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论文编号：	93
作者编号：	2120051917
上传时间：	2007/6/21 22:01:48
中文题目：	我国上市公司资本结构影响因素分
英文题目：	A study on the determinants of
指导老师：	王全喜
中文关键字：	上市公司;资本结构;影响因素;实<
英文关键字：	Listed Company;Capital Structu
中文摘要：	资本结构理论一直是财务管理学界最具争议的问题之一。自从MM理论诞生以来，关于资本结构与公司价值的关系以及资本结构影响因素的研究一直是学术界研究的热点。在资本结构影响因素方面，国外的很多学者都进行过深入研究。但是由于研究对象不同，研究方法不同，以及历史时期不同等种种原因，研究的结论也不尽相同。 由于处于经济转轨时期，加之法律法规体系不健全，公司治理结构不够完善，我国上市公司表现出外部融资大于内部融资、股权融资大于债权融资的特点。除了宏观因素和公司治理因素方面，公司的特征因素也会影响资本结构。目前国内的研究存在以下几方面的不足：(1)指标体系不健全，没有能对影响资本结构的因素进行全面的分析和实证检验，使最终结论具有片面性，(2)过分强调股权分置问题，而这一问题通过股改解决；(3)数据过于陈旧，尤其是近些年，国家加大了对资本市场的整顿，因此资本市场影响因素可能发生了某些变化；(4)缺乏对占上市公司家数最多的行业——制造业的资本结构影响因素进行系统的有针对性的研究，并且部分研究也只选择少量的指标，只运用一年的界面数据进行简单的回归，缺乏说服力。 本研究在回顾西方资本结构理论的基础上，分析了我国上市公司资本结构的现状，并指出其不合理的原因。接下来，本研究从行业因素与非行业因素两个方面，对上市公司资本结构进行理论分析。在实证部分，本文基于2003至2005年中国制造业上市公司的数据，运用Excel和SPSS统计软件进行分析，得出制造业各个子行业之间的资产负债率并不存在显著性差异，这说明各个子行业之间受行业因素影响较少。而从制造业整体来讲，资本结构受到盈利能力、偿债能力、成长能力以及股权结构的影响较多。最后，根据前面的理论和实证分析，本文提出了若干优化我国上市公司资本结构的建议。
英文摘要：	Capital structure theory is one of the most controversial problems. Since the born of MM theory, the research on the relationship between capital structure and corporate value and the influential factors on capital structure has been the hot point in the theory world. Many scholars in foreign countries have made deep research on those aspect. However, the conclusions are different due to diversified research objects, various research methods and different historical periods. In the economic transformation period, China’s listed companies show the following characteristics, namely, external financing is more than internal financing, meanwhile, stock financing is more than debt financing because of the unsound law system and laggard corporation governance structure. Besides the factors concerned with macro and corporation governance aspects, corporation characters factors also have impact on capital structure. At present, the related research works in China have the following weakness: (1) the index system is unsound. They can not make comprehensive analysis and empirical test. Thus, the final conclusion is unilateral. (2) over-emphasize equity division. However, the problem will be solved quickly. (3) related data are too old. Especially in recent years, the nation has strengthened the adjustment on the capital market, so the influential factors on capital market may have changed. (4) lack of the systematic and special research about influential factors on manufacturing industry where the listed company takes the largest proportion. Moreover, existed research only chose fewer indexes to make simple regression so that the persuasion power is not strong enough. On the basis of reviewing western capital structure theory, the dissertation not only makes analysis on the present situations of the capital structure of China’s listed companies but also points out its unreasonable reasons. Then, the dissertation makes theoretical analysis on the capital structure of listed companies from both the industry and non-industry aspects. In the empirical part, the dissertation gets the conclusion that ratio of debts to assets of every sub-industry of the manufacturing industry does not exist obvious variance using Excel and Spss, which shows that industry factor has little impact on the sub-industries. As a whole, the capital structure of the manufacturing industry is mostly influence by profitability, debt paying ability, growth ability and stock structure. At last, according to above theoretical and empirical analysis, the dissertation proposes some suggestions on improving the capital structure of China’s listed companies.
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