我國上市公司資產(chǎn)負債率與每股收益相關(guān)性實證研究.pdf

1、大連理工大學(xué)碩士學(xué)位論文我國上市公司資產(chǎn)負債率與每股收益相關(guān)性實證研究姓名：王桂馥申請學(xué)位級別：碩士專業(yè)：會計學(xué)指導(dǎo)教師：劉彥文20051201王桂馥：我國上市公司資產(chǎn)負債率與每股收益相關(guān)性實證研究PositiveResearchonCorrelationbetweenDebtratioandEPSoftheListedCompaniesofOurCountryAbstractLiabilityoperationisacommonphe

2、nomenoninthemoderneconomicsocietyAsoneoffinancingmethodsoflistedcompanies，liabilityhasexertedanextensiveinfluenceonenterprise’svalueforalongtime，whichhasbeenpaidcloseattentionThediscussionaboutcapitalstructureandthecorre

3、lationbetweencapitalstructureandproftabilityandenterprise’svaluehasneverstoppedathomeandabroad，buttheseconclusionsdrawnhaveobviousuncertaintyandevensomeclassicaltheoriesstilldeviatesfromeachotherThepurposethatthelistedco

4、mpanieschoosetooperateinliabilityistorealizetheexpansionfunctionontheearningpershare(Eps)throughthefinancia／levereffectofdebtcapitalsoastorealizetheenterprise’svaluemaximizationSo，intheorytheetuerprise’svalueandEPSshould

5、growwiththeincreasingoftheassetliabilityratio，namelytheasset—liabilityratioandEPSpresentthepositivecorrelationrelationHoweverbecausethefullplayofthefinancialleverageshouldbelimitedbyagreatdealofenvironmentalconditions，so

6、theconclusiondrawnfromtheempiricalstudyhasoftendeviatedfromthetheoryStudyingtheimpactsonEPSofdifferentasset—liabilityratiowillbringrealisticdirectivesignificanceinfinancingbehavioroflistedcompaniesThepaperusesEPSastheind

7、extomeasuretheenterprisevalue，studieshowtheEPSchangeswiththedegreesofliabilityiethecorrelationoftheasset—liabilityratioandEPSThepapercombinesthetheoryanalysiswithempiricalstudNandhasfullyconsideredtheimpactofthetradefact

8、orregardthisasthebasisofdividingintogroups，dividethesampleintosuchfivesamplesasmanufacturingindustryrealestateindustryinformationtechnologyindustrytraffictransportandstorageindustryauthorizingfordispatchandretailbusiness

9、，etc；Inchoosingofmodelofanalyzing，thispaperintroducedPearsoncorrelationcoefficient，KendallTcorrelationcoefficient，andSpearmanordercorrelationcoefficientatthesametimetomeasurethecorrelationbetweenthevariablesfromdifferent

10、angles，andusetexamineandP—examineinLinearreturnanalysis：ThenitchoosesthefinancialdataofthelistedcompaniesbothinShan曲alandShenzhenSecurityExchangeMarketfrom2002to2004asthesample，andresearchandanalyzesthetrendofimpactonear