资本结构与经营绩效关系的研究——基于长三角中小企业板的实证分析

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浙江财经学院硕士学位论文

摘要

学术界对资本结构与经营绩效关系的研究始于 20 世纪 50 年代，当时最具影

响力的是 MM 理论，它奠定了现代资本结构理论的基础。此后金融经济界学者虽

提出较多基于不同角度的资本结构新理论模型，如代理理论，信号模型等，但是

对资本结构与经营绩效关系没有一个令人满意且确定的答案。并且随着经济的发

展，最优资本结构已成为企业追求经营绩效最大化的重要途径，故研究资本结构

和经营绩效的关系具有较大的理论和现实意义。

本文选择位于长三角地区在深交所中小企业板上市的企业为研究样本，从广

义资本结构概念出发，通过构建股权结构、债务结构和经营绩效之间的互动关系

模型来系统地分析所选样本资本结构与经营绩效的关系，以此探寻优化中小企业

资本结构，提高企业经营绩效的有效途径和对策。本文主要从理论演绎、现状分

析和实证研究三个方面来研究样本企业的两者关系。首先是理论演绎。理论演绎

主要分为三个部分：第一个部分是对资本结构理论的梳理和归纳，该部分主要围

绕资本结构理论的发展脉络进行阐述，为模型的构建奠定理论基础；第二部分是

企业绩效理论，主要分析企业经营绩效的评价方法，为构建模型中绩效指标的确

定提供选择标准；最后一部分是介绍研究企业两者关系的国内外文献，该部分主

要系统梳理了关于资本结构与经营绩效关系研究的国内外文献，对各文献的模型

构建和结论进行分析，为本文的模型设计打下一定的思路框架。其次是现状分析。

该部分通过对样本指标数据的描述性统计分析来展现长三角中小企业资本结构与

经营绩效现状。最后是实证研究。实证分析主要分两步走：第一步是单方程最小

二乘法的实证分析和检验；第二步考虑内生性后建立联立方程组进行两阶段最小

二乘法实证结果分析。

在研究方法的选择上，本文主要采取理论和实证相结合的方法。在理论研究

上，通过对理论模型归纳和对文献的述评，从理论的角度来分析资本结构与经营

绩效的内在联系，为后文实证研究提供必要的理论依据和模型构建框架；在实证

研究上，选取大量最新的样本数据，严格遵照规范的实证研究程序，运用 Eviews6.0

和SPSS17.0 等统计软件对中小企业板上市公司数据作统计分析和实证检验，探索

资本结构和经营绩效的关联性，为预期的相关政策性建议提供依据。

通过以上的理论分析和实证研究，笔者得出以下研究结论：第一，代表股权

集中度的第一大持股比例和后九大股东持股比例与企业经营绩效负相关；第二，

管理层持股比例与企业绩效呈显著的 U型关系；第三，流通股比例与企业绩效正

相关；第四，代表企业债务结构的资产负债率与企业绩效呈倒 U型关系；第五，

浙江财经学院硕士学位论文

股权结构指标第一大持股比例与债务结构指标资产负债率呈显著负相关；第六，

通过建立联立方程组，并对其进行识别与检验，发现债务结构、股权结构和企业

绩效三者之间存在明显的互动关系。

关键词：中小企业；资本结构；经营绩效；内生性

浙江财经学院硕士学位论文

III

ABSTRACT

Research on the relationship between capital structure and business performance

began in the 1950s, when the MM is the most influential theory which laid the

foundation of the theory of modern capital structure. Since then basing on different

perspectives scholars made more capital structure of the new theory model such as the

principal-agent theory, signal model and so on, but there is no satisfactory and definite

answer to the relationship between the capital structure and business performance. And

with the development of economy, the optimal capital structure has become most

important way to make the business performance maximization. In a word, the study of

domestic and foreign literatures is very significant in theory and reality.

This thesis chooses small and medium-sized enterprises (SMEs) as research samples

which locate in Yangtze River Delta region and have listed in SMEs board of Shenzhen.

Basing on the concept of broad capital structure, the thesis analyze the samples of the

relationship between capital structure and business performance by constructingthe

interaction system mode among ownership structure, debt structure and performance in

order to explore the effective ways and measures about optimizing of capital structure

and improving business performance. This article mainly includes the theoretical

deduction, the current situation analysis and empirical studies three aspects to study the

relationship between the capital structure and business performance basing on the data

of sample enterprises. Firstly, the deduction of theory is foundation of research. It can

be divided into three parts: the first part is the capital structure theory, which involve in

history of capital structure theory in order to provide the theoretical basis for building

the model; The second part is the business performance theory, the paper mainly

analyzes the evaluation method of the business performance of enterprise, providing the

performance index selection criteria for building the model; the last part mainly

involves domestic and foreign literatures about the relationship between capital

structure and performance, analyzing the model and the conclusion of literature in order

to lay the framework for building the model. Second is the status quo, which shows the

status quo of capital structure and business performance of SMEs through descriptive

statistical analysis of data of the sample enterprises. Finally, the empirical research is

the last objective. The empirical analysis has major two steps: the first step is analysis

浙江财经学院硕士学位论文

and inspection of the single equation using ordinary least squares (OLS). The second

step is to establish simultaneous equations owing to considering endogenous using

two-stage least Square (2SLS).

In the research on the choice of methods, this thesis mainly adopts the method

which combines theoretical with empirical. In theory, it analyzes the inner link

between capital structure and business performance basing on the study of literature, to

provide the necessary of empirical research theory and model frame; In the empirical

research, choose large sample data and strictly comply with the standard of empirical

studies program, and then analysis the data of samples enterprise using Eviews6.0 and

SPSS17.0 statistical software in order to explore the relevance between the capital

structure and business performance, providing evidence for the relevant policy.

Through the above theoretical analysis and empirical research, the author draws the

following conclusions: the largest shareholding ratio and after the nine shareholders’

which are on behalf of ownership concentration are negatively related to the business

performance. Secondly, the management shareholding and business performance are

significantly U-shaped relationship. Thirdly, the proportion of outstanding shares is

positively correlation with business performance. Fourthly, it shows inverted

U-relationship between performance and corporate debt ratio which represent the

structure of corporate debt. Fifthly, the largest shareholding ratio representing

ownership structure index is significantly negatively correlation with corporate debt

ratio. Fifth, ownership structure index structure of the first indicators of shareholding

and debt gearing ratio was significantly negatively correlated; Sixthly, through the

establishment of simultaneous equations and identification and testing, find that there is

the significant interaction among debt structure, ownership structure and business

performance .

Keywords: Small and medium-sized enterprises; Capital structure; Business

performance; Endogenous

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摘要：

浙江财经学院硕士学位论文I摘要学术界对资本结构与经营绩效关系的研究始于20世纪50年代，当时最具影响力的是MM理论，它奠定了现代资本结构理论的基础。此后金融经济界学者虽提出较多基于不同角度的资本结构新理论模型，如代理理论，信号模型等，但是对资本结构与经营绩效关系没有一个令人满意且确定的答案。并且随着经济的发展，最优资本结构已成为企业追求经营绩效最大化的重要途径，故研究资本结构和经营绩效的关系具有较大的理论和现实意义。本文选择位于长三角地区在深交所中小企业板上市的企业为研究样本，从广义资本结构概念出发，通过构建股权结构、债务结构和经营绩效之间的互动关系模型来系统地分析所选样本资本结构与经营绩效的...

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