建筑上市公司资本结构影响因素研究及应对宏观策略

发布时间：2017-12-31 14:25

本文关键词：建筑上市公司资本结构影响因素研究及应对宏观策略　出处：《西南交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：2008年,美国爆发了金融危机,它对全球经济产生了重大影响。而到了2012年,这种影响仍然没有消失,中国经济却开始缓慢调整速度,建筑行业作为经济发展的重要基础,在国家宏观调控策略“从紧”的压力下,建筑上市公司如何去面对?其资产负债比率现状如何?资本结构质量如何?存在哪些问题?公司该如何采取措施来优化当前资本结构?本文对此从微观和宏观两方面进行了研究。本文在参考前人对公司资本结构影响因素相关性研究的基础上,针对八个重要的指标进行了实证分析,以期通过对它们之间的相关性研究提出有效提高上市建筑公司价值的方法。数据是依据2007年——2010年沪深两市上市的25家建筑公司公布的财务数据为样本,利用SPSS统计分析软件对我国的建筑上市公司的资本结构影响因素进行了实证研究,结论是资产变现能力、资产担保价值、公司成长性、盈利能力、股权结构、股权集中度这六个影响因素与资本结构是负相关关系；而和公司规模、产生内部资源能力是正相关关系。利用实证研究结果,结合当前国家的宏观政策,本文为建筑上市公司有效提高自身价值提出了三条应对策略： 1)大力争取获得政府投资支持； 2)积极拓宽企业融资渠道,有效降低企业债务成本； 3)大量吸引民间资本,增加股权融资比例,降低企业股权成本。
[Abstract]:In 2008, the outbreak of the financial crisis, it had a great impact on the global economy. By 2012, this effect is still not disappeared, Chinese economy slowly adjust the speed, the construction industry as an important basis for economic development, at the national macro-control policy "from tight" under pressure, how to face the construction of listed companies how? The asset liability ratio situation? How is the quality of capital structure? What are the problems? How can a company take measures to optimize the capital structure? This paper two from the micro and macro aspects of the study.
Based on the previous research on corporate capital structure influence the correlation factors, according to the eight important indicators for the empirical analysis, in order to put forward effective methods to improve the listed construction company value to the study of the correlation between them. The data is based on the financial data in 2007 to 2010 in Shanghai and Shenzhen two listed the 25 construction company announced the sample analysis on Influencing Factors of capital structure of China's construction of software listed companies conducted empirical research using the SPSS statistics, the conclusion is asset liquidity, collateral value of assets, the company's growth, profitability, ownership structure, ownership concentration of the six factors and the capital structure is negative correlation; and and the size of the company, the capacity to generate internal resources is positively correlated.
Using the results of the empirical research and the macro policy of the country, this paper puts forward three countermeasures for the effective improvement of the value of the listed companies.
1) vigorously strive for government investment support;
2) actively broaden the channel of enterprise financing and effectively reduce the cost of enterprise debt;
3) to attract private capital in a large amount, increase the proportion of equity financing and reduce the cost of equity.

【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.92;F832.51;F224

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