上市公司的资本结构决策 会计专业毕业论文.doc

摘要 资本结构是指企业内部各种不同资金来源的构成和比例关系。自从20世纪50年代MM定理诞生以来，资本结构问题便成为大家共同关注的热点问题，资本结构决策是上市公司投融资决策的核心问题，企业资本结构影响企业的融资成本和市场价值。只有深入了解全部上市公司的资本结构状况及其历史演变过程，才能对上市公司资本结构有全局性的认识，才有可能找出其存在问题的真正症结所在。至今为止对于资本结构的解释有多种理论，譬如平衡理论和优序理论。然而，无论是哪一种都不能单独地作出解释。资本结构是指企业为其生产经营融资而发行的各种证券的组合。一般地人们将其特指为企业资产中股权与债务之间的相对比例。它是现代财务管理理论一个重要组成部分。最佳资本结构指在一定条件下使公司加权平均资本成本最低，企业价值最大的资本结构，它是一种能使财务杠杆利益、财务风险、资本成本、公司价值等之间实现最优均衡的资本结构。资本结构合理与否在很大程度上决定公司偿债和再筹资能力，决定公司未来盈利能力，成为影响公司财务形象的重要指标。影响因素? Capital?structure?refers?to?the?internal?composition?and?proportional?relationship?of?a?variety?of?different?sources?of?funding.?Since?the?1950s,?after?the?birth?of?the?MM?theorem,?the?capital?structure?has?become?a?hot?issue?of?common?concern.?Capital?structure?is?the?core?issue?of?listed?company’s?investment?and?financing?decision-making,?corporate?finance?capital?structure?affect?the?cost?and?market?value.Only?in-depth?understanding?of?all?the?capital?structure?and?historical?evolution?of?listed?companies,?can?we?be?possible?to?find?out?the?real?crux?of?the?problem?.So?far;?there?are?various?theories?about?interpretation?of?the?capital?structure,?such?as?Balance?Theory?and?the?Pecking?Order?Theory.?However,?neither?of?which?can?give?an?independent?explanation.?Capital?structure?refers?to?a?combination?of?various?securities?issued?by?enterprise?for?its?production?and?operation.?In?general,?it?refers?specifically?to?relative?proportions?between?the?enterprise’s?assets’?equity?and?debt.?It?is?an?important?component?of?the?modern?theory?of?financial?management.?Optimal?capital?structure?refers?to?capital?structure?that?makes?the?lowest?weighted?average?cost?of?capital,?the?largest?enterprise?value.?It?is?a?capital?structure?that?helps?financial?leverage,?financial?risk,?capital?costs?and?company’s?value?achieve?the?optimal?balance.?Reasonable?capital?structure?largely?determine?company’s?ability?to?debt,?refinancing?and?profit?in?the?future?. Keywords:?Capital?structure Factors 目录 1.资本结构理