我国上市公司融资结构研究

发布时间：2018-01-01 10:16

本文关键词：我国上市公司融资结构研究　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着1990年上海证券交易所和深圳证券交易所的成立,我国资本市场在这二十多年来逐渐发展壮大,证券市场的融资功能越来越显著。随着股票市场的快速发展和规模的不断壮大,我国的上市公司有了一个很好的进行股权融资的场所,但与此同时我们也发现,我国上市公司融资结构在发展的过程中出现了与发达国家上市公司特征不同的现象。企业的融资结构对企业的治理结构、市场价值、资本成本和总体经济的增长与稳定都有很大的影响,应该给与足够的重视。因而本文针对这一现象进行了细致的研究。通过对西方资本结构理论的研究和对发达国家上市公司融资结构特征的研究,本文认为上市公司融资结构应该符合优序融资理论,即企业在筹集资金时应该首先进行内源融资,然后进行外源融资,在外源融资中,首先进行债权融资,然后进行股权融资。而我国上市公司的融资结构却与这一理论相悖。本文集中分析了产生这一现象的原因,并重点讨论了优化我国上市公司融资结构的具体方法。本文共包括以下五个部分：第一章：绪论指出本文的研究背景和选题意义,并界定有关融资结构的概念,同时对西方融资结构理论进行梳理和阐述。第二章：发达国家上市公司融资结构比较通过对发达国家上市公司融资结构的总体比较选择美国和日本这两个代表性国家进行更深入的研究,并得出结论：发达国家上市公司的融资结构的特征与资本结构理论的研究相符合,即发达国家企业在筹集资金时优先选择内源融资,在内源融资还不能满足资金需求时才进行外源融资,并且在外源融资中,优先选择债权融资,然后进行股权融资。第三章：我国上市公司融资结构特征通过对上市公司总体数据平均值进行整理,分析出我国上市公司资本结构的特征。我国上市公司资本结构具有明显偏好股权融资、内源融资不充分和资产负债率较低的特征。第四章：我国上市公司股权融资偏好成因从宏观资本市场整体环境和微观的单个上市公司两方面对我国上市公司大量发行股票筹集资金的原因进行分析,得出我国上市公司之所以形成目前资本结构特征的原因是：我国资本市场发展不成熟、上市公司内源融资受限制、股汉融资成本低以及上市公司缺乏有效治理结构。第五章：优化我国上市公司融资结构的对策通过对我国上市公司股权融资偏好成因的分析,进一步研究优化我国上市公司融资结构的对策。本文主要从股票市场、债券市场、银行和企业内部几个方面分析并提出对策。
[Abstract]:With the establishment of Shanghai Stock Exchange and Shenzhen Stock Exchange in 1990, the capital market of our country has developed gradually in the past 20 years. With the rapid development and growing scale of the stock market, the listed companies in our country have a good place for equity financing, but at the same time, we also find. In the process of development, the financing structure of listed companies in China is different from that of listed companies in developed countries. The cost of capital and the growth and stability of the overall economy have a great impact. We should pay enough attention to it. Therefore, this paper makes a detailed study on this phenomenon. Through the study of western capital structure theory and the characteristics of financing structure of listed companies in developed countries. This paper holds that the financing structure of listed companies should conform to the priority financing theory, that is, enterprises should first carry out endogenous financing, then exogenous financing, and the debt financing is the first in the external financing. Then equity financing. But the financing structure of listed companies in China is contrary to this theory. This paper focuses on the analysis of the causes of this phenomenon. The specific methods of optimizing the financing structure of listed companies in China are discussed in detail. This paper consists of the following five parts: Chapter one: introduction This paper points out the research background and the significance of the topic, defines the concept of financing structure, and expounds the western theory of financing structure. Chapter two: comparison of financing structure of listed companies in developed countries Through the overall comparison of the financing structure of listed companies in developed countries, the United States and Japan are the two representative countries for more in-depth research. It is concluded that the characteristics of financing structure of listed companies in developed countries are consistent with the study of capital structure theory, that is, enterprises in developed countries give priority to endogenous financing when raising funds. Exogenous financing can not satisfy the demand of capital, and in exogenous financing, creditor's right financing is preferred, and then equity financing is carried out. Chapter three: the characteristics of financing structure of listed companies in China Through the analysis of the average value of the total data of the listed companies, the characteristics of the capital structure of the listed companies in China are analyzed. The capital structure of the listed companies in China has a clear preference for equity financing. The characteristics of inadequate endogenous financing and low asset-liability ratio. Chapter 4th: the causes of Equity financing preference of listed companies in China From the macro capital market environment and the micro single listed company, this paper analyzes the reasons for the large amount of capital raised by the listed companies in our country. The reasons for the formation of the current capital structure of listed companies in China are that the capital market is not mature and the internal financing of listed companies is restricted. Stock-Han financing costs are low and listed companies lack effective governance structure. Chapter 5th: countermeasures to optimize the financing structure of listed companies in China By analyzing the causes of equity financing preference of listed companies in China, the author further studies the countermeasures to optimize the financing structure of listed companies in China. This paper mainly focuses on the stock market and bond market. The bank and the enterprise interior several aspects analysis and puts forward the countermeasure.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6

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