国有企业资本结构变化和对企业价值影响的案例分析.docVIP

华中科技大学硕士学位论文AbstractEnterprisevaluemaximizationisthegoalofeachcompany.SincetheestablishmentofMMtheory,thestudyofrelationshipbetweencapitalstructureandcorporatevalue,promotingthedevelopmentofthecapitalstructure’stheory.Althoughthewesternexpertshavediscussedtherelationshipbetweencapitalstructureandcorporatevalueformanyyears,butinviewofthefactthattheChineseeconomicstage,especiallyforState-ownedenterprises,therearealotofusabilityissues.SothispaperexpectstostudytherelationshipbetweenChineseState-ownedenterprisescapitalstructureandcorporatevalue.ThepapertostudytheeffectstocorporatevaluebythechangeofState-ownedenterprises’capitalstructureinChina,primarilythroughcasestudies.Atthebeginningofthispaper,wesystematicallytracedownthedevelopmentofcapitalstructuretheories.Secondofall,onChinasState-ownedindustrialenterprisesintheindustrybetweenthecapitalstructureandprofitabilityanalyses,andsingle-industrycapitalstructureandprofitabilityanalysis,findingthebestintervalappliestothecapitalstructureofenterprisesandindustry,andinState-ownedenterprisesandadecadeofdevelopmentinsomeoftheindustrytodeviatefromtheoptimalcapitalstructure.Finally,byState-ownedelectricitycompanyislistedonthesamplesfromthecumulativerateofreturninexcessofthemarketandtheeconomicvalueaddedtwoperspectivesprovetheexistenceofoptimalcapitalstructureinterval.Ittrytofindoutdifferenteffectsoncorporatevaluewhenthecapitalstructureinsideoroutsidetheoptimalinterval.FurtherproofthatourState-ownedenterprisesofcorporatevalue,intheoptimalcapitalstructureinterval,raiseasthedebtratiorise.DevelopinggraduallydeviatedfromtheoptimalcapitalstructureintervalindustriesandState-ownedenterprises,thispapertrytoanalysisofthecauseofthecurrentstatusofState-ownedenterprisesTherefore,thisproposalwasnotconfinedtothecapitalstructureandtherelationshipbetweencorporatevalue,includingthestrengtheningofcorporategovernancestructureandtheconstructionofaseriesofpolicyrecommendations.Speeduptheconstructionofthebondmarket,topromotetheintegrationofState-ownedent