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论文编号：	733
作者编号：	2120062015
上传时间：	2008/6/21 23:10:40
中文题目：	中国上市公司融资结构与公司价值
英文题目：	An Empirical Research on the R
指导老师：	陈国欣
中文关键字：	融资结构;股权结构;债务结构;公<
英文关键字：	Financial Structure;Ownership
中文摘要：	公司的融资决策是公司的一项重要财务决策，对公司价值有着重要的影响。随着经济体制的完善和资本市场的发展，融资结构与公司价值的关系也在不断变化。对于两者关系的研究，有助于规范融资行为、优化融资结构，进而提升公司价值，促进资本市场的发展。 公司的融资来源有内部融资和外部融资两种。前者主要指留存收益，后者包括债务融资和发行股票。留存收益和发行股票是权益融资。本文定义的融资结构是指债务融资和权益融资之间比例及它们的内部结构。本文研究了融资结构对公司价值的影响。同时，也考察了公司价值变化对融资结构的影响。 本文在对理论回顾及以前研究成果总结的基础上，在系统地分析中国上市公司融资结构的特征及偏好后，以中国沪深两市的上市公司为研究对象，利用2002年和2003年上市公司的相关数据，对公司的融资结构与公司价值的关系进行了实证研究。首先，从融资结构的总体上对资产负债率与公司价值进行了研究，得出两者负相关的结论。随后，又深入考察了股权内部结构和债务内部结构与公司价值的关系，包括股权集中度、股权的所有者结构、债务的期限结构和债权人结构与公司价值之间的关系。在分析融资结构对公司价值影响的基础上，本文还研究了公司价值变化对融资结构的影响,实证结果表明公司价值的上升将促使管理层降低资产负债率。 本文认为中国上市公司的融资结构中还存在一些不合理的地方，如股权集中度太高，短期负债比重过大等问题，均对公司价值产生了不利影响。在实证研究结果的基础上，本文最后针对融资结构中存在的问题，从宏观市场环境与公司内部环境两个角度提出了优化融资结构，提高公司价值的建议。
英文摘要：	Financial structure is one of a company’s important financing decisions and has great influence on firm value. With the development of economic system and capital market, the relationship between financial structure and firm value is also changing. Research on the relationship is conducive to the standardization of financial behavior and optimization of financial structure. In this way, it also could help companies improve firm value and make capital market perfect. For a company, there are two ways of financing, internal financing and external financing. The former one refers to retained earnings, while the latter one consists of debt financing and stock issuing. However, retained earnings and stock issuing are equity financing. In this paper, financial structure is defined to be the proportion of debt financing and equity financing, as well as their inner structure. This paper analyzes how financial structure affects firm value. It also investigates the counteractive effect of firm value on financial structure. On the basis of concluding classic theories and previous researches, the paper analyzes particular characteristics of financial structure and financing preference in Chinese companies. In the section of empirical study, Chinese listed companies are the research target and research data come from financial reports of 2002 and 2003. In order to examine the relationship between financial structure and firm value, the empirical study begins with the relationship between the ratio of liabilities to assets and firm value. The result shows they are related negatively. Then, the paper investigates the relationship between firm value and inner ownership structure, including ownership concentration and ownership structure. Besides, it also examines the relationship between firm value and inner debt structure, including debt maturity structure and structure of debt. At last, the empirical study of the effect, which the change of firm value has on financial structure, reveals that the increase of firm value leads to the decrease of the ratio of liabilities to assets. In addition, the paper contended unreasonable aspects of financial structure in Chinese listed companies, such as high degree of ownership concentration and short-term debt. All of these do harm to the increase of firm value. Based on the result of empirical study and problems in practice, the paper gives some advice from two aspects, macro-environment and companies’ inner environment. The advice may be helpful in optimization of financial structure and increase of firm value.
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