制造业上市公司资本结构与企业价值毕业论文.docVIP

毕业论文 （20_ _届） 制造业上市公司资本结构与企业价值 摘 要 本文以2005-2009年35家在沪深两市发行A股的制造业上市公司为研究对象。首先作者对资本结构理论进行回顾,并对国内外学者关于资本结构与企业价值问题的实证研究成果进行综述其次在借鉴国内外学者研究的成果和方法基础上，构建了我国制造业上市公司资本结构与企业价值问题的实证研究模型，运用SPSS统计软件分析我国制造业上市公司的资本结构与企业价值之间的关系。研究结果显示，我国制造业上市公司的资本结构与企业价值存在着显著相关性。最后，根据分析结果，对我国制造企业提高企业价值提出相关的建议，即合理的改善企业的资本结构，充分利用负债的“税盾”效益来提升企业的整体价值关键词：资本结构；企业价值；实证研究Abstract This paper takes the listed companies in the automotive industry that issued A share from 2005 to 2009 year in the Shanghai and Shenzhen as a research object .First of all, the author review the capital structure theory, and summarize the research results that scholars at home and abroad about empirical studies for the capital structure and corporate value. Comparison with other industries, it’s concluded that capital structure of listed companies of manufacturing industry in china is unreasonable and lower as well as higher level of floating liabilities. Secondly, on the basis of referencing the research results and methods of the scholars at home and abroad, construct the empirical research model about the capital structure, and then use SPSS statistical software to analysis of the capital structure of listed companies in the manufacturing sector and the relationship with corporate value. The results show that our capital structure of the listed manufacturing companies has significant correlation with the enterprise value. Finally, according to the analysis of manufacturing enterprises ,take out the relevant recommendations to improve corporate value, it’s reasonable to improve the enterprise’s capital structure, and make full use of the benefits of debt’s ’ tax shield’ to enhance the overall value of the enterprise. Keywords: Capital Structure；Enterprise Value；Empirical Study引言 1 1资本结构相关理论概述 2 1.1传统的资本结构理论 2 1.1.1净收益理论 2 1.1.2净营运收入理论 2 1.1.3传统资本结构理论 2 1.2 现代资本结构理论 3 1.2.1 MM定理 3 1.2.2修正的MM理论 3 1.2.3 Miller模型 4 1.2.4权衡理论 4 2 资本结构的影响因素 5 2.1公司规模 5 2.2资产担保 5 2.3成长性 5 2.4资产流动性 5 2.5非负债税盾 6 2.6资本结构 6 3研究设计与研究假设 7 3.1样本的选取 7 3.2研究