中小板上市公司资本结构问题研究

发布时间：2018-04-25 06:46

本文选题：资本结构 + 中小企业　；参考：《吉林财经大学》2013年硕士论文

【摘要】：资本结构问题一直以来都是财务理论研究中的难点问题与热点问题之一，其本身既是一个理论问题，又是一个实际问题。无论是在拥有发达资本市场的西方国家，还是资本市场正处于发展阶段的发展中国家，企业的资本结构问题作为企业筹资决策的核心问题，，一直都是探讨的重点问题。企业的资本结构是否合理，会在一定程度上影响到企业的治理情况、企业绩效情况、企业抵御风险的能力、企业价值高低等一系列方面，因此研究资本结构具有重要的理论意义。许多学者都在试图寻找影响资本结构的因素，通过数据分析，建立一种最佳资本结构模型，使企业的资本结构更加合理，更加优化。而在实践中，企业也都面临着如何确定资本结构的决策问题，如何优化企业的资本结构，最终达到提高公司绩效或公司价值的目标。因此，企业资本结构影响因素的研究同样具有现实意义。随着我国中小企业的蓬勃发展，中小企业已经逐渐成为国民经济中重要的组成部分，许多中小企业正向成熟期迈进，因此中小企业资本结构优化问题的研究就具有更加重要的意义。众所周知，中小企业对于构成市场多样化、促进社会经济稳定、推动我国国民经济的发展发挥着不容小觑的重要作用。但是另一方面，由于中小企业自身规模较小，收益方面缺少确定性及稳定性，加上可用来抵押的资产相对较少，这就使得中小企业存在较高的风险，从而将影响到其自身的融资结构。为了弥补我国中小企业融资较难的问题，深圳证券交易所在2004年5月17日正式启动了中小企业板，中小板的创立标志着我国的中小企业正式登上了资本市场的舞台。中小板的创立也为中小企业的融资拓宽了渠道，为中小企业的快速发展提供了强有力的资金保障。同时，通过资本市场的自我调节和政府的监管，共同来促进中小企业的健康和科学的发展。近几年来，中小板上市公司的数量急剧增加，已成为我国证券市场上非常重要的一股力量。中小企业作为这样一个特定群体，在国民经济中发挥着举足轻重的作用。中小企业若想获得长期持续的发展、避免发生财务风险，拥有相对合理的资本结构是必不可少的条件。因此关注和分析中小企业中的代表——中小板上市公司的资本结构情况及其影响资本结构的因素，并对中小板上市公司的资本结构进行优化，就更具有现实意义。本文在归纳总结了国内外关于资本结构的理论研究成果，以及资本结构的影响因素，在此基础上针对我国中小板上市公司的特点，试图通过因子分析法，构建一种企业资本结构的评价模型，同时对中小板上市公司的资本结构的优化提出了建议。
[Abstract]:The problem of capital structure has always been one of the difficult and hot issues in the study of financial theory, which is not only a theoretical problem, but also a practical one. Whether in the western countries with developed capital markets or in the developing countries where the capital markets are in the developing stage, the capital structure of enterprises as the core issue of corporate financing decisions has always been the focus of discussion. Whether the capital structure of an enterprise is reasonable or not will, to a certain extent, affect the governance of the enterprise, the performance of the enterprise, the ability of the enterprise to resist risks, the value of the enterprise, and so on. Therefore, the study of capital structure has important theoretical significance. Many scholars are trying to find the factors that affect the capital structure. Through the data analysis, a kind of optimal capital structure model is established to make the capital structure of the enterprise more reasonable and optimized. In practice, enterprises are faced with the problem of how to determine the capital structure, how to optimize the capital structure, and finally achieve the goal of improving corporate performance or corporate value. Therefore, the study of influencing factors of enterprise capital structure is also of practical significance. With the vigorous development of small and medium-sized enterprises in China, SMEs have gradually become an important part of the national economy. Many small and medium-sized enterprises are moving towards maturity. Therefore, the study of the optimization of the capital structure of small and medium-sized enterprises has more important significance. As we all know, small and medium-sized enterprises play an important role in forming market diversification, promoting social and economic stability and promoting the development of our national economy. On the other hand, because of the small size of SMEs, the lack of certainty and stability in income, and the relatively small amount of assets that can be used as collateral, SMEs have a higher risk. This will affect its own financing structure. In order to make up for the difficulty of SMEs financing in our country, the Shenzhen Stock Exchange officially launched the SME Board on May 17, 2004. The establishment of the small and Medium-sized Enterprise Board symbolizes that the small and medium-sized enterprises of our country have formally stepped onto the stage of the capital market. The establishment of small and medium-sized boards also broadens the channels for the financing of small and medium-sized enterprises and provides a strong financial guarantee for the rapid development of small and medium-sized enterprises. At the same time, through the self-regulation of capital market and government supervision, we can promote the healthy and scientific development of small and medium-sized enterprises. In recent years, the number of small and medium-sized board listed companies has increased rapidly, which has become a very important force in our securities market. As such a specific group, SMEs play a pivotal role in the national economy. If small and medium-sized enterprises want to obtain long-term sustainable development and avoid financial risks, it is necessary to have a relatively reasonable capital structure. Therefore, it is of practical significance to pay attention to and analyze the capital structure of the small and medium-sized listed companies and the factors that affect the capital structure, and to optimize the capital structure of the small and medium-sized board listed companies. This paper summarizes the theoretical research results of capital structure at home and abroad, and the influencing factors of capital structure. On this basis, according to the characteristics of Chinese small and medium-sized board listed companies, this paper attempts to use factor analysis method. This paper constructs an evaluation model of capital structure of enterprises and puts forward some suggestions on the optimization of capital structure of small and medium-sized listed companies.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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