黑龙江省上市公司资本结构影响因素研究

发布时间：2018-04-04 15:21

本文选题：资本结构　切入点：上市公司　出处：《黑龙江大学》2012年硕士论文

【摘要】：资本结构是衡量企业投融资决策是否合理的指标之一，现代企业融资决策理论中的一个重要概念是公司资本结构。本文以黑龙江省上市公司为例子，采用实证分析研究方法，，以黑龙江省上市公司的资本结构影响因素指标进行多元线性回归分析，以发现资本结构与其影响因素的相关关系。通过建立数学模型，最后得出黑龙江省上市公司资本结构与公司规模、公司成长性、盈利能力、资产抵押价值存在正相关关系，与公司的产品独特性、资产变现能力、股权集中度、非债务税盾存在负相关关系。本文首先通过文献综述，给出写作论文的背景、目的和意义，概括地阐述了企业资本结构理论研究的发展状况和发展趋势，介绍本文研究的方法和创新之处；其次，详细介绍资本结构影响因素的理论研究，通过对资本结构理论的介绍，从宏观和微观方面分析了我国资本结构的影响因素；再次，以黑龙江省上市公司为例子，通过对其财务数据统计，与各相关因素进行相关性分析，给出黑龙江省上市公司资本结构现状；最后，依据模型的分析结果，就黑龙江省上市公司资本结构的特点，给出治理与优化的意见。
[Abstract]:The capital structure is one of the indexes to measure the reasonableness of the enterprise's investment and financing decision, and one of the important concepts in the modern enterprise's financing decision theory is the company's capital structure.This paper takes the listed companies in Heilongjiang Province as an example, adopts the empirical analysis method, carries on the multivariate linear regression analysis with the capital structure influence factor index of the Heilongjiang Province listed company, in order to discover the capital structure and its influence factor correlation relations.Through the establishment of mathematical model, it is concluded that the capital structure of listed companies in Heilongjiang Province has a positive correlation with company size, company growth, profitability, and asset mortgage value, and has a positive correlation with the uniqueness of the company's products and its ability to realize assets.There is a negative correlation between ownership concentration and non-debt tax shield.In this paper, the background, purpose and significance of the thesis are given, the development and trend of the theory of enterprise capital structure are summarized, and the methods and innovations of this paper are introduced.Through the introduction of capital structure theory, this paper analyzes the influencing factors of capital structure from macro and micro aspects. Thirdly, taking listed companies in Heilongjiang Province as an example,Through the statistics of its financial data and the correlation analysis with the relevant factors, the present situation of capital structure of listed companies in Heilongjiang Province is given. Finally, according to the analysis results of the model, the characteristics of capital structure of listed companies in Heilongjiang Province are discussed.The opinions of governance and optimization are given.
【学位授予单位】：黑龙江大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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