【摘要】：2008年國際金融危機(jī)給各國經(jīng)濟(jì)造成了重大影響，對國內(nèi)有色金屬行業(yè)也造成了一定的沖擊。當(dāng)前有色金屬行業(yè)正面臨著錯綜復(fù)雜的市場環(huán)境，面臨著更大的財(cái)務(wù)風(fēng)險(xiǎn)和競爭壓力。本文希望通過對有色金屬行業(yè)上市公司資本結(jié)構(gòu)影響因素進(jìn)行研究，幫助相關(guān)上市公司分析所處行業(yè)、企業(yè)自身所面臨的資本結(jié)構(gòu)影響因素。各個(gè)企業(yè)再根據(jù)實(shí)際情況不斷優(yōu)化資本結(jié)構(gòu)、增強(qiáng)企業(yè)抵御財(cái)務(wù)風(fēng)險(xiǎn)的能力，從而提高公司的經(jīng)濟(jì)效益，更好的應(yīng)對復(fù)雜多變的市場。同時(shí),本文也為有色金屬行業(yè)中小企業(yè)提供一定的借鑒和參考。 首先，本文回顧了中外學(xué)者對資本結(jié)構(gòu)理論的研究成果，查閱了國內(nèi)外研究資本結(jié)構(gòu)影響因素的相關(guān)文獻(xiàn)，搜集了關(guān)于有色金屬行業(yè)的相關(guān)研究并進(jìn)行了評述。在此基礎(chǔ)上，對資本結(jié)構(gòu)影響因素進(jìn)行總結(jié)和概括，形成本文資本結(jié)構(gòu)影響因素的基礎(chǔ)。其次，剔除ST類、上市不滿五年、數(shù)據(jù)指標(biāo)異常的部分有色金屬行業(yè)上市公司，選取40家作為樣本進(jìn)行研究，對其現(xiàn)狀從資產(chǎn)、負(fù)債、股東情況等方面分析。然后根據(jù)樣本公司2010——2012年年報(bào)數(shù)據(jù)計(jì)算分析其資本結(jié)構(gòu)狀況，總結(jié)出資產(chǎn)負(fù)債率集中度高、波動幅度大，股權(quán)集中度高，流動負(fù)債比重高于非流動負(fù)債比重，借款合理性有待提高四個(gè)特點(diǎn)，并總結(jié)分析可能影響有色金屬行業(yè)上市公司的影響因素。 再次，，以有色金屬行業(yè)上市公司2010-2012年報(bào)表數(shù)據(jù)做為樣本，設(shè)置資產(chǎn)負(fù)債率和短期資產(chǎn)負(fù)債率為被解釋變量，總資產(chǎn)凈利率、權(quán)益凈利率、流動比率、營業(yè)收入增長率等十個(gè)因素為解釋變量，對資本結(jié)構(gòu)和其影響因素之間進(jìn)行描述性統(tǒng)計(jì)、相關(guān)性分析、多元線性回歸分析等實(shí)證研究。通過實(shí)證分析我們得出有色金屬行業(yè)上市公司資本結(jié)構(gòu)與盈利能力、非債務(wù)稅盾、資產(chǎn)流動性、營運(yùn)能力呈現(xiàn)負(fù)相關(guān)關(guān)系。其中它和盈利能力、非債務(wù)稅盾兩個(gè)因素之間是顯著負(fù)相關(guān)關(guān)系。資本結(jié)構(gòu)與抵押能力、有形資產(chǎn)呈現(xiàn)較為顯著正相關(guān)，而企業(yè)規(guī)模和成長性兩個(gè)因素對資本結(jié)構(gòu)并未產(chǎn)生顯著影響的結(jié)論。 最后，本文依據(jù)實(shí)證研究的結(jié)果，對有色金屬行業(yè)上市公司在資本結(jié)構(gòu)優(yōu)化方面提出了加強(qiáng)對資本結(jié)構(gòu)理念的重視、提高企業(yè)盈利能力、融資方式多樣化、債券結(jié)構(gòu)優(yōu)化、證券市場不斷完善等幾點(diǎn)合理化建議。
[Abstract]:The 2008 international financial crisis has had a great impact on the economy of all countries, and has also caused a certain impact on the domestic non-ferrous metal industry. At present, the nonferrous metal industry is facing the complicated market environment, facing greater financial risk and competitive pressure. This paper hopes to study the influencing factors of capital structure of listed companies in non-ferrous metal industry to help related listed companies to analyze the influencing factors of capital structure in their respective industries and enterprises themselves. According to the actual situation, each enterprise continuously optimizes the capital structure, strengthens the enterprise to resist the financial risk, thus enhances the company's economic benefit, better deal with the complex and changeable market. At the same time, this article also provides certain reference and reference for non-ferrous metal industry small and medium-sized enterprises. First of all, this paper reviews the research results of the capital structure theory at home and abroad, looks up the domestic and foreign literature on the influencing factors of capital structure, collects the relevant research and comments on the non-ferrous metal industry. On this basis, the paper summarizes and generalizes the influencing factors of capital structure, and forms the basis of the influencing factors of capital structure in this paper. Secondly, excluding the ST category, less than five years on the market and abnormal data indicators, 40 non-ferrous metal listed companies are selected as samples to study their current situation from the aspects of assets, liabilities, shareholders and so on. Then according to the sample company 2010-2012 annual report data calculation and analysis of its capital structure, summed up the high concentration of asset-liability ratio, large fluctuations, high equity concentration, the proportion of current liabilities is higher than the proportion of non-current liabilities. The rationality of borrowing needs to be improved, and the factors that may affect the listed companies in nonferrous metal industry are summarized and analyzed. Thirdly, taking the data of 2010-2012 financial statements of non-ferrous metal industry listed companies as samples, setting asset-liability ratio and short-term asset-liability ratio as explained variables, total net asset interest rate, equity net interest rate, current ratio, Ten factors, such as the growth rate of operating income, are taken as explanatory variables. Descriptive statistics, correlation analysis, multiple linear regression analysis and so on are carried out between capital structure and its influencing factors. Through empirical analysis, we conclude that the capital structure of listed companies in non-ferrous metals industry is negatively related to profitability, non-debt tax shield, asset liquidity and operational ability. Among them, there is a significant negative correlation between it and profitability and non-debt tax shield. The conclusion that the capital structure is positively correlated with the mortgage ability and tangible assets, while the two factors of enterprise size and growth have no significant influence on the capital structure. Finally, according to the results of the empirical research, this paper puts forward that the listed companies in the non-ferrous metal industry should pay more attention to the capital structure concept, improve the profitability of the enterprises, diversify the financing methods, optimize the bond structure. The stock market continuously consummates and so on several rationalization suggestions.
【學(xué)位授予單位】：江西理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F406.7;F426.32

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