【正文】 subject in securities business since 1958． The conclusion that the capital structure influences the financial performance was agreed and accepted， but still has no clear and consistent conclusion on the above two issues． The financial researchers have always been seeking for the relationship between the financial structure and financial performance． And many financial researchers raised different capital structure theories from different angles． For example， the theory of signal transfer, the pecking order theory， the theory of controlrights shift and the agency cost theory． So what on earth is the relationship between the capital structure and the financial performance of Chinese listed panies, How to improve the capital structure of Chinese listed panies, and how to enhance the financial performance of the listed panies of Growth Enterprise Board. The main aim of this thesis is to offer a theoretical explanation and prediction on the relationship between the capital structure and corporate financial performance． This thesis mostly take the relationship of capital structure and financial performance of Chinese Growth Enterprise Board listed panies as research object, discuss the effect of capital structure of Chinese listed panies to capital perform from two angles of theory and demonstration． The paper is expanded according the clue of “put forward the problemanalyze the problemsolve the problem”. Firstly, This thesis introduce the feature of the listed panies of Chinese Growth Enterprise Board and the differences between the stock market in and aboard. Secondly, This thesis both takes a analyzing of the capital structure and the financial performance. Thirdly, we take a demonstration analysis to the relationship between capital structure and financial performance through financial dates of the listed panies of Chinese Growth Enterprise Board of 20xx， using ROE as dependent variable， the rates of debts as independent variable and using the SPSS software to analysis． The results of analysis indicate： the rates of debts are negatively correlate to financial performance of pany, and the rates of the long debts has no relationship with the financial performance of pany． lastly, we offer some suggestions of perfecting capital structure and improving financial performance of the listed panies of Chinese Growth Enterprise Board． Key words： Growth Enterprise Board, Capital Structure， Financial Performance， Empirical AnalysisI 目 錄 第一章 前 言 ................................................... 1 選題背景 ......................................................... 1 研究?jī)?nèi)容 ......................................................... 2 研究方法 ......................................................... 3 文獻(xiàn)歸納法 ................................................. 3 描述性分析法 ............................................... 3 定量分析法 ................................................. 4 研究思路 ......................................................... 4 第二章 創(chuàng)業(yè)板及其上市公司的特征分析 ............................... 6 國(guó)內(nèi)外創(chuàng)業(yè)板的特征 ............................................... 6 我國(guó)創(chuàng)業(yè)板的特征分析 ....................................... 6 世界其他創(chuàng)業(yè)板的特征分析 ................................... 6 、國(guó)外創(chuàng)業(yè)板的對(duì)比分析 ........................ 8 我國(guó)創(chuàng)業(yè)板與主板的對(duì)比分析 ................................. 8 我國(guó)創(chuàng)業(yè)板與國(guó)際其他創(chuàng)業(yè)板的對(duì)比分析 .................... 10 .......................................... 10 主體資格與財(cái)務(wù)指標(biāo)要求 .................................... 10 其他要求 .................................................. 11 中國(guó)創(chuàng)業(yè)板上市公司的特征分析 .................................... 11 創(chuàng)業(yè)板新股破發(fā)嚴(yán)重 ........................................ 11 高市盈率發(fā)行 .............................................. 12 高超募比率 ................................................ 12 業(yè)績(jī)下滑 .................................................. 12 高管套現(xiàn) .................................................. 12 第三章 創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)分析 ................................ 14 ................................................. 14 ............................................... 14 凈收益理論 ................................................ 14 凈營(yíng)業(yè)收益理論 ............................................ 14 MM 理論 ................................................... 15 代理理論 .................................................. 15 等級(jí)籌資理論 .............................................. 15 .................................. 15 、中小板上市公司資本結(jié)構(gòu)的比較分析 .............. 16 II 創(chuàng)業(yè)板上市公司偏好股權(quán)融資 ................................ 17 創(chuàng)業(yè)板上市公司個(gè)人投資者持股占比較高 ...................... 18 結(jié)構(gòu)對(duì)比分析 ....................... 18 上市前資本結(jié)構(gòu)狀況 ........................................ 18 上市后資本結(jié)構(gòu)變動(dòng)分析 .................................... 20 第四章 創(chuàng)業(yè)板上市公司財(cái)務(wù)績(jī)效 及其評(píng)價(jià) ............................ 22 ................................................. 22 .................................. 22 析 ....................... 22 ..................... 24 上市前財(cái)務(wù)績(jī)效總體狀況 .................................... 24 上市后財(cái)務(wù)績(jī)效 變動(dòng)分析 .................................... 25 .................................. 25 單一指標(biāo)的績(jī)效衡量 ........................................ 27 多重指標(biāo)的績(jī)效衡量 ........................................ 27 財(cái)務(wù)績(jī)效評(píng)價(jià)方法與指標(biāo) .................................... 27 ......................... 28 因子分析法及其模型 ........................................ 28 因子分析法 在財(cái)務(wù)績(jī)效評(píng)價(jià)中 的運(yùn)用 .......................... 28 第五章 創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)對(duì)財(cái)務(wù)績(jī)效影響的實(shí)證分析 .............. 33 ....................................................... 33 ................................................. 33 ............................................ 33 樣本的選取 ................................................ 33 數(shù)據(jù)來源 .................................................. 34 變量定義 .................................................. 34 ....................................................... 34 資產(chǎn)負(fù)債率與財(cái)務(wù)績(jī)效的分析