我国上市公司资本结构优化对策研究

^论文编号:CW213  ^论文字数:12346,页数:16

我国上市公司资本结构优化对策研究
摘    要
    资本结构是企业资金的构成及其比例关系。资本结构是企业筹资决策的核心问题，是影响企业管理活动的重要因素，资本结构是否合理直接影响到公司的经营业绩和长远发展。从理论上讲，企业的最优资本结构是存在的，但是由于企业内外部环境的变化，使确定企业的最优资本结构变得十分困难。所以要通过定量和定性相结合的方法综合考虑影响资本结构的各项因素，来确定企业最佳最佳资本结构。从现实意义来看，我国上市公司普遍存在着资本结构不合理的现象。突出表现为资产负债率低，公司偏好股权融资等一系列的问题，同时企业资本结构的不合理，导致公司治理结构存在种种缺陷，进而严重影响了上市公司的健康发展。目前我国上市公司的管理与运行距离规范化、科学化还有很大差距。因此，加强对上市公司资本结构的研究，对于促进今后企业健康发展有着重大的现实意义。
    本文首先对我国上市公司资本结构中存在的问题进行了全方位的分析。认为我国上市公司资本结构具有低资产负债率、高股权融资等特征，并表现出强烈的股权融资偏好。随后，本文对上市公司股权融资偏好的成因进行了具体的分析。最后，本文提出优化我国上市公司资本结构的措施。

[关键词] 资本结构 上市公司 优化
[^论文类型] 应用型

The Study on Optimizing the Capital Structure of Listed Companies in China
ABSTRACT
 Capital structure is the enterprise capital formation and its relationship of scale. Capital structure is the core enterprise financing decision problem. They are important factors to influence enterprise management activities. Capital structure whether reasonable will influence the company's manage achievement and long-term development. Theoretically, enterprise's optimal capital structure is existence, but because the enterprise internal and external environment change, making sure enterprise optimal capital structure is very difficult. So be through the quantitative and qualitative methods combining comprehensive consideration of the influence of various factors, capital structure to determine the best of the best capital structure enterprise. From the practical significance, medium-small listed companies generally exist capital structure unreasonable phenomenon. Outstanding performance for asset-liability ratio low, the company preference equity financing and so on a series of problems, and business capital structure is unreasonable, resulting in corporate governance structure defects, which seriously affects the healthy development of the listed company. At present management and operation distance of listed companies in our country standardized, scientific also has the very big disparity. Therefore, strengthens to the capital structure of listed companies, promoting future research for the healthy development of the enterprise has a significant practical significance.
 First, this thesis comprehensively and analyzes the problem of capital structure in listed companies in our china. The thesis supports that capital structure of listed companies in China is characterized by low rate of obligation, high stocks financing and so on, and displays intense preference to stocks financing. Next, this article analyzes the origin of preference to stocks financing in China’s listed companies. At last, this thesis proposes measurers by that capital structure in China’s listed companies should be optimized.
Keywords: listed company  capital structure  optimization
Type of thesis：Applied

目录
1 引言 1
1.1 选题背景 1
1.2 相关概念的界定 1
1.3 研究的目的和意义 1
1.3.1研究的意义 1
1.3.2研究的目的 2
2 国内外研究现状综述 3
2.1 国外研究现状 3
2.2 国内研究现状 3
3 我国上市公司资本结构现状分析 5
3.1 影响资本结构的主要因素 5
3.1.1公司财务状况 5
3.1.2公司决策人员的态度与金融环境 5
3.1.3行业因素与所得税税率 5
3.1.4公司资产结构与资本成本 5
3.2 我国上市公司资本结构的现状 6
4 我国上市公司资本优化措施及对策 8
4.1 加强内源筹资力度 8
4.2 优化上市公司股权结构 8
4.2.1完善上市公司股票的发行考核制度 8
4.2.2规范上市公司的股利分配制度 9
4.2.3解决股权分置，形成多元的股权结构 9
4.2.4完善市场法制体系，加强外部监督 9
4.3 调整负债结构，充分发挥财务杠杆效应 10
5 研究结论 11
参考文献 12
致 谢 13

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