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  本文選題：高速公路上市公司 + 資本結(jié)構(gòu)�。� 參考：《重慶交通大學》2012年碩士論文

【摘要】：企業(yè)融資是一個動態(tài)的過程,不同的融資行為最終形成不同的資本結(jié)構(gòu)。資本結(jié)構(gòu)是企業(yè)相關(guān)利益者權(quán)利義務(wù)的集中反映,企業(yè)融資行為的合理與否必然通過資本結(jié)構(gòu)反映出來,資本結(jié)構(gòu)又進一步影響并決定著企業(yè)融資行為的特征。資本結(jié)構(gòu)理論經(jīng)過長期的探討已經(jīng)相對完善,然而,我國上市公司融資行為與資本結(jié)構(gòu)理論框架相矛盾,資本結(jié)構(gòu)和融資行為之間關(guān)系的不合理也被認為是使我國上市公司企業(yè)價值過低的主要原因之一。二者之間關(guān)系的研究引起了眾多學者的興趣,成為一個備受關(guān)注的重要課題。 本文針對交通運輸類的高速公路行業(yè),選取了滬深兩市截至2011年12月31日27家上市公司年報數(shù)據(jù)為研究樣本,采用因子分析的方法分析了影響我國高速公路上市公司資本結(jié)構(gòu)的因素；分別采用格蘭杰因果關(guān)系檢驗和線性回歸的方法從因果性和相關(guān)性的角度對其資本結(jié)構(gòu)和融資行為的關(guān)系進行實證分析。主要的得出以下四個結(jié)論：第一,股權(quán)結(jié)構(gòu)、抵押資產(chǎn)價值及非債務(wù)稅盾是影響我國高速公路上市公司的主要因素；第二,我高速公路上市公司在融資行為中表現(xiàn)出偏好外源融資和股權(quán)融資的傾向；第三,從因果性的角度來看,我國高速公路上市公司資本結(jié)構(gòu)和融資行為間存在相互影響的關(guān)系,從相關(guān)性的角度來看二者之間存在負相關(guān)關(guān)系。第四,我國上市公司股權(quán)結(jié)構(gòu)特殊、債券市場發(fā)展與證券市場整體發(fā)展不協(xié)調(diào)、債務(wù)融資未發(fā)揮其應(yīng)有的約束作用以及相關(guān)法規(guī)和制度不完善等問題是造成資本結(jié)構(gòu)與融資行為負相關(guān)的主要原因。 最后提出了優(yōu)化高速公路上市公司資本結(jié)構(gòu)和規(guī)范融資行為的建議：合理安排流通股與國有股的比例；積極拓展債券市場,實現(xiàn)多元化融資；提高盈利水平,加強內(nèi)源融資能力；完善公司治理結(jié)構(gòu)等。
[Abstract]:Enterprise financing is a dynamic process. Different financing behavior forms different capital structure. The capital structure is the centralized reflection of the rights and obligations of the relevant stakeholders of the enterprise. The reasonableness of the enterprise's financing behavior must be reflected through the capital structure, and the capital structure further influences and determines the characteristics of the enterprise's financing behavior. The theory of capital structure has been relatively perfect after a long period of discussion. However, the financing behavior of listed companies in China contradicts the theoretical framework of capital structure. The unreasonable relationship between capital structure and financing behavior is also considered to be one of the main reasons for the low value of listed companies in China. The study of the relationship between the two has aroused the interest of many scholars and become an important subject of great concern. Based on the annual report data of 27 listed companies in Shanghai and Shenzhen stock markets until December 31, 2011, the factors influencing the capital structure of the listed companies in expressway are analyzed by factor analysis. Granger causality test and linear regression are used to analyze the relationship between capital structure and financing behavior from the perspective of causality and correlation. The main conclusions are as follows: first, the ownership structure, the value of mortgage assets and the non-debt tax shield are the main factors that affect the listed companies of expressway in China; second, The listed companies of our highway show a tendency to prefer exogenous financing and equity financing in their financing behavior. Thirdly, from the point of view of causality, the capital structure and financing behavior of listed expressway companies in China have a mutual influence on each other. From the perspective of correlation, there is a negative correlation between the two. Fourth, the equity structure of listed companies in China is special, and the development of the bond market is not in harmony with the overall development of the securities market. The main reasons for the negative correlation between capital structure and financing behavior are the failure of debt financing to play its due binding role and the imperfections of relevant laws and regulations. Finally, it is put forward to optimize the capital structure of expressway listed companies. And the suggestion of standardizing the financing behavior: reasonable arrangement of the proportion of circulating shares and state-owned shares; Actively expand the bond market, realize diversified financing, improve profit level, strengthen endogenous financing ability, perfect corporate governance structure and so on.
【學位授予單位】：重慶交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F542.6;F832.51;F224

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本文編號：1993425