资本结构、产品市场竞争与区域经济发展的关系研究

发布时间：2018-08-23 15:44

【摘要】：关于资本结构的研究在金融研究领域里一直都是一个热点话题，同样其在公司财务理论中也是最为核心的内容，因为它的理论价值和在现实中的应用意义是非常显著的。自MM理论（Modigliani Miller Models,米勒-莫迪利安尼模型）于1958年被提出以后，经过长时间的发展已经分化为很多的派别，尤其在研究企业的资本结构选择上的理论和实证领域里更是硕果累累。在世界经济迅猛发展的大环境下，各学科相互借鉴和取长补短的交叉性研究也初露锋茫，而将资本结构理论引入经济学范畴研究更是取得了长足发展。一个合理的资本结构决定了股东、债权人、经理人等利益相关者对公司的控制权的分配，也在一定程度上决定了公司利益是否能够顺利达到预期目标，因此，资本结构的合理性在很大意义上能够从侧面反映企业能否给利益相关者带来最大利益分成,同时，一个地区的企业多且发展势头良好能够在很大程度上促进本地区的经济发展，因此资本结构的优化间接关系到地区经济的发展（本文将对此进行详细的研究和论证）。在我国，区域经济发展极不平衡，与此同时不同地区的综合经济发展水平的差异性对企业融资能力也具有很大的影响。因此，本文对资本结构对我国产品市场竞争的影响，进而影响地区经济发展水平作了较为详细的分析和论证。本文正是致力于通过实证分析，通过比较分析东西部两个地区制造业上市公司历年的财务数据，找出其区域经济发展程度、产品市场竞争与公司资本结构之间的关系，并提出通过怎样的途径来优化资本结构，最终为提高地区经济的发展做出一点贡献。本文的结构安排如下：本文共五章：第一章绪论，阐述论文研究背景、意义，以及本文研究的主要内容和论文的结构安排与研究方法；第二章概念的界定与文献综述，本章首先对文章涉及到的概念进行了简要的界定，然后对相关文献从国内外两个方面进行了综述，对相关领域的主要代表人物及相关的研究成果进行了简要的叙述，为后文进行相关的研究探讨做了理论上的铺垫。第三章理论分析及假设的提出，本章主要分了两大部分：首先对我国制造业上市公司的资本结构特征进行了简要的介绍，并通过数据得出我国资本结构存在哪些方面的问题；其次是从区域差异性角度，对我国东西部地区进行了资本结构构成等主要要素的对比分析，得出了东西部资本结构上的差异，在比较两地区综合经济发展水平上，主要从经济发展、金融发展进行了对比研究。最后是相关理论的分析，并提出了本文研究的假设。第四章，资本结构、产品市场竞争与区域经济发展关系的实证研究设计和分析，这一章首先介绍了数据的来源以及数据的筛选原则，各变量的选择；然后，本文运用Excel收集和整理数据，运用SPSS17.0对收集的数据进行描述性统计，通过K-S检验、Mann-Whitney检验进行纵向的显著性检验，通过因子分析法对区域经济发展的代替指标进行处理，最后利用相关性分析得出结果，并对结果进行分析。第五章，，研究结论和建议。
[Abstract]:The study of capital structure has always been a hot topic in the field of financial research, and it is also the core content of corporate finance theory, because its theoretical value and practical significance are very significant. Since then, after a long period of development, it has been divided into many schools, especially in the theoretical and empirical fields of studying the choice of capital structure of enterprises. A reasonable capital structure decides the distribution of the controlling power of shareholders, creditors, managers and other stakeholders to the company, and to a certain extent determines whether the interests of the company can smoothly achieve the desired objectives. Therefore, the rationality of the capital structure can be in a great sense from At the same time, a large number of enterprises in a region with good development momentum can promote the economic development of the region to a great extent. Therefore, the optimization of capital structure is indirectly related to the development of regional economy (this paper will conduct a detailed study and demonstration). The regional economic development is extremely unbalanced, at the same time, the difference of comprehensive economic development level in different regions has a great impact on the financing ability of enterprises. Therefore, this paper makes a detailed analysis and demonstration of the impact of capital structure on the product market competition in China, and then on the regional economic development level. Through empirical analysis, this paper compares and analyzes the financial data of manufacturing listed companies in eastern and western regions over the years, finds out the degree of regional economic development, the relationship between product market competition and corporate capital structure, and puts forward how to optimize the capital structure in order to contribute to the development of regional economy. The structure of the text is as follows:
This paper consists of five chapters: Chapter one is the introduction, which expounds the research background, significance, the main content of this paper and the structure arrangement and research methods of this paper; Chapter two is the definition of the concept and literature review. This chapter first briefly defines the concept involved in the article, and then carries on the related literature from two aspects at home and abroad. In the third chapter, the theoretical analysis and hypothesis are put forward. This chapter mainly divides into two parts: First, the capital structure characteristics of listed manufacturing companies in China are briefly introduced. Secondly, from the perspective of regional differences, this paper makes a comparative analysis of the capital structure and other major elements in the eastern and western regions of China, and obtains the differences in the capital structure between the eastern and Western regions. The fourth chapter is the empirical research design and analysis of the relationship between capital structure, product market competition and regional economic development. In this paper, Excel is used to collect and collate data, SPSS17.0 is used to describe the collected data. K-S test and Mann-Whitney test are used to test the longitudinal significance. Factor analysis is used to deal with the substituted indicators of regional economic development. Finally, correlation analysis is used to obtain the results and analyze the results. The five chapter, conclusions and recommendations.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F127;F224

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