陜西上市公司融資結構研究

論文編號:CW176  論文字數:12632,頁數:18

陜西上市公司融資結構研究
摘  要
 近年來，上市公司的融資機構一直是人們關注的焦點。在目前我國復雜的經濟和制度下，上市公司表現出極為強烈的股權融資偏好，導致資產負債率低。資本結構不合理。以及陜西上市公司股權融資偏好的后果，和近年來陜西上市公司所遭遇的問題。同時指出企業最佳的資本結構和最優的融資順序。
 本文具體分析陜西上市公司的融資結構，先從理論出發，再進行比較分析，最后提出解決的辦法。研究發現，債權融資的引入可以減少企業所繳納的所得稅，減少代理成本，提高企業經營者對也得控制權。同時，如果債權融資過多也可能導致企業風險加大，造成破產和財務困境等方面的問題。所以，適量的債權融資可以使得企業價值增加。
 
關鍵詞: 融資結構；陜西上市公司；股權融資

論文類型: 應用研究型

The Study on Optimizing the Capital Structure of Listed Companies in China
ABSTRACT
 This year, the listed company's financial institutions have been the focus of attention. At present, our complex economic and system, listed companies showed very strong preferences for equity financing, resulting in the balance is low. Capital structure is irrational. And Shaanxi problems in listed companies, and listed companies in Shaanxi this year the problems encountered. Also pointed out that the best corporate finance capital structure and optimal order.
 This detailed analysis of the financing structure of listed companies in Shaanxi Province, starting with theory, then a comparative analysis, and finally proposes a solution. Study found that the introduction of debt financing can reduce the income tax paid by enterprises, and reduce agency costs, improve business operators have to control for. Also, if too much debt financing may also lead to increased business risk, resulting in bankruptcies and financial difficulties and other issues. Therefore,the amount of debt financing can make to increase corporate value.
 
Key Words: Financing structure; Listed companies in Shannxi; Equity financing

 Type of Thesis: Applied Research

 目 錄
1 前言 1
2 企業融資結構的基本理論 2
2.1 MM理論 2
2.2 MM定理的修正 3
2.3 權衡理論 3
2.4 代理成本理論 3
2.5 激勵理論 3
2.6 非對稱信息論 4
2.7 控制權理論 4
3 陜西上市公司融資結構分析 6
4 陜西上市公司偏好股權融資的原因及后果 8
4.1 陜西上市公司股權融資與債權融資成本分析 8
4.2 陜西上市公司偏好股權融資的原因 9
4.3 陜西上市公司偏好股權融資的弊端 10
5 研究結論與政策建議 12
5.1 研究結論 12
5.2 政策建議 12
6 結束語 15
參考文獻 16
致 謝 17