北大毕业论文：我国上市公司资本结构与企业价值关系研究.doc

To solve these problems within capital structures and company values of domestic listed companies, this paper gives following strategic advice both internally and externally: 1. Internally optimize capital structure and increase the company value. This includes setting up and optimizing managers reward systems, improving efficiency of managing shareholdings, protecting benefits of creditors, enhancing tactics more flexible for the creditors. 2. Externally optimize capital structure and increase the company value. This includes speeding up economy laws, forming the market environment that restrains activities of raising capital for the listed companies, developing greatly company-debt security market, raising more capital through company-debt security, going further on the road of marketlising stated-owned banks. Listed companies are outstanding domestically. To increase the competence of the economy in our country, it is of great importance to optimize capital structures of listed companies and increase company values. Based on the premise that domestic market economy is being sound and capital market is being mature, listed companies capital structure strategy should be linked with operation management dynamically, and also with finance management, marcoeconomy, capital market and so on. The target capital structure should be in line with the long4erm development of the company, and the way and scale of raising capital should be decided appropriately, to adjust and optimize the capital structure and lower the finance risk and the cost of capital, and as a result to increase the company value. KEY WORDS: Capital structure Company value Rate of return for net asset Company performance 目 录 第一章 导言 1 第一节 研究的背景及意义 1 第二节 研究框架与研究方法 2 第二章 理论基础述评及实证文献综述 4 第一节 早期和现代资本结构理论 4 第二节 资本结构和企业价值的关系 7 第三节 美国和欧洲发达国家企业的实证研究 10 第四节 我国企业的实证研究 10 第三章 对我国上市公司的实证分析 12 第一节 选取数据来源与样本 12 第二节 分析指标的选取 13 第三节 资本结构与企业价值关系的抽样分析 15 第四节 行业内比较分析 20 第四章 我国上市公司资本结构与价值的 现状分析 23 第一节