本文關(guān)鍵詞：我國上市公司融資結(jié)構(gòu)研究　出處：《東北財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著1990年上海證券交易所和深圳證券交易所的成立,我國資本市場在這二十多年來逐漸發(fā)展壯大,證券市場的融資功能越來越顯著。隨著股票市場的快速發(fā)展和規(guī)模的不斷壯大,我國的上市公司有了一個很好的進(jìn)行股權(quán)融資的場所,但與此同時我們也發(fā)現(xiàn),我國上市公司融資結(jié)構(gòu)在發(fā)展的過程中出現(xiàn)了與發(fā)達(dá)國家上市公司特征不同的現(xiàn)象。企業(yè)的融資結(jié)構(gòu)對企業(yè)的治理結(jié)構(gòu)、市場價值、資本成本和總體經(jīng)濟(jì)的增長與穩(wěn)定都有很大的影響,應(yīng)該給與足夠的重視。因而本文針對這一現(xiàn)象進(jìn)行了細(xì)致的研究。通過對西方資本結(jié)構(gòu)理論的研究和對發(fā)達(dá)國家上市公司融資結(jié)構(gòu)特征的研究,本文認(rèn)為上市公司融資結(jié)構(gòu)應(yīng)該符合優(yōu)序融資理論,即企業(yè)在籌集資金時應(yīng)該首先進(jìn)行內(nèi)源融資,然后進(jìn)行外源融資,在外源融資中,首先進(jìn)行債權(quán)融資,然后進(jìn)行股權(quán)融資。而我國上市公司的融資結(jié)構(gòu)卻與這一理論相悖。本文集中分析了產(chǎn)生這一現(xiàn)象的原因,并重點討論了優(yōu)化我國上市公司融資結(jié)構(gòu)的具體方法。 本文共包括以下五個部分： 第一章：緒論 指出本文的研究背景和選題意義,并界定有關(guān)融資結(jié)構(gòu)的概念,同時對西方融資結(jié)構(gòu)理論進(jìn)行梳理和闡述。 第二章：發(fā)達(dá)國家上市公司融資結(jié)構(gòu)比較 通過對發(fā)達(dá)國家上市公司融資結(jié)構(gòu)的總體比較選擇美國和日本這兩個代表性國家進(jìn)行更深入的研究,并得出結(jié)論：發(fā)達(dá)國家上市公司的融資結(jié)構(gòu)的特征與資本結(jié)構(gòu)理論的研究相符合,即發(fā)達(dá)國家企業(yè)在籌集資金時優(yōu)先選擇內(nèi)源融資,在內(nèi)源融資還不能滿足資金需求時才進(jìn)行外源融資,并且在外源融資中,優(yōu)先選擇債權(quán)融資,然后進(jìn)行股權(quán)融資。 第三章：我國上市公司融資結(jié)構(gòu)特征 通過對上市公司總體數(shù)據(jù)平均值進(jìn)行整理,分析出我國上市公司資本結(jié)構(gòu)的特征。我國上市公司資本結(jié)構(gòu)具有明顯偏好股權(quán)融資、內(nèi)源融資不充分和資產(chǎn)負(fù)債率較低的特征。 第四章：我國上市公司股權(quán)融資偏好成因 從宏觀資本市場整體環(huán)境和微觀的單個上市公司兩方面對我國上市公司大量發(fā)行股票籌集資金的原因進(jìn)行分析,得出我國上市公司之所以形成目前資本結(jié)構(gòu)特征的原因是：我國資本市場發(fā)展不成熟、上市公司內(nèi)源融資受限制、股漢融資成本低以及上市公司缺乏有效治理結(jié)構(gòu)。 第五章：優(yōu)化我國上市公司融資結(jié)構(gòu)的對策 通過對我國上市公司股權(quán)融資偏好成因的分析,進(jìn)一步研究優(yōu)化我國上市公司融資結(jié)構(gòu)的對策。本文主要從股票市場、債券市場、銀行和企業(yè)內(nèi)部幾個方面分析并提出對策。
[Abstract]:With the establishment of Shanghai Stock Exchange and Shenzhen Stock Exchange in 1990, the capital market of our country has developed gradually in the past 20 years. With the rapid development and growing scale of the stock market, the listed companies in our country have a good place for equity financing, but at the same time, we also find. In the process of development, the financing structure of listed companies in China is different from that of listed companies in developed countries. The cost of capital and the growth and stability of the overall economy have a great impact. We should pay enough attention to it. Therefore, this paper makes a detailed study on this phenomenon. Through the study of western capital structure theory and the characteristics of financing structure of listed companies in developed countries. This paper holds that the financing structure of listed companies should conform to the priority financing theory, that is, enterprises should first carry out endogenous financing, then exogenous financing, and the debt financing is the first in the external financing. Then equity financing. But the financing structure of listed companies in China is contrary to this theory. This paper focuses on the analysis of the causes of this phenomenon. The specific methods of optimizing the financing structure of listed companies in China are discussed in detail. This paper consists of the following five parts: Chapter one: introduction This paper points out the research background and the significance of the topic, defines the concept of financing structure, and expounds the western theory of financing structure. Chapter two: comparison of financing structure of listed companies in developed countries Through the overall comparison of the financing structure of listed companies in developed countries, the United States and Japan are the two representative countries for more in-depth research. It is concluded that the characteristics of financing structure of listed companies in developed countries are consistent with the study of capital structure theory, that is, enterprises in developed countries give priority to endogenous financing when raising funds. Exogenous financing can not satisfy the demand of capital, and in exogenous financing, creditor's right financing is preferred, and then equity financing is carried out. Chapter three: the characteristics of financing structure of listed companies in China Through the analysis of the average value of the total data of the listed companies, the characteristics of the capital structure of the listed companies in China are analyzed. The capital structure of the listed companies in China has a clear preference for equity financing. The characteristics of inadequate endogenous financing and low asset-liability ratio. Chapter 4th: the causes of Equity financing preference of listed companies in China From the macro capital market environment and the micro single listed company, this paper analyzes the reasons for the large amount of capital raised by the listed companies in our country. The reasons for the formation of the current capital structure of listed companies in China are that the capital market is not mature and the internal financing of listed companies is restricted. Stock-Han financing costs are low and listed companies lack effective governance structure. Chapter 5th: countermeasures to optimize the financing structure of listed companies in China By analyzing the causes of equity financing preference of listed companies in China, the author further studies the countermeasures to optimize the financing structure of listed companies in China. This paper mainly focuses on the stock market and bond market. The bank and the enterprise interior several aspects analysis and puts forward the countermeasure.
【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F276.6

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