苏省 装备制造业 资本结构 企业绩效
毕业论文外文摘要
Title Study on the capital structure and corporate performance of equipment manufacturing industry in Jiangsu Province
Abstract
In recent years, equipment manufacturing industry in Jiangsu Province has had outstanding performance.Its healthy development is of great significance to the industrial economy in Jiangsu Province. We select financial data from 121 listed equipment manufacturing companies in Jiangsu province as samples, and set up a simultaneous equation model of capital structure and corporate performance, then we use generalized method of moments (GMM) estimation to analyze the mutual relationship between capital structure and corporate performance. Research results show that the interactive relationship between capital structure and corporate performance does exist. In the impact on the capital structure: both growth ability and value of assets guarantees have significant positive correlation, while corporate performance, solvency, asset size and non debt tax shield have significant negative correlation；in the impacts on the corporate performance : both company’s asset size and growth ability have significant positive correlation, while capital structure and proportion of the first shareholders are presented with the U-shaped nonlinear relationship, but value of assets guarantees effects not significantly; Finally we propose the following advises: (1)improve the debt structure; (2) adjust equity structure; (3) actively develop new financing method, which could help the companies optimize their capital structures so as to improve the efficiency .
Keywords Jiangsu Province equipment manufacturing industry
capital structure corporate performance
目 次
1 引言 1
1.1 研究背景 1
1.2 研究意义 1
2 文献综述 3
2.1 资本结构和企业绩效相关理论研究 3
2.2 国内外相关实证研究综述 4
2.3 研究评述 5
3 实证研究 6
3.1 样本选择 6
3.2 模型方法 6
3.3 描述性统计 7
3.4 实证研究及结果 8
3.5 研究结论 11
4 结论与建议 12
4.1 结论 12
4.2 政策建议 12
4.2.1 改善企业的资产负债结构 12