基于主成分分析的我国上市公司资本结构的实证研究论文.doc

基于主成分分析的我国上市公司资本结构的实证研究 摘　　要资本结构是企业相关利益者权利义务的集中反映，是企业融资活动的集中反映，影响并决定公司治理结构及其行为特征和价值，甚至对整个国家或地区的总体经济运行和增长起着举足轻重的作用。现阶段，我国正经历经济体制转轨、投融资体制和国有企业股份制改革的过程，上市公司的资本结构问题的研究在我国具有重要的现实意义。通过严谨的统计学方法，可以实证性地分析影响我国上市公司资本结构的相关因素，并结合我国宏观金融经济和资本市场现状，对不合理的资本结构状况进行深入探讨，并提出了相应的优化对策。关键词：上市公司；资本结构；主成分分析AbstractCapital structure is the focus reflection of the enterprise stakeholders’ rights and obligations and also manifests the enterprise financing activities which influence and decide the corporate govern structure and behavior character value. It is of vital importance even to the whole region or countrys overall economic operation. At present, China is going through economy investment and financing transition and the process of the reform of state-owned enterprise share-holding system. Therefore, the research of Chinese listed companies’ capital structure has important practical significance. This paper, using the rigorous statistical method, empirically analyzes the related factors of the Chinese listed companies’ capital structure and combined with the Chinese macro economic and financial capital market status. Finally, this paper revealed some of the deep reasons that resulted in the unbalanced capital structure and suggested the practical methods to improve and optimize the capital structure of Chinese listed companies．Key words：listed companies; capital structure; principal component analysis目　　录 TOC \h \z HYPERLINK \l _Toc326828355 摘　　要 PAGEREF _Toc326828355 \h I HYPERLINK \l _Toc326828356 Abstract PAGEREF _Toc326828356 \h II HYPERLINK \l _Toc326828357 1 绪 论 PAGEREF _Toc326828357 \h 1 HYPERLINK \l _Toc326828358 1.1 研究背景 PAGEREF _Toc326828358 \h 1 HYPERLINK \l _Toc326828359 1.2 研究目的和意义 PAGEREF _Toc326828359 \h 1 HYPERLINK \l _Toc326828360 1.2.1 研究目的 PAGEREF _Toc326828360 \h 1 HYPERLINK \l _Toc326828361 1.2.2 研究意义 PAGEREF _Toc326828361 \h 1 HYPERLINK \l _Toc326828362 1.3 国内外研究现状 PAGEREF _Toc326828362 \h 2 HYPERLINK \l _Toc326828363 1.3.1 国外研究现状 PAGEREF _Toc326828363 \h