摘要



現(xiàn)代經(jīng)濟(jì)飛速發(fā)展，知識(shí)經(jīng)濟(jì)大大拓寬了資本的內(nèi)涵，毋庸置疑，人力資本已經(jīng)成為推動(dòng)經(jīng)濟(jì)發(fā)展的重要因素之一。人力資本在企業(yè)中的作用已為人們所共識(shí)，打破現(xiàn)有資本結(jié)構(gòu)研究的框架，將人力資本納入企業(yè)資本結(jié)構(gòu)進(jìn)行研究，才稱得上是完整意義上的資本結(jié)構(gòu)研究。計(jì)算機(jī)行業(yè)上市公司通過(guò)資本市場(chǎng)的運(yùn)作，以追求公司價(jià)值最大化為指導(dǎo)方針，健康地發(fā)展成為我國(guó)科技產(chǎn)業(yè)的領(lǐng)頭軍，它們?cè)趲��?dòng)本地區(qū)經(jīng)濟(jì)及提升我國(guó)經(jīng)濟(jì)發(fā)展能力方面發(fā)揮了主導(dǎo)作用。因此，深入研究計(jì)算機(jī)行業(yè)上市公司資本結(jié)構(gòu)與公司績(jī)效的關(guān)系則顯得尤為重要。　　本書突破傳統(tǒng)意義的理論框架，對(duì)資本結(jié)構(gòu)概念進(jìn)行了重構(gòu)，把人力資本理論和資本結(jié)構(gòu)理論加以結(jié)合來(lái)研究資本結(jié)構(gòu)。

在公司績(jī)效評(píng)價(jià)方面，以計(jì)算機(jī)行業(yè)上市公司為研究對(duì)象，基于利益相關(guān)者的角度建立因子分析法下的綜合績(jī)效評(píng)價(jià)體系，突破了以往進(jìn)行績(jī)效評(píng)價(jià)的單一性問(wèn)題。本書采用結(jié)構(gòu)方程模型研究資本結(jié)構(gòu)與公司績(jī)效的相關(guān)性問(wèn)題。構(gòu)建人力資本、股權(quán)結(jié)構(gòu)、債務(wù)結(jié)構(gòu)及公司績(jī)效的互動(dòng)模型，運(yùn)用兩階段最小二乘法對(duì)結(jié)構(gòu)方程模型予以估計(jì)，并對(duì)兩階段最小二乘法回歸結(jié)果和單方程的回歸結(jié)果進(jìn)行比較分析，對(duì)單方程檢驗(yàn)結(jié)果加以進(jìn)一步改進(jìn)及完善，給出這一領(lǐng)域可靠的研究結(jié)論，從而為優(yōu)化計(jì)算機(jī)行業(yè)上市公司資本結(jié)構(gòu)、提高公司績(jī)效提供充分的實(shí)證依據(jù)。　　 本書首先展開相關(guān)文獻(xiàn)回顧與評(píng)述，通過(guò)對(duì)人力資本、股權(quán)資本、債務(wù)資本與公司績(jī)效的含義和相互關(guān)系進(jìn)行比較全面系統(tǒng)的文獻(xiàn)回顧與述評(píng)，為全書后續(xù)的理論演繹和實(shí)證分析奠定了基礎(chǔ)�！　∑浯危�以計(jì)算機(jī)行業(yè)上市公司為研究對(duì)象，從各利益相關(guān)者角度出發(fā)，建立了綜合評(píng)價(jià)指標(biāo)體系，采用因子分析法對(duì)樣本財(cái)務(wù)績(jī)效進(jìn)行測(cè)量，為之后的實(shí)證分析打下基礎(chǔ)�！　〗又�，進(jìn)行統(tǒng)計(jì)模型構(gòu)建與變量設(shè)計(jì)，對(duì)計(jì)算機(jī)行業(yè)上市公司的人力資本、股權(quán)結(jié)構(gòu)和債務(wù)結(jié)構(gòu)特征作出系統(tǒng)性描述，基于人力資本、股權(quán)結(jié)構(gòu)、債務(wù)結(jié)構(gòu)與公司績(jī)效的互動(dòng)性特征，構(gòu)建一個(gè)人力資本、股權(quán)結(jié)構(gòu)、債務(wù)結(jié)構(gòu)和公司績(jī)效四方互動(dòng)的聯(lián)立方程組，并在理論分析的基礎(chǔ)上建立有待檢驗(yàn)的基本假設(shè)�！　