江西省上市公司资本结构优化问题研究.pdfVIP

要 资本结构是与企业筹资相联系的财务问题，研究资本结构的目的在于使企业 寻求最佳资本结构，从而指导企业在持续经营中追加筹资。本文研究的资本结构 主要指负债或所有者权益占资本总额的比例关系。 从早期的资本结构理 到现代的资本结构理 ，许多西方经济学家一直没有 停止对企业融资结构即资本结构的探索，均 图找到理想的最优的资本结构，以 实现企业价值的最大化。 按照西方经济学家的理论，当企业需要外部融资时，首先想到的是负债而不 是发行股票。江西省上市公司资本结构的实证分析表明，江西省上市公司存在对 股权融资的强烈偏好，即重股轻债，从而导致资本结构出现诸多问题。究其原因， 它与我国资本市场不完善、经理激励与约束机制不全等因素密切相关，而根源则 在于上市公司股权结构的不合理。针对这种现状及其原因，本文提出了优化途径 与政策性建议，以此来优化江西省上市公司资本结构。 关键词：资本结构 资本结构优化 上市公司 1 Abstract The structure of the capital is a interrelated financial question that enterprises raise funds, the purpose to study structure of the capital lies in making enterprises seek the structure of the best capital, thus adding to and raising funds while instructing enterprises to manage continuously. The capital structure that this text studies refers to debt or owners rights and interests and takes the proportionate relationship of the total value of the capital mainly, get modern capital structure theory from early capital structure theory, a lot of western economist stop structure exploration , capital of structure to enterprise financing never, try hard to look for the ideal optimum capital structure , in order to realize the maximization of enterprises value. According to the western economists theory, when enterprises need outside financing, that think of is in debt instead of issuing stocks at first. Jiangxi Province listed company real example , capital of structure is it indicate Jiangxi Province listed company store strong partiality in stock financing in to analyse, namely value burst more than the debt , thus cause the structure of the capital to present a great deal of questions. Trace it to its cause, it and of our country capital