上市公司广义资本结构与绩效相关性研究——来自计算机行业上市公司的经验数据

11研究背景和意义(1)

12相关概念的界定(6)

13研究主要内容与技术路线图(9)

14研究方法和主要创新点(13)

第2章国内外研究综述(16)

21股权结构与公司绩效的关系(16)

22债务融资与公司绩效的关系(25)

23人力资本与公司绩效的关系(34)

24本章小结(40)

第3章计算机行业上市公司经营绩效的评价(41)

31企业经营绩效评价的模式(42)

32计算机行业上市公司绩效评价体系的建立(54)

33计算机行业上市公司绩效的计算(66)

34本章小结(82)

第4章资本结构与绩效联立方程模型的构建与变量设计(84)

41联立方程模型的构建(85)

42变量设计(86)

43主要变量的描述性统计(90)

44理论分析及假设建立(98)

第5章资本结构与绩效的单方程实证结果与分析(102)

51资本结构对公司绩效的影响分析(103)

52资本结构与公司绩效模型的建立(128)

53实证结论(136)

第6章资本结构与绩效的联立方程实证结果与分析(142)

61方程联立性的识别(143)62方程联立性的检验(146)

63联立方程组的估计以及互动性分析(154)

64对比分析(164)

65本章小结(167)

第7章基本结论与对策建议(169)

71基本结论(169)

72对策建议(172)

73研究不足与展望(185)

参考文献(188)

在公司绩效评价方面，以计算机行业上市公司为研究对象，基于利益相关者的角度建立因子分析法下的综合绩效评价体系，突破了以往进行绩效评价的单一性问题。本书采用结构方程模型研究资本结构与公司绩效的相关性问题。构建人力资本、股权结构、债务结构及公司绩效的互动模型，运用两阶段小二乘法对结构方程模型予以估计，并对两阶段小二乘法回归结果和单方程的回归结果进行比较分析，对单方程检验结果加以进一步改进及完善，给出这一领域可靠的研究结论，从而为优化计算机行业上市公司资本结构、提高公司绩效提供充分的实证依据。　　

本书首先展开相关文献回顾与评述，通过对人力资本、股权资本、债务资本与公司绩效的含义和相互关系进行比较全面系统的文献回顾与述评，为全书后续的理论演绎和实证分析奠定了基础。　　其次，以计算机行业上市公司为研究对象，从各利益相关者角度出发，建立了综合评价指标体系，采用因子分析法对样本财务绩效进行测量，为之后的实证分析打下基础。　　接着，进行统计模型构建与变量设计，对计算机行业上市公司的人力资本、股权结构和债务结构特征作出系统性描述，基于人力资本、股权结构、债务结构与公司绩效的互动性特征，构建一个人力资本、股权结构、债务结构和公司绩效四方互动的联立方程组，并在理论分析的基础上建立有待检验的基本假设。　　然后，采用单方程OLS法对实证模型分别进行回归分析，阐明人力资本、股权结构、债务结构和公司绩效之间存在的相互作用，检验模型（4-1）至（4-4）作为单方程的显著性，从中识别出具有统计意义的联立方程组；通过单方程检验梳理出的公司绩效方程、人力资本结构方程、股权结构方程和债务结构方程进行方程组的联立识别和检验，在此基础上运用两阶段小二乘法对联立方程作了总样本的回归分析，分别考察上市公司的公司绩效、人力资本结构、股权结构和债务结构之间的相互作用。

研究结论表明，，从员工平均受教育程度、工资增长率、高管人员报酬以及员工规模与公司绩效的相关性来看，高管人员报酬对公司绩效的影响程度显著提高；同时公司绩效对高管人员报酬的影响系数也显著地增大，反映出公司绩效对高管人员报酬的影响也显著提高。第二，从大股东持股与公司绩效的关系看，大股东持股对绩效的负相关性有所提高，显示了在单方程检验中低估了大股东对于公司绩效的负向影响；同时公司绩效对于大股东持股比例的影响比单方程检验下要提高很多，即上市公司大股东持股在目标公司绩效的选择上是倾向于那些低价值公司，与股权结构理论有关规模因素的预期相符。第三，从资产负债率与公司绩效的关系看，本书得出资产负债率与公司绩效之间存在着显著的倒U型关系，这一点修正了单方程回归结果。总负债率与公司绩效的拐点所处位置较低，在此拐点之前，增加公司负债能带来公司绩效的提高；当公司负债率超过该点后，公司绩效随负债率递减。由于财务杠杆的绩效拐点较小，致使大部分公司的负债率仍然与公司绩效负向相关，说明了计算机行业上市公司债务融资的治理效应低下的客观情况。　　

