上市公司资本结构与公司价值的关系研究毕业论文.docVIP

毕业论文 （2010届） 上市公司资本结构与公司价值的关系研究 摘 要 随着我国市场经济的不断发展和完善，资本结构问题一度成为具有重要理论价值和现实意义的研究课题。自1958年Modigliani和Miller在他们发表的学术论文中提出了MM定理之后，经济学家们不断的对MM理论进行修缮和注入新的思想，引入了代理成本理论、融资优序理论、权衡理论等等。这些研究成果表明，在现实世界中企业价值与其资本结构是密切相关的。 本文通过资本结构与市场价值的相关性方面来论述资本结构如何影响市场价值。首先对资本结构的相关理论、资本结构与企业价值间相关关系的国内外文献进行了综述和分析。在理论分析基础上，选取浙江省制造业30家上市公司作为研究样本，收集它们在2007-2009年3年的财务数据进行描述性统计、相关性分析，选取总资产收益率作为衡量公司价值的指标，资产负债率作为衡量资本结构的价值指标，并引入多个主要控制变量，包括公司规模和公司成长性，建立模型进行相关和回归分析。通过实证研究表明：浙江省制造业上市公司资本结构与公司价值呈现负相关关系。最后本文结合实证分析结果，对于完善上市公司资本结构，提高企业价值提出了相应的建议。 关键词：资本结构；企业价值；实证研究 Abstract As Chinas market economy development and improvement of capital structure became an important theoretical and practical significance of the research topic. Modigliani and Miller since 1958, they presented academic papers published after the MM theorems, economists continue to carry out repairs on the MM theory and inject new ideas into the agency cost theory, pecking order theory of financing, trade-off theory And so on. These results show that the enterprise value in the real world and its capital structure are closely related.显示对应的拉丁字符的拼音 In this paper, the market value of the capital structure and to discuss related to the capital structure in terms of how they affect market value. Firstly, the theory of capital structure, capital structure and corporate value relationship between the relevant literature were reviewed and analyzed. Based on theoretical analysis, selected 30 companies manufacturing industry in Zhejiang Province as the research sample, collected their 3-year 2007-2009 financial data descriptive statistics, correlation analysis, select the Return on total assets as a measure of corporate value Indicators, asset-liability ratio as a measure of the value of the capital structure indicators and the introduction of a number of key control variables, including company size and company growth, build the model for regression analysis. The empirical research shows that: Zhejiang Manufacturing Company Capital Structure and the