我国上市公司国有股占比与资本结构关系研究

发布时间：2018-01-02 23:05

本文关键词：我国上市公司国有股占比与资本结构关系研究　出处：《华中科技大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国对资本结构的研究始于20世纪90年代，90年代以后我国企业的财务改革进入创新阶段，资本市场的发展为上市公司的融资提供了多样性的方法，，经过十几年的发展，我国上市公司数量不断增加，资本市场规模日益扩大，融资渠道和融资数量逐渐增加。上市公司有其独特的融资方式，先考虑外源融资，外部融资时先考虑股权融资再债权融资；同时，国有股一股独大、股权集中度高现象显而易见。那么占企业绝对控股地位的国有股份会对资本结构产生什么样的影响，这是值得我们深思和研究的问题。就研究思路而言，本文从我国特殊的股权结构（国有股比例较大）和资本结构现状入手，采用理论与实证相结合的分析方法，对我国上市公司股权结构与资本结构选择问题进行研究。尽管国内外关于股权结构与资本结构的关系的理论研究较多，但缺乏实证检验，本文正是基于此通过实证研究检验二者之间的相互关系。就研究内容而言，本文在国内外研究的基础上，先阐述股权结构与资本结构的理论，分析二者之间的假设关系，在此假设关系上对2011年A股上市公司数据进行实证分析。研究表明国有股占比与资本结构显著正相关，最后提出优化我国股权结构和资本结构的合理化建议。
[Abstract]:China began in 1990s, the study on the capital structure of Chinese enterprises, in 90s after the financial reform has entered a stage of innovation, the development of the capital market provides a method of diversity for the financing of listed companies, after ten years of development, the number of Listed Companies in China is increasing, the scale of the capital market is expanding, the number of financing channels and financing gradually the increase of listed companies. With its unique financing way, first consider the external financing, external financing, equity financing and debt financing first consideration; at the same time, the dominance of state-owned shares, ownership concentration is high. So obviously phenomenon of state-owned shares of enterprises accounted for absolute controlling status will produce what kind of impact on the capital structure, this is worthy of our attention and research.
The research ideas, this article from the special ownership structure in our country (the proportion of state-owned shares is larger) present situation and capital structure, the analysis method of combining the theoretical and empirical research on ownership structure and capital structure of Listed Companies in China. Although the relationship between the choice of ownership structure and capital structure theory research abroad more, but the lack of empirical test, this paper is based on the relationship between the tested by the empirical research of the two.
For the content of the study, based on the previous research, the ownership structure and capital structure theory, hypothesis analysis of the relationship between the two, based on the relationship between the data of companies listed on the A shares in 2011 empirical analysis. The research showed that the proportion of state-owned shares are significantly correlated with the capital structure, and finally puts forward the rationalization suggestion of optimizing the ownership structure and capital structure.

【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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