本文選題：資本結(jié)構(gòu) + 浙江省民營上市公司　； 參考：《貴州財經(jīng)大學(xué)》2014年碩士論文

【摘要】：改革開放30年來，中國經(jīng)濟快速發(fā)展，民營經(jīng)濟的快速發(fā)展尤為突出。浙江省是民營經(jīng)濟高速發(fā)展的代表。隨著民營經(jīng)濟的發(fā)展，浙江省民營上市公司考慮到自身的資本結(jié)構(gòu)應(yīng)當(dāng)進(jìn)行優(yōu)化，以降低資本成本，創(chuàng)造利潤最大化。到底企業(yè)的資本結(jié)構(gòu)會受到哪些因素的影響，企業(yè)的資本結(jié)構(gòu)到底有無所謂的最優(yōu)資本結(jié)構(gòu)，本文就是想找出有哪些公司特性因素在影響著企業(yè)的資本結(jié)構(gòu)，并考慮這些要素是怎么影響浙江省民營上市公司的資本結(jié)構(gòu)，然后對這些民營上市公司建議少許對策來優(yōu)化其自身的資本結(jié)構(gòu)，以降低自身的資本成本，，使企業(yè)能夠更好的發(fā)展，最終目的是促進(jìn)整個浙江省民營經(jīng)濟更好的發(fā)展。 研究企業(yè)資本結(jié)構(gòu)理論在公司金融這一領(lǐng)域，一直是一個熱點問題。國內(nèi)外許多學(xué)者都對資本結(jié)構(gòu)理論進(jìn)行了研究，特別是在MM理論被提出之后，這些學(xué)者對于資本結(jié)構(gòu)問題進(jìn)行了很多的理論研究同時也做出了許多的實證分析，得出了一些結(jié)論。 本文在總結(jié)國內(nèi)外各學(xué)者研究成果的基礎(chǔ)上，通過收集浙江省民營上市公司每年的上市公司年報數(shù)據(jù)和公司相關(guān)資料，運用統(tǒng)計學(xué)、計量經(jīng)濟學(xué)相結(jié)合的方法，對浙江省的民營上市公司的資本結(jié)構(gòu)影響因素進(jìn)行了相關(guān)實證研究。 首先對浙江省民營上市公司進(jìn)行了統(tǒng)計性描述，發(fā)現(xiàn)浙江省民營上市公司股權(quán)集中度較高，而且公司的資產(chǎn)負(fù)債率有逐年上升的趨勢。浙江省民營上市公司的行業(yè)較集中，大部分為制造業(yè)，像計算機和文化、金融產(chǎn)業(yè)類的民營上市公司較少，浙江省民營上市公司負(fù)債中流動負(fù)債比例較大。然后對企業(yè)的規(guī)模、企業(yè)的盈利能力、企業(yè)的成長性、企業(yè)的資產(chǎn)擔(dān)保價值、公司實際所得稅與企業(yè)的資本結(jié)構(gòu)相關(guān)性進(jìn)行了實證分析，得出以下結(jié)論。企業(yè)的規(guī)模與企業(yè)的資產(chǎn)負(fù)債率無明顯的相關(guān)性，企業(yè)的盈利能力與企業(yè)的資產(chǎn)負(fù)債率有正相關(guān)性、企業(yè)的成長性與企業(yè)的規(guī)模正相關(guān)、企業(yè)的資產(chǎn)擔(dān)保價值與企業(yè)的資產(chǎn)負(fù)債率無明顯的相關(guān)性、企業(yè)的股權(quán)集中度與企業(yè)的資產(chǎn)負(fù)債率有正相關(guān)性、企業(yè)的所得稅與企業(yè)的資產(chǎn)負(fù)債率有正相關(guān)性。最后本文對浙江省民營上市公司提出了一些對策與建議，旨在能夠優(yōu)化這些民營企業(yè)的資本結(jié)構(gòu)，使得浙江省的民營經(jīng)濟發(fā)展的越來越好。
[Abstract]:Since the reform and opening up 30 years ago, China's economy has developed rapidly, especially the private economy. Zhejiang Province is a representative of the rapid development of private economy. With the development of private economy, private listed companies in Zhejiang province should optimize their capital structure in order to reduce the cost of capital and maximize profits. In the end, what factors will affect the capital structure of the enterprise, and the capital structure of the enterprise has the optimal capital structure that does not matter, this article is to find out which characteristic factors of the company are influencing the capital structure of the enterprise. And consider how these factors affect the capital structure of private listed companies in Zhejiang Province, and then propose some countermeasures to optimize their own capital structure to reduce their own capital costs. The final goal is to promote the better development of private economy in Zhejiang Province. The study of corporate capital structure theory in the field of corporate finance has been a hot issue. Many scholars at home and abroad have studied the capital structure theory, especially after the MM theory was put forward, these scholars have done a lot of theoretical research on the capital structure problem, and also made a lot of empirical analysis. Some conclusions have been drawn. On the basis of summing up the research results of scholars at home and abroad, this paper collects the annual report data of private listed companies in Zhejiang Province and the relevant information of the companies, and applies the method of combining statistics and econometrics. This paper makes an empirical study on the influencing factors of capital structure of private listed companies in Zhejiang Province. Firstly, the author makes a statistical description of the private listed companies in Zhejiang Province, and finds that the ownership concentration of private listed companies in Zhejiang Province is relatively high, and the asset-liability ratio of the companies is rising year by year. The industry of private listed companies in Zhejiang Province is concentrated, most of them are manufacturing industries, such as computer and culture, financial industry, private listed companies are less, and the proportion of current liabilities of private listed companies in Zhejiang Province is larger. Then the paper makes an empirical analysis of the scale of the enterprise, the profitability of the enterprise, the growth of the enterprise, the guarantee value of the assets of the enterprise, the correlation between the actual income tax and the capital structure of the enterprise, and draws the following conclusions. There is no obvious correlation between the scale of the enterprise and the ratio of assets and liabilities, the profitability of the enterprise has a positive correlation with the ratio of the assets and liabilities of the enterprise, and the growth of the enterprise is positively related to the scale of the enterprise. There is no obvious correlation between the asset-guaranteed value and the asset-liability ratio of the enterprise, but there is a positive correlation between the ownership concentration and the asset-liability ratio of the enterprise, and the income tax and the asset-liability ratio of the enterprise. Finally, this paper puts forward some countermeasures and suggestions to the private listed companies in Zhejiang Province, aiming at optimizing the capital structure of these private enterprises and making the private economy of Zhejiang Province develop better and better.
【學(xué)位授予單位】：貴州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F224;F276.5

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