中国建筑行业资本结构的经验分析与优化途径.pdfVIP

摘 要 资本结构是公司金融研究的核心问题之一。对资本结构的研究集中于对以 下两个问题的解释：（1）最优的资本结构是什么？（2）影响资本结构的因素有 哪些？西方社会对资本结构的研究已持续了半个多世纪，尽管没有针对债务与 权益融资结构的统一理论，但是仍然产生了一些对现实融资决策有指导意义的 资本结构理论。国内关于资本结构的研究始于九十年代中期，研究目的是为了 寻求解决国有企业高资产负债率的理论依据和途径。 本文选择依照 CSRC 行业分类标准归为建筑行业的中国上市公司在 2003－ 2007年度的相关数据为样本，利用多元线性回归方法，通过对影响建筑行业资 本结构的若干因素的分析，指出这类企业现有资本结构的重要影响因素的作用 机制、形成原因及优化途径。最后，以某工程局为例，在对其经济指标、资本 结构和资本管理现状进行分析的前提下提出资本结构优化的一些具体思路。 关键词：资本结构；债务融资；权益融资 2 Abstract Capital structure is one of the pivots in the study of corporate finance. The study of capital structure has been focused on explanation for the following two questions: (1) What is the optimum capital structure? （2 ） What are the factors having an impact on capital structure? The study of capital structure has lasted for over half a century in the western world. Although there is no universal capital structure theory in the light of debt financing and equity financing, there are still numerous capital theories instructive on practical financing decision-makings. Domestic study of capital structure began from the medium term of the 1990s. The main purpose of the study was in search of theoretical foundation and approaches to solution to the high asset-liability ratio of the state-owned enterprises. The dissertation selects relevant data from 2003 to 2007 of Chinese listed companies pertaining to construction industry under the CSRC industrial classification standard as samples, employs multiple linear regression method, and through analysis of several determinants affecting capital structure of the construct