后针对实证结论提出有助于优化上市公司资本结构、改进公司绩效的有关对策，阐明了研究存在的不足，并对未来研究做出进一步展望。

Abstract

Modern economy is of a rapid growth and advance. The knowledge economy greatly broadens the contentions of capital. It is undoubtedly that human resource has become one of the most important factors. The importance of human resource in enterprise is highly recognized. Thus, breaking the present frame of capital research and combining it with the enterprise capital structure is necessary. Computer industry listed companies take value maximization as their guideline by means of operating the capitals, and become the leaders of technology industry in China. Therefore, they drive the development the local economy and increase the power of Chinas economic developing power. Thus, it is of vital importance to research the 

correlation between capital structure and performance of the listed companies.　This dissertation reconstructs the capital structure and conducts study through combining the human resources theory with the capital structure theory, which makes breakthrough of the conventional theory frame work. In terms of company performance assessment: this dissertation takes the computer industry listed companies as its research objects, sets up the performance assessment system on the basis of factor analysis in view of the stakeholders, which surmounts the past simplex performance assessment method. This dissertation adopts the structure model equation to analyze the relevance between the capital structure and company performance. This dissertation proposes a interactive model of the human capital structure, ownership structure and company performance. It employs simultaneous equations with leverage and maturity endogenous to test the structure equation model, and also makes contrasts between this result and that of the return of the single equation results so as to further test and improve the results, which ensure the reliability of the research conclusion and provide the sufficient empirical evidence for the listed companies to optimize their capital structures and improve the performance.　First, the introduction mainly states the research background, aim of study and defines the terms of capital structure, performance and high-tech enterprise. It also illustrates the research thought, method, content and innovation.　Second, systemically analyzes the coloration of the human capital, ownership capital, debt capital and performance, which serves the latter deduction and empirical analysis.　Third, this dissertation takes computer industry listed companies as an illustration. The essay sets up a comprehensive evaluation system from all the relevant perspectives. In the empirical analysis, finance performance is explained variable. Factor analysis method is used to measure the sample finance performance.

Then, this paper makes the regression analysis with the empirical model respectively with the method of single equation of OLS, clarify the interaction among human capital, ownership capital, debt structure and corporate performance, tests the significance of model(4-1)-(4-4), identifies the statistical significance of simultaneous equations. This paper identifies and tests the simultaneous equations of the companys performance equation, human capital structure equation, ownership capital structure equation and debt structure equation. Making the regression analysis of the total sample on the basis of using two-stage least squares method. Respectively investigating the interaction among human capital, ownership capital structure, debt structure and corporate performance. Based on the tests of two-stage least squares method, this chapter does the regression analysis of the sample. And analyze the correlation of human capital, ownership structure, debt structure and the corporate performance. The research results also indicate that the correlation of corporate performance with those including the staff average education degree, wage growth, executives and staff remuneration scale. The level significantly increased which the executive performance influenced corporate performance. And the coefficient has significantly increased that corporate performance influenced the executive performance, which also improved significantly. Secondly, We can figure out from the relationship of large shareholders and corporate performance that the negative correlation was improved which shares of stockers of the big shareholder influenced the corporate performance. Showing the underestimated negative that the largest shareholder influenced corporate performance in the single equation test. At the same time, the degree was higher that corporate performance influenced the big shareholder stake than under the single equation test. That is the first big shareholders of listed companies usually choose the low value company, according with the ownership structure theory. Thirdly, from the relationship between asset-liability ratio and corporate performance, this chapter concludes that there exists the obvious inverted u-shaped relationship between asset-liability ratio and corporate performance, which revised the single equation regression results of chapter 5. The inflection point is low between the total debt ratio and corporate performance. Increasing the company debt will lead to the improvement of corporate performance. And the company performance will decrease with debt ratio while surpassing the inflection point. Most of the companys debt ratio still shows a negative relationship with corporate performance, illustrating the low governance effect of the computer industry listed companies.　Finally, conclusion and conductive suggestions point out the shortage of this research and offers a prospect of the future study.