【摘要】：關(guān)于資本結(jié)構(gòu)的研究在金融研究領(lǐng)域里一直都是一個熱點話題，同樣其在公司財務(wù)理論中也是最為核心的內(nèi)容，因為它的理論價值和在現(xiàn)實中的應(yīng)用意義是非常顯著的。自MM理論（Modigliani Miller Models,米勒-莫迪利安尼模型）于1958年被提出以后，經(jīng)過長時間的發(fā)展已經(jīng)分化為很多的派別，尤其在研究企業(yè)的資本結(jié)構(gòu)選擇上的理論和實證領(lǐng)域里更是碩果累累。在世界經(jīng)濟迅猛發(fā)展的大環(huán)境下，各學(xué)科相互借鑒和取長補短的交叉性研究也初露鋒茫，而將資本結(jié)構(gòu)理論引入經(jīng)濟學(xué)范疇研究更是取得了長足發(fā)展。一個合理的資本結(jié)構(gòu)決定了股東、債權(quán)人、經(jīng)理人等利益相關(guān)者對公司的控制權(quán)的分配，也在一定程度上決定了公司利益是否能夠順利達到預(yù)期目標，因此，資本結(jié)構(gòu)的合理性在很大意義上能夠從側(cè)面反映企業(yè)能否給利益相關(guān)者帶來最大利益分成,同時，一個地區(qū)的企業(yè)多且發(fā)展勢頭良好能夠在很大程度上促進本地區(qū)的經(jīng)濟發(fā)展，因此資本結(jié)構(gòu)的優(yōu)化間接關(guān)系到地區(qū)經(jīng)濟的發(fā)展（本文將對此進行詳細的研究和論證）。在我國，區(qū)域經(jīng)濟發(fā)展極不平衡，與此同時不同地區(qū)的綜合經(jīng)濟發(fā)展水平的差異性對企業(yè)融資能力也具有很大的影響。因此，本文對資本結(jié)構(gòu)對我國產(chǎn)品市場競爭的影響，進而影響地區(qū)經(jīng)濟發(fā)展水平作了較為詳細的分析和論證。本文正是致力于通過實證分析，通過比較分析東西部兩個地區(qū)制造業(yè)上市公司歷年的財務(wù)數(shù)據(jù)，找出其區(qū)域經(jīng)濟發(fā)展程度、產(chǎn)品市場競爭與公司資本結(jié)構(gòu)之間的關(guān)系，并提出通過怎樣的途徑來優(yōu)化資本結(jié)構(gòu)，最終為提高地區(qū)經(jīng)濟的發(fā)展做出一點貢獻。本文的結(jié)構(gòu)安排如下： 本文共五章：第一章緒論，闡述論文研究背景、意義，以及本文研究的主要內(nèi)容和論文的結(jié)構(gòu)安排與研究方法；第二章概念的界定與文獻綜述，本章首先對文章涉及到的概念進行了簡要的界定，然后對相關(guān)文獻從國內(nèi)外兩個方面進行了綜述，對相關(guān)領(lǐng)域的主要代表人物及相關(guān)的研究成果進行了簡要的敘述，為后文進行相關(guān)的研究探討做了理論上的鋪墊。第三章理論分析及假設(shè)的提出，本章主要分了兩大部分：首先對我國制造業(yè)上市公司的資本結(jié)構(gòu)特征進行了簡要的介紹，并通過數(shù)據(jù)得出我國資本結(jié)構(gòu)存在哪些方面的問題；其次是從區(qū)域差異性角度，對我國東西部地區(qū)進行了資本結(jié)構(gòu)構(gòu)成等主要要素的對比分析，得出了東西部資本結(jié)構(gòu)上的差異，在比較兩地區(qū)綜合經(jīng)濟發(fā)展水平上，主要從經(jīng)濟發(fā)展、金融發(fā)展進行了對比研究。最后是相關(guān)理論的分析，并提出了本文研究的假設(shè)。第四章，資本結(jié)構(gòu)、產(chǎn)品市場競爭與區(qū)域經(jīng)濟發(fā)展關(guān)系的實證研究設(shè)計和分析，這一章首先介紹了數(shù)據(jù)的來源以及數(shù)據(jù)的篩選原則，各變量的選擇；然后，本文運用Excel收集和整理數(shù)據(jù)，運用SPSS17.0對收集的數(shù)據(jù)進行描述性統(tǒng)計，通過K-S檢驗、Mann-Whitney檢驗進行縱向的顯著性檢驗，通過因子分析法對區(qū)域經(jīng)濟發(fā)展的代替指標進行處理，最后利用相關(guān)性分析得出結(jié)果，并對結(jié)果進行分析。第五章，，研究結(jié)論和建議。
[Abstract]:The study of capital structure has always been a hot topic in the field of financial research, and it is also the core content of corporate finance theory, because its theoretical value and practical significance are very significant. Since then, after a long period of development, it has been divided into many schools, especially in the theoretical and empirical fields of studying the choice of capital structure of enterprises. A reasonable capital structure decides the distribution of the controlling power of shareholders, creditors, managers and other stakeholders to the company, and to a certain extent determines whether the interests of the company can smoothly achieve the desired objectives. Therefore, the rationality of the capital structure can be in a great sense from At the same time, a large number of enterprises in a region with good development momentum can promote the economic development of the region to a great extent. Therefore, the optimization of capital structure is indirectly related to the development of regional economy (this paper will conduct a detailed study and demonstration). The regional economic development is extremely unbalanced, at the same time, the difference of comprehensive economic development level in different regions has a great impact on the financing ability of enterprises. Therefore, this paper makes a detailed analysis and demonstration of the impact of capital structure on the product market competition in China, and then on the regional economic development level. Through empirical analysis, this paper compares and analyzes the financial data of manufacturing listed companies in eastern and western regions over the years, finds out the degree of regional economic development, the relationship between product market competition and corporate capital structure, and puts forward how to optimize the capital structure in order to contribute to the development of regional economy. The structure of the text is as follows:
This paper consists of five chapters: Chapter one is the introduction, which expounds the research background, significance, the main content of this paper and the structure arrangement and research methods of this paper; Chapter two is the definition of the concept and literature review. This chapter first briefly defines the concept involved in the article, and then carries on the related literature from two aspects at home and abroad. In the third chapter, the theoretical analysis and hypothesis are put forward. This chapter mainly divides into two parts: First, the capital structure characteristics of listed manufacturing companies in China are briefly introduced. Secondly, from the perspective of regional differences, this paper makes a comparative analysis of the capital structure and other major elements in the eastern and western regions of China, and obtains the differences in the capital structure between the eastern and Western regions. The fourth chapter is the empirical research design and analysis of the relationship between capital structure, product market competition and regional economic development. In this paper, Excel is used to collect and collate data, SPSS17.0 is used to describe the collected data. K-S test and Mann-Whitney test are used to test the longitudinal significance. Factor analysis is used to deal with the substituted indicators of regional economic development. Finally, correlation analysis is used to obtain the results and analyze the results. The five chapter, conclusions and recommendations.
【學(xué)位授予單位】：新疆財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F127;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 朱武祥,陳寒梅,吳迅;產(chǎn)品市場競爭與財務(wù)保守行為——以燕京啤酒為例的分析[J];經(jīng)濟研究;2002年08期

