我國上市公司資本結構優化對策研究

論文編號:CW213  論文字數:12346,頁數:16

我國上市公司資本結構優化對策研究
摘    要
    資本結構是企業資金的構成及其比例關系。資本結構是企業籌資決策的核心問題，是影響企業管理活動的重要因素，資本結構是否合理直接影響到公司的經營業績和長遠發展。從理論上講，企業的最優資本結構是存在的，但是由于企業內外部環境的變化，使確定企業的最優資本結構變得十分困難。所以要通過定量和定性相結合的方法綜合考慮影響資本結構的各項因素，來確定企業最佳最佳資本結構。從現實意義來看，我國上市公司普遍存在著資本結構不合理的現象。突出表現為資產負債率低，公司偏好股權融資等一系列的問題，同時企業資本結構的不合理，導致公司治理結構存在種種缺陷，進而嚴重影響了上市公司的健康發展。目前我國上市公司的管理與運行距離規范化、科學化還有很大差距。因此，加強對上市公司資本結構的研究，對于促進今后企業健康發展有著重大的現實意義。
    本文首先對我國上市公司資本結構中存在的問題進行了全方位的分析。認為我國上市公司資本結構具有低資產負債率、高股權融資等特征，并表現出強烈的股權融資偏好。隨后，本文對上市公司股權融資偏好的成因進行了具體的分析。最后，本文提出優化我國上市公司資本結構的措施。

[關鍵詞] 資本結構 上市公司 優化
[論文類型] 應用型

The Study on Optimizing the Capital Structure of Listed Companies in China
ABSTRACT
 Capital structure is the enterprise capital formation and its relationship of scale. Capital structure is the core enterprise financing decision problem. They are important factors to influence enterprise management activities. Capital structure whether reasonable will influence the company's manage achievement and long-term development. Theoretically, enterprise's optimal capital structure is existence, but because the enterprise internal and external environment change, making sure enterprise optimal capital structure is very difficult. So be through the quantitative and qualitative methods combining comprehensive consideration of the influence of various factors, capital structure to determine the best of the best capital structure enterprise. From the practical significance, medium-small listed companies generally exist capital structure unreasonable phenomenon. Outstanding performance for asset-liability ratio low, the company preference equity financing and so on a series of problems, and business capital structure is unreasonable, resulting in corporate governance structure defects, which seriously affects the healthy development of the listed company. At present management and operation distance of listed companies in our country standardized, scientific also has the very big disparity. Therefore, strengthens to the capital structure of listed companies, promoting future research for the healthy development of the enterprise has a significant practical significance.
 First, this thesis comprehensively and analyzes the problem of capital structure in listed companies in our china. The thesis supports that capital structure of listed companies in China is characterized by low rate of obligation, high stocks financing and so on, and displays intense preference to stocks financing. Next, this article analyzes the origin of preference to stocks financing in China’s listed companies. At last, this thesis proposes measurers by that capital structure in China’s listed companies should be optimized.
Keywords: listed company  capital structure  optimization
Type of thesis：Applied

目錄
1 引言 1
1.1 選題背景 1
1.2 相關概念的界定 1
1.3 研究的目的和意義 1
1.3.1研究的意義 1
1.3.2研究的目的 2
2 國內外研究現狀綜述 3
2.1 國外研究現狀 3
2.2 國內研究現狀 3
3 我國上市公司資本結構現狀分析 5
3.1 影響資本結構的主要因素 5
3.1.1公司財務狀況 5
3.1.2公司決策人員的態度與金融環境 5
3.1.3行業因素與所得稅稅率 5
3.1.4公司資產結構與資本成本 5
3.2 我國上市公司資本結構的現狀 6
4 我國上市公司資本優化措施及對策 8
4.1 加強內源籌資力度 8
4.2 優化上市公司股權結構 8
4.2.1完善上市公司股票的發行考核制度 8
4.2.2規范上市公司的股利分配制度 9
4.2.3解決股權分置，形成多元的股權結構 9
4.2.4完善市場法制體系，加強外部監督 9
4.3 調整負債結構，充分發揮財務杠桿效應 10
5 研究結論 11
參考文獻 12
致 謝 13