【正文】 apital 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。河南財經(jīng)政法大學本科生畢業(yè)論文（設計）我國上市公司資本結(jié)構及其影響因素分析院系名稱姓　　名學　　號專　　業(yè)指導教師2012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)合我國上市公司資本結(jié)構現(xiàn)狀及影響因素分析，從宏觀、行業(yè)、公司特征三個層次給出了優(yōu)化建議，并就進一步研究方向做了初步的設想。1．對企業(yè)的經(jīng)營管理者而言，研究和分析企業(yè)的資本結(jié)構，其目的是優(yōu)化籌資結(jié)構，改善財務狀況，提高企業(yè)承擔財務風險的能力，降低資本成本。第二章 資本結(jié)構理論概述資本是公司通過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)構及其變化。這是因為企業(yè)利用財務杠桿時，也會使權益成本上升，于是加權平均資本成本不會因為負債率的提高而降低，而是維持不變。代理成本理論就如何通過最優(yōu)化總的代理成本達到一個最優(yōu)的資本結(jié)構水平進行了探討，提出由負債帶來的股東和管理層利益沖突的減少可以構成債務融資好處這樣的觀點。 Ravi通過建立模型得出結(jié)論：如果公司成功地被競爭對手接管，公司將沒有債務，是達到最優(yōu)的。根據(jù)擴展的MM理論，企業(yè)通過債務融資的財務杠桿作用，可以獲取負債節(jié)稅的好處，當企業(yè)的總資產(chǎn)利潤率大于借入資本的平均利率時，企業(yè)大量利用債務融資對企業(yè)有力。從整體來看，公司所屬行業(yè)盈利能力強，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)中的公司會采用較低的負債比率。但是信息傳遞理論認為，成長性高的公司一般都是新興企業(yè)，規(guī)模不會太大，所以投資者與經(jīng)營者之間信息不對稱的程度很高，其股票價值往往會被低估，通過債務融資可以避免這種情況，因此公司的成長性與負債水平成正相關關系?，F(xiàn)實生活中，如果所有者和經(jīng)營者對財務風險和經(jīng)營風險缺乏足夠的意識，風險防范意識不強，則往往會為了追求其管好資金、增加企業(yè)價值的目的，進行短期行為，借入大量的債務來滿足資金的需要。不管是未分配利潤大于零的公司還是未分配利潤小于零的公司，長期和短期的銀行借款均占了絕大部分。我國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，甚至是相對有較大彈性的負債融資，都沒有的到有效的利用。同時，完善國家法律法規(guī)，制定一系列有利于企業(yè)發(fā)展的宏觀經(jīng)濟政策，包括產(chǎn)業(yè)政策、技術政策、貨幣政策等，給企業(yè)創(chuàng)造一個良好的籌資環(huán)境。四是完善企業(yè)信息披露制度，減少信息不對稱的影響。本文分析得出的結(jié)論為：、公司成長性顯著正相關；、非債務稅盾與資產(chǎn)負債率顯著負相關。感謝在參考文獻中列出的以及沒有列出的但是可能參考他們成果的所有作者。(2)行業(yè)影響因素方面。理論分析結(jié)果顯示，除了盈利能力，公司規(guī)模、公