2 劉志彪,姜付秀,盧二坡;資本結(jié)構(gòu)與產(chǎn)品市場競爭強度[J];經(jīng)濟研究;2003年07期

3 孫錚,劉鳳委,李增泉;市場化程度、政府干預(yù)與企業(yè)債務(wù)期限結(jié)構(gòu)——來自我國上市公司的經(jīng)驗證據(jù)[J];經(jīng)濟研究;2005年05期

4 姜付秀;屈耀輝;陸正飛;李焰;;產(chǎn)品市場競爭與資本結(jié)構(gòu)動態(tài)調(diào)整[J];經(jīng)濟研究;2008年04期

5 李科;徐龍炳;;資本結(jié)構(gòu)、行業(yè)競爭與外部治理環(huán)境[J];經(jīng)濟研究;2009年06期

6 肖堯;楊小亮;;我國東、西部上市公司資本結(jié)構(gòu)實證分析[J];金融理論與實踐;2007年08期

7 姜付秀;劉志彪;;經(jīng)濟波動中的資本結(jié)構(gòu)與產(chǎn)品市場競爭[J];金融研究;2005年12期

8 李青原;陳曉;王永海;;產(chǎn)品市場競爭、資產(chǎn)專用性與資本結(jié)構(gòu)——來自中國制造業(yè)上市公司的經(jīng)驗證據(jù)[J];金融研究;2007年04期

9 姜付秀;劉志彪;李焰;;不同行業(yè)內(nèi)公司之間資本結(jié)構(gòu)差異研究——以中國上市公司為例[J];金融研究;2008年05期

10 梁龍,苗維亞;東、西部上市公司資本結(jié)構(gòu)實證研究[J];價值工程;2003年S1期

相關(guān)博士學(xué)位論文 前1條

1 馬輝;中國上市公司資本結(jié)構(gòu)與績效研究[D];河北工業(yè)大學(xué);2008年

本文編號：2199525