融资结构对公司绩效的影响研究---基于服务业上市公司的分析

论文总字数：60063字

摘 要

改革开放40年来，我国服务业迅速发展，1978-2017年间，我国服务业增加值的年均增速高于18%，据统计，2017年服务业对GDP的贡献率高达58.8%，已超过制造业，占据了国民经济的半壁江山，服务业的发展，直接影响到我国第三产业的发展^[1]。

企业的正常经营，必然离不开资金的支持，而一个合理的融资结构可以帮助企业抢占市场份额，改善公司治理，提高公司绩效。本文以提高服务业上市公司绩效进而推动我国服务业高质量发展为目的，以国内外较为权威的融资理论、公司绩效理论等为理论依据，选取了2013-2017年沪深两市A股中的100家服务业上市公司作为样本，研究服务业上市公司融资结构对公司绩效的影响，并进行实证分析。研究结果显示：留存收益融资率、股权融资率、商业信用融资率与服务业上市公司的绩效显著正相关，债券融资率与服务业上市公司的绩效负相关，短期借款、长期借款融资率与服务业上市公司的绩效无明显的相关关系。

最后，根据实证分析结果提出了提高服务业上市公司绩效的以下建议：充分利用留存收益融资、股权融资、商业信用融资这三种融资方式提升公司绩效，完善债券市场以发挥债券融资的“抵税”效应，帮助服务业上市公司提升公司绩效。

关键词：服务业上市公司；融资结构；公司绩效

Research on the Impact of Financing Structure on Firm Performance:
Based on the Analysis of Listed service companies

Abstract

Since the reform and opening up 40 years ago, China's service industry has developed rapidly. From 1978 to 2017, the average annual growth rate of the added value of the service industry in China was higher than 18%. According to statistics, the contribution rate of the service industry to the GDP in 2017 was as high as 58.8%, which has surpassed the manufacturing industry and accounted for half of the national economy.

The normal operation of an enterprise cannot do without the support of capital, and a reasonable financing structure can help enterprises seize market share, improve corporate governance and improve corporate performance. In this paper, in order to improve the performance of listed companies in the service industry, in turn,promote the high-quality development of China's service industry, based on domestic and foreign relatively authoritative financing theories and corporate performance theories, 100 listed companies in the service industry in Shanghai and shenzhen a-shares from 2013 to 2017 were selected as samples, at the same time introducing innovation into the intermediary variable, research services, the impact of financing structure on corporate performance of listed companies, and carry on the empirical analysis. The results show that: the financing rate of retained earnings, equity financing rate, and commercial credit financing rate are significantly positively correlated with the performance of listed companies in the service sector; the financing rate of bonds is negatively correlated with the performance of listed companies in the service sector; the financing rate of short-term borrowing and long-term borrowing is not significantly correlated with the performance of listed companies in the service sector.

Finally, according to the results of the empirical analysis is proposed to improve the service performance of listed companies the following Suggestions: to make full use of retained earnings financing, equity financing, the commercial credit financing these three financing way to improve corporate performance, improve the bond market to play a "tax" effect of bond financing, help services improve corporate performance of listed companies.

Keywords: Listed service companies; Financing structure; Firm performance

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 2

1.3.1 研究内容 2

1.3.2 研究方法 2

1.4 论文创新点 2

1.5 论文框架 3

第二章 文献综述 4

2.1 国外研究现状 4

2.2 国内研究现状 4

2.3 文献述评 5

第三章 相关概念的介绍 6

3.1 融资结构 6

3.2 公司绩效 6

3.3 服务业 7

第四章 我国服务业上市公司现状 8

4.1 样本选择 8

4.2 融资结构现状 8

4.2.1 融资结构的相关指标 8

4.2.2我国服务业上市公司融资结构现状 9

4.3公司绩效现状 12

4.3.1 公司绩效的相关指标 12

4.3.2 公司绩效的现状 12

第五章 实证分析 14

5.1 假设提出 14

5.2 变量选取与数据来源 15

5.3 因子分析 15

5.4 回归分析 18

5.4.1 共线性检验 18

5.4.2 回归分析结果 18

第六章 研究结论与展望 20

6.1 研究结论 20

6.2 研究贡献 21

6.2.1 理论贡献 21

6.2.2 实践价值 21

6.3 研究展望 21

6.3.1 研究局限 21

6.3.2 后续研究建议 21

致 谢 22

参考文献（References） 23

附录、实证分析原始数据 24

第一章 绪 论

1.1 研究背景

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