江苏装备制造业资本结构与企业绩效研究
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