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论文编号：	1681
作者编号：	031792
上传时间：	2010/5/20 11:17:20
中文题目：	中国民营上市公司资本结构影响因素的研究
英文题目：	Non-state-own public company Capital structure Step-regression
指导老师：	黄福广
中文关键字：	民营上市公司 资本结构 逐步回归
英文关键字：	Non-state-own public company Capital structure Step-regression
中文摘要：	西方经济学家对资本结构问题做了大量的研究，研究表明宏观经济、资本市场、行业特征、公司特质等因素对资本结构有着重要的影响。在中国的资本市场上，民营上市公司与西方资本结构理论的研究基础更为接近，在某种程度上比国有控股上市公司更有可能关心资本结构的优化问题。本文试图运用西方的资本结构理论对中国民营上市公司资本结构的影响因素进行一次较为全面的研究。 要研究中国民营上市公司资本结构的影响因素就应该对中国民营上市公司资本结构的总体特征有一个了解，本文在对资本结构的相关理论与实证研究进行回顾的基础上，通过对中国民营上市公司资本结构数据的初步分析后发现：中国民营上市公司的资产负债率低于全部上市公司的水平；中国民营上市公司的平均资产负债率呈上升趋势；中国民营上市公司偏向于外源融资中的债权融资。在此基础上，本文从经济发展状况因素和公司自身因素两个角度对中国民营上市公司资本结构的影响因素做了较全面的理论分析。 在上述研究的基础上，本文采用逐步回归法对民营上市公司资本结构进行了实证分析，发现公司盈利能力、行业因素、国内生产总值的增长率、公司的成长性、公司家族治理、公司资产结构、公司经营现金流等7个因素对中国民营上市公司资本结构有不同程度的影响。
英文摘要：	Occidental economists have done a lot of research on the issue of capital structure. The past study has showed that macro-economy, capital market, industrial and company characteristics all have impact on capital structure. In capital market of China, the non-state-own public companies are more closing with the capital structure theoretical basis and to some extent more care for the issue of optimizing capital structure than the state-own public companies. This paper tries to provide a relatively completed study on determinants of Chinese non-state-own public companies’ capital structure. In order to study the determinants of non-state-own public companies’ capital structure, it is necessary to understand the general characteristics of non-state-own public companies’ capital structure. Based on the development of capital structure theory and positive analysis, the preliminary study of non-state-own public companies’ capital structure shows that the leverage of non-state-own public companies is lower than that of state-own public companies; that the trend of average leverage of non-state-own public companies is going up; that the major capital source of non-state-own public companies is external liability financing. Based on the above study, this paper analyzes the determinants of non-state-own public companies’ capital structure from economic level and corporation level. Then, this paper positively analyzes the capital structure of Chinese non-state-own public companies, using the step-regression. The result reveals that profitability, industrial factor, GDP growth, company growth, family control factor, the tangibility assets, internal cash flow all have some impact on the capital structure of Chinese non-state-own public companies.
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