本文關(guān)鍵詞：我國(guó)上市公司國(guó)有股占比與資本結(jié)構(gòu)關(guān)系研究　出處：《華中科技大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 股權(quán)結(jié)構(gòu) 國(guó)有股占比 資本結(jié)構(gòu)

【摘要】：我國(guó)對(duì)資本結(jié)構(gòu)的研究始于20世紀(jì)90年代，90年代以后我國(guó)企業(yè)的財(cái)務(wù)改革進(jìn)入創(chuàng)新階段，資本市場(chǎng)的發(fā)展為上市公司的融資提供了多樣性的方法，，經(jīng)過(guò)十幾年的發(fā)展，我國(guó)上市公司數(shù)量不斷增加，資本市場(chǎng)規(guī)模日益擴(kuò)大，融資渠道和融資數(shù)量逐漸增加。上市公司有其獨(dú)特的融資方式，先考慮外源融資，外部融資時(shí)先考慮股權(quán)融資再債權(quán)融資；同時(shí)，國(guó)有股一股獨(dú)大、股權(quán)集中度高現(xiàn)象顯而易見(jiàn)。那么占企業(yè)絕對(duì)控股地位的國(guó)有股份會(huì)對(duì)資本結(jié)構(gòu)產(chǎn)生什么樣的影響，這是值得我們深思和研究的問(wèn)題。 就研究思路而言，本文從我國(guó)特殊的股權(quán)結(jié)構(gòu)（國(guó)有股比例較大）和資本結(jié)構(gòu)現(xiàn)狀入手，采用理論與實(shí)證相結(jié)合的分析方法，對(duì)我國(guó)上市公司股權(quán)結(jié)構(gòu)與資本結(jié)構(gòu)選擇問(wèn)題進(jìn)行研究。盡管?chē)?guó)內(nèi)外關(guān)于股權(quán)結(jié)構(gòu)與資本結(jié)構(gòu)的關(guān)系的理論研究較多，但缺乏實(shí)證檢驗(yàn)，本文正是基于此通過(guò)實(shí)證研究檢驗(yàn)二者之間的相互關(guān)系。 就研究?jī)?nèi)容而言，本文在國(guó)內(nèi)外研究的基礎(chǔ)上，先闡述股權(quán)結(jié)構(gòu)與資本結(jié)構(gòu)的理論，分析二者之間的假設(shè)關(guān)系，在此假設(shè)關(guān)系上對(duì)2011年A股上市公司數(shù)據(jù)進(jìn)行實(shí)證分析。研究表明國(guó)有股占比與資本結(jié)構(gòu)顯著正相關(guān)，最后提出優(yōu)化我國(guó)股權(quán)結(jié)構(gòu)和資本結(jié)構(gòu)的合理化建議。
[Abstract]:China began in 1990s, the study on the capital structure of Chinese enterprises, in 90s after the financial reform has entered a stage of innovation, the development of the capital market provides a method of diversity for the financing of listed companies, after ten years of development, the number of Listed Companies in China is increasing, the scale of the capital market is expanding, the number of financing channels and financing gradually the increase of listed companies. With its unique financing way, first consider the external financing, external financing, equity financing and debt financing first consideration; at the same time, the dominance of state-owned shares, ownership concentration is high. So obviously phenomenon of state-owned shares of enterprises accounted for absolute controlling status will produce what kind of impact on the capital structure, this is worthy of our attention and research.
The research ideas, this article from the special ownership structure in our country (the proportion of state-owned shares is larger) present situation and capital structure, the analysis method of combining the theoretical and empirical research on ownership structure and capital structure of Listed Companies in China. Although the relationship between the choice of ownership structure and capital structure theory research abroad more, but the lack of empirical test, this paper is based on the relationship between the tested by the empirical research of the two.
For the content of the study, based on the previous research, the ownership structure and capital structure theory, hypothesis analysis of the relationship between the two, based on the relationship between the data of companies listed on the A shares in 2011 empirical analysis. The research showed that the proportion of state-owned shares are significantly correlated with the capital structure, and finally puts forward the rationalization suggestion of optimizing the ownership structure and capital structure.

【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 胡國(guó)柳,董屹;上市公司股權(quán)結(jié)構(gòu)與資本結(jié)構(gòu)選擇的實(shí)證分析[J];財(cái)經(jīng)科學(xué);2005年05期

2 董秀良;上市公司的股權(quán)結(jié)構(gòu)、所有權(quán)安排與治理結(jié)構(gòu)[J];當(dāng)代經(jīng)濟(jì)研究;2001年05期

3 肖作平;股權(quán)結(jié)構(gòu)對(duì)資本結(jié)構(gòu)選擇的影響——來(lái)自中國(guó)上市公司的經(jīng)驗(yàn)證據(jù)[J];當(dāng)代經(jīng)濟(jì)科學(xué);2004年01期

4 陳湘永,張劍文,張偉文;我國(guó)上市公司“內(nèi)部人控制”研究[J];管理世界;2000年04期

5 王化成,胡國(guó)柳;股權(quán)結(jié)構(gòu)在公司治理中的作用及效率——文獻(xiàn)回顧及基于中國(guó)上市公司的未來(lái)研究方向[J];湖南大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2004年03期

6 馮根福,吳林江,劉世彥;我國(guó)上市公司資本結(jié)構(gòu)形成的影響因素分析[J];經(jīng)濟(jì)學(xué)家;2000年05期

7 陳曉,江東;股權(quán)多元化、公司業(yè)績(jī)與行業(yè)競(jìng)爭(zhēng)性[J];經(jīng)濟(jì)研究;2000年08期

8 黃少安,張崗;中國(guó)上市公司股權(quán)融資偏好分析[J];經(jīng)濟(jì)研究;2001年11期

9 郭鵬飛,孫培源;資本結(jié)構(gòu)的行業(yè)特征:基于中國(guó)上市公司的實(shí)證研究[J];經(jīng)濟(jì)研究;2003年05期

10 李濤;國(guó)有股權(quán)、經(jīng)營(yíng)風(fēng)險(xiǎn)、預(yù)算軟約束與公司業(yè)績(jī):中國(guó)上市公司的實(shí)證發(fā)現(xiàn)[J];經(jīng)濟(jì)研究;2005年07期

本文編號(hào)：1371301