基于资本成本角度的企业价值影响因素研究.doc
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基于资本成本角度的企业价值影响因素研究,15700字自己的原创毕业论文，仅在本站独家提交，大家放心使用摘 要资本成本经过长期的发展，已为越来越多的企业所了解。然而在现实中，企业管理者过于追求企业利润最大化，而对企业价值最大化认识程度不够，进而无法充分重视资本成本的优化，而只是把资本成本高低当成是企业的筹资管理手段。从而导...
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基于资本成本角度的企业价值影响因素研究
15700字
自己的原创毕业论文，仅在本站独家提交，大家放心使用
摘 要
资本成本经过长期的发展，已为越来越多的企业所了解。然而在现实中，企业管理者过于追求企业利润最大化，而对企业价值最大化认识程度不够，进而无法充分重视资本成本的优化，而只是把资本成本高低当成是企业的筹资管理手段。从而导致企业无法将自身发展与资本成本联系起来，导致企业成本高涨，企业陷入困境，难以自拔，最终导致企业走向没落。本文首先对相关概念进行了介绍，在此基础上，对我国上市公司的资本结构现状进行了分析。然后，进行了实证分析，认为企业价值和产业集中度呈正相关关系。产业内竞争越激烈，那么赫芬达尔指数就越小，根据正向比率的关系，企业最优资产结构中资产负债率水平就越低。一个产业内竞争程度越高，企业往往会倾向于选择股权融资，继而它的资产负债率为企业的最佳资本结构，以便降低企业的风险，从而实现企业的长期生存和发展，进而实现企业价值最大化的目标。最后，本文结合问题提出了相应的对策思考。
关键词：企业价值 资本成本 资本结构
ABSTRACT
Through years of development, more and more enterprises know the cost of capital. However in reality, Company managers over the pursuit of maximum profit, lacking the awareness to maximize the value of enterprises, Then it is unable to give full attention to the optimization of capital cost, But the capital cost as financing management of enterprises. Leading enterprises are unable to connect their own development and the cost of capital, Causing the enterprise costs highly，Companies in trouble, it is difficult to extricate themselves, leading to the enterprises to decline. This paper firstly introduces the related concepts, On this basis, the capital structure of the status quo of China's listing Corporation is analyzed. Then, I has carried on the empirical analysis, that there is a positive correlation between the degree of concentration of industry and enterprise value. Intra industry competition is more intense, so the Be hFinn Dahl index is smaller, According to the relationship between positive rate, the optimal enterprise asset structure of assets and liabilities rate is low. A higher degree of competition in the industry, companies often prefer to equity financing, Then it's assets and liabilities rate of the best capital structure of enterprise, in order to reduce the risk of enterprises, In order to achieve long-term survival and development of enterprises, so as to realize the goal of maximizing the value of enterprise. Finally, this paper puts forward some corresponding countermeasures.
KEYWORD：enterprise value capital cost capital structure
目录
引言··································································- 1-
1 企业价值和资本成本·············································-2-
1.1企业价值与资本成本的涵义····································- 2-
1.1.1企业价值的含义···································· -2-
1.1.2企业价值的表现形式·································-2-
1.1.3资本成本含义·······································-3-
1.2企业价值和资本成本的关系·······························- 3-
2 中国上市公司资本结构分析····································-4-
2.1上市公司资本结构现状········································-4-
2.1.1资产负债率水平不高·································-4-
2.1.2.上市公司长期债务低而短期债务高····················- 6-
2.1.3上市公司股权集中度高······························- 7-
2.2中国上市公司资本结构现状的原因分析·····················- 8-
2.2.1我国上市公司股票融资成本较低·······················-8-
2.2.2债券投资的低收益高破产成本预期·····················-8-
2.2.3上市公司治理结构不合理·····························-9-
3 中国上市公司资本成本与企业价值实证研究·················-10-
3.1样本的选取和说明·······································-10-
3.2变量设计···············································-10-
3.2.1被解释变量········································-10-
3.2.2解释变量···········································-10-
3.2.3控制变量········..
15700字
自己的原创毕业论文，仅在本站独家提交，大家放心使用
摘 要
资本成本经过长期的发展，已为越来越多的企业所了解。然而在现实中，企业管理者过于追求企业利润最大化，而对企业价值最大化认识程度不够，进而无法充分重视资本成本的优化，而只是把资本成本高低当成是企业的筹资管理手段。从而导致企业无法将自身发展与资本成本联系起来，导致企业成本高涨，企业陷入困境，难以自拔，最终导致企业走向没落。本文首先对相关概念进行了介绍，在此基础上，对我国上市公司的资本结构现状进行了分析。然后，进行了实证分析，认为企业价值和产业集中度呈正相关关系。产业内竞争越激烈，那么赫芬达尔指数就越小，根据正向比率的关系，企业最优资产结构中资产负债率水平就越低。一个产业内竞争程度越高，企业往往会倾向于选择股权融资，继而它的资产负债率为企业的最佳资本结构，以便降低企业的风险，从而实现企业的长期生存和发展，进而实现企业价值最大化的目标。最后，本文结合问题提出了相应的对策思考。
关键词：企业价值 资本成本 资本结构
ABSTRACT
Through years of development, more and more enterprises know the cost of capital. However in reality, Company managers over the pursuit of maximum profit, lacking the awareness to maximize the value of enterprises, Then it is unable to give full attention to the optimization of capital cost, But the capital cost as financing management of enterprises. Leading enterprises are unable to connect their own development and the cost of capital, Causing the enterprise costs highly，Companies in trouble, it is difficult to extricate themselves, leading to the enterprises to decline. This paper firstly introduces the related concepts, On this basis, the capital structure of the status quo of China's listing Corporation is analyzed. Then, I has carried on the empirical analysis, that there is a positive correlation between the degree of concentration of industry and enterprise value. Intra industry competition is more intense, so the Be hFinn Dahl index is smaller, According to the relationship between positive rate, the optimal enterprise asset structure of assets and liabilities rate is low. A higher degree of competition in the industry, companies often prefer to equity financing, Then it's assets and liabilities rate of the best capital structure of enterprise, in order to reduce the risk of enterprises, In order to achieve long-term survival and development of enterprises, so as to realize the goal of maximizing the value of enterprise. Finally, this paper puts forward some corresponding countermeasures.
KEYWORD：enterprise value capital cost capital structure
目录
引言··································································- 1-
1 企业价值和资本成本·············································-2-
1.1企业价值与资本成本的涵义····································- 2-
1.1.1企业价值的含义···································· -2-
1.1.2企业价值的表现形式·································-2-
1.1.3资本成本含义·······································-3-
1.2企业价值和资本成本的关系·······························- 3-
2 中国上市公司资本结构分析····································-4-
2.1上市公司资本结构现状········································-4-
2.1.1资产负债率水平不高·································-4-
2.1.2.上市公司长期债务低而短期债务高····················- 6-
2.1.3上市公司股权集中度高······························- 7-
2.2中国上市公司资本结构现状的原因分析·····················- 8-
2.2.1我国上市公司股票融资成本较低·······················-8-
2.2.2债券投资的低收益高破产成本预期·····················-8-
2.2.3上市公司治理结构不合理·····························-9-
3 中国上市公司资本成本与企业价值实证研究·················-10-
3.1样本的选取和说明·······································-10-
3.2变量设计···············································-10-
3.2.1被解释变量········································-10-
3.2.2解释变量···········································-10-
3.2.3控制变量········..