∪缓螅�采用單方程OLS法對(duì)實(shí)證模型分別進(jìn)行回歸分析，闡明人力資本、股權(quán)結(jié)構(gòu)、債務(wù)結(jié)構(gòu)和公司績(jī)效之間存在的相互作用，檢驗(yàn)?zāi)Ｐ停?-1）至（4-4）作為單方程的顯著性，從中識(shí)別出具有統(tǒng)計(jì)意義的聯(lián)立方程組；通過(guò)單方程檢驗(yàn)梳理出的公司績(jī)效方程、人力資本結(jié)構(gòu)方程、股權(quán)結(jié)構(gòu)方程和債務(wù)結(jié)構(gòu)方程進(jìn)行方程組的聯(lián)立識(shí)別和檢驗(yàn)，在此基礎(chǔ)上運(yùn)用兩階段最小二乘法對(duì)聯(lián)立方程作了總樣本的回歸分析，分別考察上市公司的公司績(jī)效、人力資本結(jié)構(gòu)、股權(quán)結(jié)構(gòu)和債務(wù)結(jié)構(gòu)之間的相互作用。 研究結(jié)論表明，第一，從員工平均受教育程度、工資增長(zhǎng)率、高管人員報(bào)酬以及員工規(guī)模與公司績(jī)效的相關(guān)性來(lái)看，高管人員報(bào)酬對(duì)公司績(jī)效的影響程度顯著提高；同時(shí)公司績(jī)效對(duì)高管人員報(bào)酬的影響系數(shù)也顯著地增大，反映出公司績(jī)效對(duì)高管人員報(bào)酬的影響也顯著提高。第二，從大股東持股與公司績(jī)效的關(guān)系看，大股東持股對(duì)績(jī)效的負(fù)相關(guān)性有所提高，顯示了在單方程檢驗(yàn)中低估了大股東對(duì)于公司績(jī)效的負(fù)向影響；同時(shí)公司績(jī)效對(duì)于大股東持股比例的影響比單方程檢驗(yàn)下要提高很多，即上市公司第一大股東持股在目標(biāo)公司績(jī)效的選擇上是傾向于那些低價(jià)值公司，與股權(quán)結(jié)構(gòu)理論有關(guān)規(guī)模因素的預(yù)期相符。第三，從資產(chǎn)負(fù)債率與公司績(jī)效的關(guān)系看，本書得出資產(chǎn)負(fù)債率與公司績(jī)效之間存在著顯著的倒U型關(guān)系，這一點(diǎn)修正了單方程回歸結(jié)果�？傌�(fù)債率與公司績(jī)效的拐點(diǎn)所處位置較低，在此拐點(diǎn)之前，增加公司負(fù)債能帶來(lái)公司績(jī)效的提高；當(dāng)公司負(fù)債率超過(guò)該點(diǎn)后，公司績(jī)效隨負(fù)債率遞減。由于財(cái)務(wù)杠桿的績(jī)效拐點(diǎn)較小，致使大部分公司的負(fù)債率仍然與公司績(jī)效負(fù)向相關(guān)，說(shuō)明了計(jì)算機(jī)行業(yè)上市公司債務(wù)融資的治理效應(yīng)低下的客觀情況�！　� 最后針對(duì)實(shí)證結(jié)論提出有助于優(yōu)化上市公司資本結(jié)構(gòu)、改進(jìn)公司績(jī)效的有關(guān)對(duì)策，闡明了研究存在的不足，并對(duì)未來(lái)研究做出進(jìn)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�餾 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 ofmodel(4-1)-(4-4), identifies the statistical significance of simultaneous equations. This paper identifies and tests the simultaneous equations of the company�餾 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�餾 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.