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论文编号：	1762
作者编号：	041850
上传时间：	2010/5/24 16:58:42
中文题目：	基于对企业竞争力与资本结构之间的关系的研究
英文题目：	Listed Companies Capital Structure Enterprise Competitiveness Empirical Analysis
指导老师：	张晓农
中文关键字：	上市公司 资本结构 企业竞争力 实证研究
英文关键字：	Listed Companies Capital Structure Enterprise Competitiveness Empirical Analysis
中文摘要：	资本结构理论一直是学术界研究的热点。国内外众多学者对资本结构及其影响因素进行了大量的理论和实证研究，结论表明企业市场价值与企业资本结构密切相关。企业竞争力对于企业的生存和发展具有决定性的意义。学者们采用了经济学、管理学以及统计学的方法对企业竞争力进行研究，试图通过对企业竞争力进行研究来揭示企业经营成败的原因。 但是，不论是对企业最优资本结构的研究还是对企业竞争力的研究，都是为了能让企业更好的生存和发展，提高企业的价值。因此，本文试图站在新的视角，研究企业竞争力与资本结构之间的关系。 由于企业竞争力和资本结构都具有明显的行业特征性，所以本文在研究两者的影响时，选择了竞争较为充分的电子信息技术行业进行分析。本文建立了一个新的企业竞争力评价指标体系，把企业竞争力分为显在竞争力和潜在竞争力。分别对不同性质的竞争力对资本结构的影响进行分析，结果表明：企业资本结构的选择，受投资机会，产业成熟度、企业未来发展机会、公司治理结构的影响；成长竞争力与资产负债率正相关；营运竞争力与资产负债率正相关；资产担保竞争力与资产负债率负相关；规模竞争力与资产负债率正相关；盈利竞争力与资产负债率负相关。最后就当前我国上市公司资本结构的优化提出一些建议。
英文摘要：	Capital structure theory is always a focus of research. Scholars around world have done lots of theory and empirical analysis on capital structure and its influence factors, and they proved that enterprise value was relevant to capital structure. Enterprise’ competitive power is crucial to the survival and development of enterprises. Scholars studied enterprises' competitive power by introducing economics, management and statistics, and try to reveal reasons of enterprises' operating failure. However, both of the studies on optimal capital structure and competitive power aim to enable enterprise to develop better and enhance its value. Therefore, this paper tries to find the relationship between enterprises' competitive power and capital structure in a new point of view. Because of differences among different industries, this dissertation chose information industry. The author established a set of index system of enterprise competitiveness, and divides it into two parts. Then analyze the influence of different competitive powers to capital structure and found that capital structure selection is influenced by investment chance, industry, further growth chance, corporate governance, growth competitive power, size competitive power, profitability competitive power, working competitive power and asset assurance competitive power. Finally, some countermeasures suggestions are proposed in optimizing listed capital structure selection.
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