我国上市公司资本结构及其影响因素分析.rar

我国上市公司资本结构及其影响因素分析


摘　要

自莫迪格里安尼和米勒(Modigliani & Miller）于1958年提出MM模型即企业市场价值与资本结构无关的著名定理后，资本结构问题引起了理论与实务界的广泛关注，对资本结构的研究也进入一个新时期。资本结构理论在西方国家已经成为一套比较成熟的理论，国外学者对影响资本结构的因素已做了系统深入的研究。在研究资本结构理论发展的同时，很多学者也注意到资本结构影响因素的重要性，分别从不同的角度分析探讨了企业资本结构影响因素。

本文从资本结构理论入手，分析出不同的资本结构影响因素。通过分析国内外资本结构影响因素的已有研究结果，可以看到影响资本结构的因素分为以下几种类型：宏观经济因素、行业因素和公司特征因素等。进而分别研究各因素对资本结构的影响作用。

研究发现：(1)宏观经济影响因素方面，分析发现通货膨胀率和资本市场的发展状况对资本结构存在着显著的影响。通货膨胀率与资产负债率呈显著负相关性，资本市场发展状况则体现在股票市场资本化率与债券市场资本占有率两指标上，前者与资产负债率呈显著负相关，后者则与资产负债率呈显著正相关。而其他指标：GDP增长率、实际贷款利率却没有证明与资本结构存在显著影响的结论。

(2)行业影响因素方面。本文通过分析证明不同行业的资本结构存在显著的不同，即行业因素对资本结构具有显著的影响，不同行业对资本结构的影响显著性及影响程度也不同。

(3)公司特征影响因素方面。微观层面诸多影响因素在研究中一致存在很大的争议，对资本结构的影响没有得出一致的意见。本文分析得出的结论为：a.公司规模、公司成长性显著正相关；b.公司盈利能力、非债务税盾与资产负债率显著负相关。

最后，文章结合我国上市公司资本结构现状及影响因素分析，从宏观、行业、公司特征三个层次给出了优化建议，并就进一步研究方向做了初步的设想。

关键词：资本结构；影响因素；我国资本结构现状；优化对策

Abstract

Since Modigliani and Miller put forward in 1958 MM model that enterprise market value and the capital structure of the famous not after theorem, capital structure is the cause of theory and practice industry wide attention, to the capital structure of the research has also entered a new era. Capital structure theory in western countries have become a relatively mature theory, foreign scholars to influence the capital structure of the factor has been doing a system of further research. In the capital structure theory development and at the same time, many scholars also pay attention to the importance of the capital structure influencing factors, separately from different Angle discusses enterprise capital structure influencing factors.

This paper, from the capital structure theory, and analyses the different capital structure influencing factors. Through the analysis of the factors affecting the domestic and foreign capital structure of existing research results, can see the capital structure of the influence factors are divided into three types: macroeconomic factors, the industry factor and the company features factors. And then studied are the various factors on the impact of the capital structure. 

The results showed that: (1) the macro economic impact factors analysis found that inflation rate and the development of capital market status of capital structure has a significant effect. Inflation rate and asset ratio is a significant negative correlation, capital market development situation is reflected in the stock market capitalization rate and the bond market capital share the two indexes, the former and is a significant negative correlation to asset ratio, the latter and the asset-liability ratio is a significant positive correlation. And other indicators: GDP growth and real interest rate but no proof and the capital structure of the significant influence conclusion.

(2) industry influencing factors. This article through the analysis proves the capital structure of the different industries are significantly different, namely the industry factors on the capital structure has significant effect, different industries to influence the capital structure of the significant and extent are different.

(3) the company characteristics influence factors. Micro level of many factors in the study existed a hot dispute, the influence of the capital structure have not reached consensus. This paper analyzes the following conclusions are: a. the company size, the company growth significant positive correlation; B. company profit ability, the debt tax shields to asset ratio and a significant negative correlation.

Finally, based on the capital structure of listed companies in China present situation and influence factor analysis, from the macro, industry, the company features three levels the optimal Suggestions, and further research directions of the initial assumption.

Key Words: capital structure; Influencing factors; China's capital structure the present situation; Optimization countermeasures