我國(guó)上市公司資本結(jié)構(gòu)及其影響因素分析畢業(yè)論文-wenkub
2023-07-10 02:32:47 本頁(yè)面
【正文】 通貨膨脹率與資產(chǎn)負(fù)債率呈顯著負(fù)相關(guān)性，資本市場(chǎng)發(fā)展?fàn)顩r則體現(xiàn)在股票市場(chǎng)資本化率與債券市場(chǎng)資本占有率兩指標(biāo)上，前者與資產(chǎn)負(fù)債率呈顯著負(fù)相關(guān)，后者則與資產(chǎn)負(fù)債率呈顯著正相關(guān)。(3)公司特征影響因素方面。關(guān)鍵詞：資本結(jié)構(gòu)；影響因素；我國(guó)資本結(jié)構(gòu)現(xiàn)狀；優(yōu)化對(duì)策 AbstractSince Modigliani and Miller put forward in 1958 MM model that enterprise market value and the capital structure of the famous not after theorem, capital structure is the cause of theory and practice industry wide attention, to the capital structure of the research has also entered a new era. Capital structure theory in western countries have bee a relatively mature theory, foreign scholars to influence the capital structure of the factor has been doing a system of further research. In the capital structure theory development and at the same time, many scholars also pay attention to the importance of the capital structure influencing factors, separately from different Angle discusses enterprise capital structure influencing factors.This paper, from the capital structure theory, and analyses the different capital structure influencing factors. Through the analysis of the factors affecting the domestic and foreign capital structure of existing research results, can see the capital structure of the influence factors are divided into three types: macroeconomic factors, the industry factor and the pany features factors. And then studied are the various factors on the impact of the capital structure. The results showed that: (1) the macro economic impact factors analysis found that inflation rate and the development of capital market status of capital structure has a significant effect. Inflation rate and asset ratio is a significant negative correlation, capital market development situation is reflected in the stock market capitalization rate and the bond market capital share the two indexes, the former and is a significant negative correlation to asset ratio, the latter and the assetliability ratio is a significant positive correlation. And other indicators: GDP growth and real interest rate but no proof and the capital structure of the significant influence conclusion.(2) industry influencing factors. This article through the analysis proves the capital structure of the different industries are significantly different, namely the industry factors on the capital structure has significant effect, different industries to influence the capital structure of the significant and extent are different.(3) the pany characteristics influence factors. Micro level of many factors in the study existed a hot dispute, the influence of the capital structure have not reached consensus. This paper analyzes the following conclusions are: a. the pany size, the pany growth significant positive correlation。s capital structure the present situation。而我國(guó)對(duì)資本結(jié)構(gòu)影響因素這一問(wèn)題的研究開(kāi)始于上個(gè)世紀(jì)90年代，開(kāi)始時(shí)間較晚。隨著資金來(lái)源的多元化，企業(yè)經(jīng)營(yíng)機(jī)制的轉(zhuǎn)換，我國(guó)企業(yè)逐漸對(duì)資本結(jié)構(gòu)重視起來(lái)，而影響我國(guó)公司的資本結(jié)構(gòu)的因素和如何優(yōu)化公司資本結(jié)構(gòu)也成為研究的熱點(diǎn)問(wèn)題。2．對(duì)企業(yè)的所有者或股東(投資人)而言，通過(guò)企業(yè)的資本結(jié)構(gòu)可以判斷自身承擔(dān)的風(fēng)險(xiǎn)，以確定是否對(duì)企業(yè)進(jìn)行投資。論述了資本結(jié)構(gòu)影響因素研究的背景、意義和研究的主要內(nèi)容。從宏觀經(jīng)濟(jì)因素、行業(yè)因素、公司特征因素對(duì)資本結(jié)構(gòu)的影響作用方面進(jìn)行整理歸納。對(duì)優(yōu)化我國(guó)上市公司資本結(jié)構(gòu)提出意見(jiàn)和建議。資本結(jié)構(gòu)是指資本的組成及其相互關(guān)系。總的來(lái)說(shuō)，資本結(jié)構(gòu)研究的是負(fù)債在企業(yè)融資中的比例問(wèn)題，即負(fù)債在企業(yè)全部資金來(lái)源中占的比重為多少時(shí)，可以使企業(yè)的資本結(jié)構(gòu)達(dá)到最優(yōu)。從文獻(xiàn)上來(lái)看，該文是對(duì)傳統(tǒng)資本結(jié)構(gòu)觀點(diǎn)最為系統(tǒng)和全面的概述。顯然，由于權(quán)益資本化率和負(fù)債資本化率均保持不變，根據(jù)風(fēng)險(xiǎn)與收益均衡原則，負(fù)債資本成本要比權(quán)益資本成本低，舉債越多，企業(yè)的綜合加權(quán)資金成本就越低，企業(yè)的價(jià)值就越大。該理論盡管承認(rèn)籌資風(fēng)險(xiǎn)對(duì)權(quán)益資本產(chǎn)生一定的影響，但是卻不承認(rèn)企業(yè)存在最優(yōu)資本結(jié)構(gòu)。 MM理論及其修正早期有關(guān)公司資本結(jié)構(gòu)的研究?jī)H限于對(duì)事實(shí)的簡(jiǎn)單陳述和一些零散觀點(diǎn)，沒(méi)有用經(jīng)濟(jì)學(xué)的方法和技術(shù)進(jìn)行分析，更沒(méi)有形成一個(gè)完整的理論體系。 早期的權(quán)衡理論建立在純粹的稅收利益和破產(chǎn)成本相互權(quán)衡的基礎(chǔ)上，后期的權(quán)衡理論則將負(fù)債的成本進(jìn)一步擴(kuò)展到代理成本、財(cái)務(wù)困境成本和非負(fù)債利益損失等方面，同時(shí)，又把稅收利益從原來(lái)所單純討論的負(fù)債稅收利益引申到非負(fù)債稅收利益。 Meckling在1976年發(fā)表的一篇論文,率先提出了用代理成本的觀點(diǎn)來(lái)研究資本結(jié)構(gòu)問(wèn)題。信息傳遞理論是探討在不對(duì)稱(chēng)信息下，企業(yè)如何通過(guò)適當(dāng)?shù)姆椒ㄏ蚴袌?chǎng)傳遞有關(guān)企業(yè)價(jià)值的信號(hào)，以此來(lái)影響投資者的決策。1984年Myers amp。財(cái)務(wù)契約論派生于1976年Jensen amp。最優(yōu)契約條件理論的一個(gè)最
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