浙江省民营上市公司资本结构影响因素实证研究

发布时间：2018-06-15 18:59

本文选题：资本结构 + 浙江省民营上市公司　；参考：《贵州财经大学》2014年硕士论文

【摘要】：改革开放30年来，中国经济快速发展，民营经济的快速发展尤为突出。浙江省是民营经济高速发展的代表。随着民营经济的发展，浙江省民营上市公司考虑到自身的资本结构应当进行优化，以降低资本成本，创造利润最大化。到底企业的资本结构会受到哪些因素的影响，企业的资本结构到底有无所谓的最优资本结构，本文就是想找出有哪些公司特性因素在影响着企业的资本结构，并考虑这些要素是怎么影响浙江省民营上市公司的资本结构，然后对这些民营上市公司建议少许对策来优化其自身的资本结构，以降低自身的资本成本，，使企业能够更好的发展，最终目的是促进整个浙江省民营经济更好的发展。研究企业资本结构理论在公司金融这一领域，一直是一个热点问题。国内外许多学者都对资本结构理论进行了研究，特别是在MM理论被提出之后，这些学者对于资本结构问题进行了很多的理论研究同时也做出了许多的实证分析，得出了一些结论。本文在总结国内外各学者研究成果的基础上，通过收集浙江省民营上市公司每年的上市公司年报数据和公司相关资料，运用统计学、计量经济学相结合的方法，对浙江省的民营上市公司的资本结构影响因素进行了相关实证研究。首先对浙江省民营上市公司进行了统计性描述，发现浙江省民营上市公司股权集中度较高，而且公司的资产负债率有逐年上升的趋势。浙江省民营上市公司的行业较集中，大部分为制造业，像计算机和文化、金融产业类的民营上市公司较少，浙江省民营上市公司负债中流动负债比例较大。然后对企业的规模、企业的盈利能力、企业的成长性、企业的资产担保价值、公司实际所得税与企业的资本结构相关性进行了实证分析，得出以下结论。企业的规模与企业的资产负债率无明显的相关性，企业的盈利能力与企业的资产负债率有正相关性、企业的成长性与企业的规模正相关、企业的资产担保价值与企业的资产负债率无明显的相关性、企业的股权集中度与企业的资产负债率有正相关性、企业的所得税与企业的资产负债率有正相关性。最后本文对浙江省民营上市公司提出了一些对策与建议，旨在能够优化这些民营企业的资本结构，使得浙江省的民营经济发展的越来越好。
[Abstract]:Since the reform and opening up 30 years ago, China's economy has developed rapidly, especially the private economy. Zhejiang Province is a representative of the rapid development of private economy. With the development of private economy, private listed companies in Zhejiang province should optimize their capital structure in order to reduce the cost of capital and maximize profits. In the end, what factors will affect the capital structure of the enterprise, and the capital structure of the enterprise has the optimal capital structure that does not matter, this article is to find out which characteristic factors of the company are influencing the capital structure of the enterprise. And consider how these factors affect the capital structure of private listed companies in Zhejiang Province, and then propose some countermeasures to optimize their own capital structure to reduce their own capital costs. The final goal is to promote the better development of private economy in Zhejiang Province. The study of corporate capital structure theory in the field of corporate finance has been a hot issue. Many scholars at home and abroad have studied the capital structure theory, especially after the MM theory was put forward, these scholars have done a lot of theoretical research on the capital structure problem, and also made a lot of empirical analysis. Some conclusions have been drawn. On the basis of summing up the research results of scholars at home and abroad, this paper collects the annual report data of private listed companies in Zhejiang Province and the relevant information of the companies, and applies the method of combining statistics and econometrics. This paper makes an empirical study on the influencing factors of capital structure of private listed companies in Zhejiang Province. Firstly, the author makes a statistical description of the private listed companies in Zhejiang Province, and finds that the ownership concentration of private listed companies in Zhejiang Province is relatively high, and the asset-liability ratio of the companies is rising year by year. The industry of private listed companies in Zhejiang Province is concentrated, most of them are manufacturing industries, such as computer and culture, financial industry, private listed companies are less, and the proportion of current liabilities of private listed companies in Zhejiang Province is larger. Then the paper makes an empirical analysis of the scale of the enterprise, the profitability of the enterprise, the growth of the enterprise, the guarantee value of the assets of the enterprise, the correlation between the actual income tax and the capital structure of the enterprise, and draws the following conclusions. There is no obvious correlation between the scale of the enterprise and the ratio of assets and liabilities, the profitability of the enterprise has a positive correlation with the ratio of the assets and liabilities of the enterprise, and the growth of the enterprise is positively related to the scale of the enterprise. There is no obvious correlation between the asset-guaranteed value and the asset-liability ratio of the enterprise, but there is a positive correlation between the ownership concentration and the asset-liability ratio of the enterprise, and the income tax and the asset-liability ratio of the enterprise. Finally, this paper puts forward some countermeasures and suggestions to the private listed companies in Zhejiang Province, aiming at optimizing the capital structure of these private enterprises and making the private economy of Zhejiang Province develop better and better.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224;F276.5

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