青岛上市公司资本结构影响因素的实证研究
发布时间：2019-03-26 19:51
【摘要】：资本结构选择影响了上市公司的财务成本管理,体现了上市公司的发展战略决策。在对国内外研究文献进行系统评述的基础之上,本文基于传统、经典和现代资本结构理论观点,以青岛上市公司作为研究对象,通过构建面板数据模型,进行多元回归统计分析,重点研究了盈利能力、公司规模、成长能力、偿债能力、营运能力等因素对上市公司资本结构的影响,最终提出了优化上市公司资本结构的政策建议。 研究表明,上市公司资本结构市多种影响因素共同作同的结果。盈利能力、公司规模、成长能力和上市公司资本结构之间存在着一定的负相关关系；偿债能力、营运能力和上市公司资本结构之间存在着一定的正相关关系。研究建议,青岛上市公司应该通过改善自身盈利能力、公司规模、成长能力、偿债能力、营运能力等手段进一步优化资本结构。政府应着力完善金融市场体系、促进债券市场发展、健全法律法规体系、加强资本市场监管、构建信息披露机制,为资本结构优化创造良好的政策环境。
[Abstract]:The choice of capital structure affects the financial cost management of listed companies and reflects the development strategy decision of listed companies. On the basis of a systematic review of domestic and foreign research literature, based on the traditional, classical and modern capital structure theory, this paper takes Qingdao listed company as the research object, and constructs the panel data model through the construction of the panel data model. Based on the multivariate regression statistical analysis, this paper focuses on the influence of the factors such as profitability, company size, growth ability, debt service ability and operation ability on the capital structure of listed companies, and finally puts forward some policy suggestions to optimize the capital structure of listed companies. The research shows that the capital structure of listed companies share the same results with a variety of influencing factors. There is a certain negative correlation between profitability, company size, growth ability and the capital structure of listed companies, while there is a positive correlation between debt service ability, operation ability and capital structure of listed companies. The research suggests that Qingdao listed companies should further optimize their capital structure by improving their profitability, company size, growth ability, solvency and operation ability. The government should perfect the financial market system, promote the development of the bond market, perfect the system of laws and regulations, strengthen the supervision of the capital market, construct the mechanism of information disclosure, and create a good policy environment for the optimization of the capital structure.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
[Abstract]:The choice of capital structure affects the financial cost management of listed companies and reflects the development strategy decision of listed companies. On the basis of a systematic review of domestic and foreign research literature, based on the traditional, classical and modern capital structure theory, this paper takes Qingdao listed company as the research object, and constructs the panel data model through the construction of the panel data model. Based on the multivariate regression statistical analysis, this paper focuses on the influence of the factors such as profitability, company size, growth ability, debt service ability and operation ability on the capital structure of listed companies, and finally puts forward some policy suggestions to optimize the capital structure of listed companies. The research shows that the capital structure of listed companies share the same results with a variety of influencing factors. There is a certain negative correlation between profitability, company size, growth ability and the capital structure of listed companies, while there is a positive correlation between debt service ability, operation ability and capital structure of listed companies. The research suggests that Qingdao listed companies should further optimize their capital structure by improving their profitability, company size, growth ability, solvency and operation ability. The government should perfect the financial market system, promote the development of the bond market, perfect the system of laws and regulations, strengthen the supervision of the capital market, construct the mechanism of information disclosure, and create a good policy environment for the optimization of the capital structure.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
【参考文献】
相关期刊论文 前10条
1 吴泽福;吴捷;;国际资本结构动态决定因素的实证研究——基于制造业上市公司的面板数据[J];数学的实践与认识;2012年02期
2 胡国柳;陶兢强;;资本结构选择的影响因素——基于地区综合发展水平差异性的实证研究[J];科学决策;2011年11期
3 麦勇;胡文博;于东升;;上市公司资本结构调整速度的区域差异及其影响因素分析——基于2000～2009年沪深A股上市公司样本的研究[J];金融研究;2011年07期
4 洪艺s，
本文编号：2447870
本文链接：https://www.wllwen.com/guanlilunwen/chengbenguanlilunwen/2447870.html
