【摘要】：融資方式的選擇、最優(yōu)資本結(jié)構(gòu)的決定一直是企業(yè)財(cái)務(wù)理論研究的主要問(wèn)題之一。公司融資的最終目標(biāo)是提高公司的價(jià)值,而提高公司價(jià)值的經(jīng)典思路就是調(diào)整公司的資本結(jié)構(gòu)。最優(yōu)資本結(jié)構(gòu)是指企業(yè)在一段時(shí)期內(nèi),籌措的資本加權(quán)平均資本成本最低,從而使得企業(yè)價(jià)值最大。它應(yīng)當(dāng)是企業(yè)的目標(biāo)資本結(jié)構(gòu)。目前的研究表明,最優(yōu)資本結(jié)構(gòu)應(yīng)該是一個(gè)區(qū)間,在這個(gè)區(qū)間內(nèi),企業(yè)的財(cái)務(wù)管理目標(biāo)能夠得到最大限度的實(shí)現(xiàn),企業(yè)價(jià)值最大。 本文在國(guó)內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上,從理論和實(shí)證兩方面分析了我國(guó)上市公司代理成本和資本結(jié)構(gòu)之間的關(guān)系,從降低代理成本的角度出發(fā),就如何規(guī)范上市公司的融資行為提出了建議,通過(guò)控制融資過(guò)程中產(chǎn)生的代理成本,使代理成本最小化,從而確定最優(yōu)資本結(jié)構(gòu)。理論方面,本文介紹了代理成本理論、權(quán)衡理論、控制權(quán)理論、激勵(lì)理論,并且討論了目標(biāo)最優(yōu)資本結(jié)構(gòu)的確立和判定方法。然后,本文采用了2010年滬深兩市1555家上市公司作為樣本進(jìn)行實(shí)證,通過(guò)建立模型,準(zhǔn)確的揭示了代理成本和資本結(jié)構(gòu)的內(nèi)在聯(lián)系,研究結(jié)果表明,從代理成本角度看,存在最優(yōu)資本結(jié)構(gòu)的區(qū)間。最后,針對(duì)我國(guó)上市公司存在的代理問(wèn)題,提出了完善企業(yè)的公司治理,優(yōu)化企業(yè)融資環(huán)境的政策建議。這對(duì)指導(dǎo)我國(guó)上市公司降低代理成本,制定合理融資政策具有積極的理論意義。
[Abstract]:The choice of financing mode and the decision of optimal capital structure have always been one of the main problems in the study of corporate finance theory. The ultimate goal of corporate financing is to improve the value of the company, and the classic idea of improving the value of the company is to adjust the capital structure of the company. The optimal capital structure refers to the lowest capital weighted average capital cost raised by an enterprise for a period of time, which makes the value of the enterprise maximum. It should be the target capital structure of the enterprise. The current research shows that the optimal capital structure should be an interval in which the financial management objectives of enterprises can be realized to the maximum extent and the enterprise value is the greatest. On the basis of domestic and foreign literature, this paper analyzes the relationship between agency cost and capital structure of listed companies in China from both theoretical and empirical aspects, and starts from the angle of reducing agency cost. This paper puts forward some suggestions on how to regulate the financing behavior of listed companies. By controlling the agency cost in the financing process, the agency cost is minimized, and the optimal capital structure is determined. In theory, this paper introduces agency cost theory, trade-off theory, control theory, incentive theory, and discusses the establishment and determination of the target optimal capital structure. Then, this paper uses 1555 listed companies of Shanghai and Shenzhen Stock Exchange in 2010 as a sample to carry on the demonstration, through establishing the model, has revealed the internal relation between the agency cost and the capital structure accurately, the research result shows, from the agent cost angle, looks at, the research result, looks from the agency cost angle, There is an interval of optimal capital structure. Finally, in view of the agency problem of listed companies in our country, this paper puts forward some policy suggestions on how to perfect the corporate governance and optimize the financing environment of enterprises. This has positive theoretical significance to guide listed companies to reduce agency cost and formulate reasonable financing policy.
【學(xué)位授予單位】：南京師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275;F224

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