民族地区上市公司资本结构优化研究

发布时间：2018-03-10 03:04

本文选题：资本结构　切入点：上市公司　出处：《中央民族大学》2012年硕士论文　论文类型：学位论文

【摘要】：资本结构是现代企业的基石,它影响并决定着公司的性质及治理结构,进而影响并决定企业行为特征及企业价值。实践证明,良好的资本结构有利于公司的健康发展,而不合理的资本结构不仅会制约公司的发展还可能导致企业的财务危机。少数民族地区虽然自然资源丰富,但是地区经济发展具有民族性、落后性、不平衡性,研究这一区域内的企业资本结构具有特殊意义。民族地区上市公司作为民族经济的龙头企业,是民族地区经济建设中的先行者,其行为具有公司新经营理念示范作用。本文选取民族地区上市公司(剔除ST和*ST公司)作为研究样本,以2001年—2010年这10年的公开年报作为研究资料,以公司的资本结构研究为中心,对民族地区上市公司的资本结构进行了实证研究。全文分为三部分,第一部分为导论与第一章,导论介绍了本文选题目的、研究意义和研究内容；第一章概述国内外资本结构相关理论,主要概述了资本结构的理论,从传统资本结构理论到新资本结构理论,并对各主要分支理论的基本观点进行了介绍和评论,为深入分析民族地区上市公司资本结构提供了理论基础。第二部分为第二、三章,对民族地区上市公司资本结构影响因素进行定性和定量分析。第二章分析了民族地区上市公司总量、行业和地区分布结构及资本结构特征和股权状况,得出我国民族地区上市公司偏好选择股权融资,融资方式相对单一。第三章,通过运用SPSS软件和多元回归模型对民族地区上市公司资本结构影响因素进行实证分析,进而找到民族地区上市公司资本结构影响因素：民族地区上市公司的企业规模、营业收入增长率、资产担保价值与资产负债率呈正相关关系,资产净利率、国有股比例、非债务税盾与资产负债率呈反相关关系,托宾值、非流通股比例与资产负债率的关系并不显著。第三部分为第四章,依据前两部分的理论和实证分析结果,提出了民族地区上市公司资本结构优化的目标和措施。内部治理机制包括：加强公司内部治理,强化财务约束；加强资本运营,优化资本结构。外部治理措施包括：规范股市参与者的行为；加快推进资本市场健康发展,完善债券市场。
[Abstract]:Capital structure is the cornerstone of modern enterprises, which influences and determines the nature and governance structure of the company, and then affects and determines the characteristics of the enterprise behavior and the enterprise value. Practice has proved that a good capital structure is conducive to the healthy development of the company. The unreasonable capital structure will not only restrict the development of the company, but also lead to the financial crisis of the enterprise. Although the minority areas are rich in natural resources, the regional economic development has the characteristics of nationality, backwardness and imbalance. It is of special significance to study the capital structure of enterprises in this region. As the leading enterprises in the national economy, listed companies in ethnic areas are the forerunners in the economic construction of ethnic regions. This paper selects listed companies in minority areas (excluding St and St companies) as the research samples, and takes the public annual reports from 2001 to 2010 as the research materials. Taking the capital structure of the company as the center, this paper makes an empirical study on the capital structure of the listed companies in the minority areas. This paper is divided into three parts: the first part is the introduction and the first chapter, the introduction introduces the purpose, significance and research content of this paper, the first chapter summarizes the related theories of capital structure at home and abroad, mainly summarizes the theory of capital structure. From the traditional capital structure theory to the new capital structure theory, this paper introduces and comments on the basic viewpoints of each main branch theory, which provides a theoretical basis for the in-depth analysis of the capital structure of listed companies in minority areas. The second part is the second, the third chapter, carries on the qualitative and the quantitative analysis to the national area listed company capital structure influence factor. The industry and regional distribution structure, capital structure characteristics and equity status of listed companies in the minority areas of China prefer equity financing, and the financing method is relatively simple. Chapter three, By using SPSS software and multivariate regression model, this paper makes an empirical analysis on the influencing factors of capital structure of listed companies in minority areas, and then finds out the influencing factors of capital structure of listed companies in minority areas: the scale of listed companies in minority areas. The growth rate of operating income, the value of asset-guaranteed value and the ratio of asset-liability are positively correlated, the net interest rate of assets, the proportion of state-owned shares, the non-debt tax shield and the ratio of asset-liability are inversely correlated, Tobin value, The relationship between the ratio of non-tradable shares and the ratio of assets and liabilities is not significant. The third part is 4th chapter. According to the theoretical and empirical analysis results of the first two parts, the paper puts forward the objectives and measures of capital structure optimization of listed companies in minority areas. The internal governance mechanism includes: strengthening corporate internal governance and strengthening financial constraints; External governance measures include standardizing the behavior of the participants in the stock market, accelerating the healthy development of the capital market and perfecting the bond market.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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