【正文】 業(yè)資產(chǎn) 負(fù)債率會(huì)相對(duì)偏高。 資本市場(chǎng)的發(fā)展?fàn)顩r 資本市場(chǎng)是企業(yè)進(jìn)行融資的一個(gè)重要來(lái)源。 Aghion amp。 信息傳遞理論 信息傳遞理論是探討在不對(duì)稱信息下，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。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)。資本結(jié)構(gòu)是指資本的組成及其相互關(guān)系。 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。 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 Abstract Since 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。 河南財(cái)經(jīng)政法大學(xué)本科生畢業(yè)論文（設(shè)計(jì)） 我國(guó)上市公司資本結(jié)構(gòu)及其影響因素 分析 院系名稱 姓 名 學(xué) 號(hào) 專 業(yè) 指導(dǎo)教師 2021 年 4 月 5 日 摘 要 自莫迪格里安尼和米勒 (Modigliani amp。 最后，文章結(jié)合我國(guó)上市公司資本結(jié)構(gòu)現(xiàn)狀及影響因素分析，從宏觀、行業(yè)、公司特征三個(gè)層次給出了優(yōu)化建議，并就進(jìn)一步研究方向做了初步的設(shè)想。 1．對(duì)企業(yè)的經(jīng)營(yíng)管理者而言，研究和分析企業(yè)的資本結(jié)構(gòu) ，其目的是優(yōu)化籌資結(jié)構(gòu)，改善財(cái)務(wù)狀況，提高企業(yè)承擔(dān)財(cái)務(wù)風(fēng)險(xiǎn)的能力，降低資本成本。 第二章 資本結(jié)構(gòu)理論概述 資本是公司通過(guò)采用各種籌資方式籌集資金而形成的，各種不同籌資方式的組合類型決定著企業(yè)資本結(jié)構(gòu)及其變化。這是因?yàn)槠髽I(yè)利用財(cái) 務(wù)杠桿時(shí)，也會(huì)使權(quán)益成本上升，于是加權(quán)平均資本成本不會(huì)因?yàn)樨?fù)債率的提高而降低，而是維持不變。代理成本理論就如何通過(guò)最優(yōu)化總的代理成本達(dá)到一個(gè)最優(yōu)的資本結(jié)構(gòu)水平進(jìn)行了探討，提出由負(fù)債帶來(lái)的股東和管理層利益沖突的減少可以構(gòu)成債務(wù)融資好處這樣的觀點(diǎn)。 Ravi 通過(guò)建立模型得出結(jié)論：如果公司成功地被競(jìng)爭(zhēng)對(duì)手接管，公司將沒(méi)有債務(wù)，是達(dá)到最優(yōu)的。根據(jù)擴(kuò)展的 MM 理論，企業(yè)通過(guò)債務(wù)融資的財(cái)務(wù)杠桿作用，可以獲取負(fù)債節(jié)稅的好處，當(dāng)企業(yè)的總資產(chǎn)利潤(rùn)率大于借入資本的平均利率時(shí)，企業(yè)大量利用債務(wù)融資對(duì)企業(yè)有力。從整體來(lái)看，公司所屬行業(yè)盈利能力強(qiáng)，則公司就有較多的內(nèi)部留存收益為公司發(fā)展提供資金，理論上該行業(yè)中的公司會(huì)采用較低的負(fù)債比率。但是信息傳遞理論認(rèn)為，成長(zhǎng)性高的公司一般都是新興企業(yè)，規(guī)模不會(huì)太大，所以投資者與經(jīng)營(yíng)者之間信息不對(duì)稱的程度很高，其股票價(jià)值往往會(huì)被低估，通過(guò)債務(wù)融資可以避免這種情況，因此公司的成長(zhǎng)性與負(fù)債水平成正相關(guān)關(guān)系?，F(xiàn)實(shí)生活中，如果所有者和經(jīng)營(yíng)者對(duì)財(cái)務(wù)風(fēng)險(xiǎn)和經(jīng)營(yíng)風(fēng)險(xiǎn)缺乏足夠的意識(shí)，風(fēng)險(xiǎn)防范意識(shí)不強(qiáng)，則往往會(huì)為了追求其管好資金、增加企業(yè)價(jià)值的目的，進(jìn)行短期行為，借入 大量的債務(wù)來(lái)滿足資金的需要。不管是未分配利潤(rùn)大于零的公司還是未分配利潤(rùn)小于零的公司，長(zhǎng)期和短期的銀行借款均占了絕大部分。我國(guó)缺乏暢通的籌資渠道和多樣的金融工具，可轉(zhuǎn)換債券等很有彈性的融資工具，甚至是相對(duì)有較大彈性的負(fù)債融資，都沒(méi)有的到有效的利用。同時(shí)，完善國(guó)家法律法規(guī)，制定一系列有