资本结构对企业的经营影响及分析毕业论文.doc
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资本结构对企业的经营影响及分析毕业论文,摘要资本结构对企业的经营至关重要，随着现代企业制度的建立和资本市场的发展，经济全球化的进程的推进，资本结构是否合理，将直接关系到企业能否获得国际投资者的信任、能否在国际市场竞争中取得良好的经营业绩和长远发展。本文在分析长客企业资本结构的现状的基础上提出了优化资本结构的对策。按照资本结构理论，由于负债的节税效果，适度的负...
内容介绍
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摘要
资本结构对企业的经营至关重要，随着现代企业制度的建立和资本市场的发展，经济全球化的进程的推进，资本结构是否合理，将直接关系到企业能否获得国际投资者的信任、能否在国际市场竞争中取得良好的经营业绩和长远发展。
本文在分析长客企业资本结构的现状的基础上提出了优化资本结构的对策。按照资本结构理论，由于负债的节税效果，适度的负债对于企业降低筹资成本具有财务杠杆效应，一定比例的负债可以降低企业的综合资本成本；并且从理论上讲，以股东财富最大化为目标的上市公司在筹资战略决策上必然以追求最优资本结构为前提。然而纵观我国上市公司的资本结构，结果并非如此，根据有关资料分析，我国深沪两地的上市公司的资产负债率历年低于全国企业的水平，从负债结构来看，我国上市公司更不尽合理。
关键词： 资本结构 负债 财务杠杆效应
Abstract
Capital structure plays a major role in operation and management of an enterprise. With the establishment of modern enterprise system, the development of capital market and the advancement of economic globalization, the rationality of capital structure would lead to directly the acquisition of the trust of international investor and favorable business performance and long-term development in global market competition.
This paper, based on the information concerning the current situation of Changchun Railway Vehicles Co., Ltd. (CRC), proposes some strategy in optimizing capital structure. According the theory of capital structure, due to the effect of debt in tax saving, moderate debt would work as lever in reducing cost of raising funds. Appropriate proportional indebtedness would reduce composite cost of capital of a corporation; theoretically, the prerequisite of listed companies whose goals are maximizing the wealth of stockholders is bound to seek to the optimal capital structure. Nevertheless, after reviewing the capital structure of listed companies in China, we find eventually that the result is not so. According to a number of pertinent data, the asset-liability ratio of some listed companies in China is lower than other national enterprises; in addition, judged by liability composition, listed companies in China are also not reasonable.
Key words: Capital structure debt effect of debt
资本结构对企业的经营至关重要，随着现代企业制度的建立和资本市场的发展，经济全球化的进程的推进，资本结构是否合理，将直接关系到企业能否获得国际投资者的信任、能否在国际市场竞争中取得良好的经营业绩和长远发展。
本文在分析长客企业资本结构的现状的基础上提出了优化资本结构的对策。按照资本结构理论，由于负债的节税效果，适度的负债对于企业降低筹资成本具有财务杠杆效应，一定比例的负债可以降低企业的综合资本成本；并且从理论上讲，以股东财富最大化为目标的上市公司在筹资战略决策上必然以追求最优资本结构为前提。然而纵观我国上市公司的资本结构，结果并非如此，根据有关资料分析，我国深沪两地的上市公司的资产负债率历年低于全国企业的水平，从负债结构来看，我国上市公司更不尽合理。
关键词： 资本结构 负债 财务杠杆效应
Abstract
Capital structure plays a major role in operation and management of an enterprise. With the establishment of modern enterprise system, the development of capital market and the advancement of economic globalization, the rationality of capital structure would lead to directly the acquisition of the trust of international investor and favorable business performance and long-term development in global market competition.
This paper, based on the information concerning the current situation of Changchun Railway Vehicles Co., Ltd. (CRC), proposes some strategy in optimizing capital structure. According the theory of capital structure, due to the effect of debt in tax saving, moderate debt would work as lever in reducing cost of raising funds. Appropriate proportional indebtedness would reduce composite cost of capital of a corporation; theoretically, the prerequisite of listed companies whose goals are maximizing the wealth of stockholders is bound to seek to the optimal capital structure. Nevertheless, after reviewing the capital structure of listed companies in China, we find eventually that the result is not so. According to a number of pertinent data, the asset-liability ratio of some listed companies in China is lower than other national enterprises; in addition, judged by liability composition, listed companies in China are also not reasonable.
Key words: Capital structure debt effect of debt
