资本结构;股权结构;融资成本-毕业论文.docVIP

哈尔滨广厦学院毕业论文 PAGE  PAGE II 摘 要 资本结构优化问题是财务管理理论研究中的一个热门话题，最优资本结构是否存在？其影响因素及效应如何？怎样确定最优资本结构？成为学术界一直试图解决的难题。近年来，国内外学者对我国上市公司资本结构的研究表明，由于市场环境、企业制度及金融体制方面的差异，西方的资本结构理论并不能完全解释上市公司的融资行为。合理分析、借鉴资本结构理论，结合我国实际来分析和研究上市公司的资本结构优化问题，具有重要的理论价值。由于我国资本市场起步晚，上市公司资本结构存在着诸多问题。 资本结构表面揭示的是企业资金的不同来源，但实质上体现了各种资金背后不同产权主体相互依存、相互作用的关系；资本结构表达的是不同集团的利益分配格局。针对宁波建工公司资本结构现状，剖析其问题形成原因，寻找出建立起最优资本结构的路径，对促进上市公司健康发展，完善其治理机制具有重要的现实意义。资本结构指企业各种长期资金筹集来源的构成和比例关系，它不仅影响企业的资本成本和市场价值，而且影响企业的治理结构，还会影响一个国家和地区的总体经济和稳定。 关键词：资本结构；股权结构；融资成本 Abstract Capital structure optimization problem is the financial management theory in the study of a hot topic, the optimal capital structure whether exist? Its influence factors and effect how? How to determine the optimal capital structure? Become academia has been trying to solve the problem. In recent years, domestic and foreign scholars of our countrys listed company capital structure research shows that, due to the market environment, enterprise system and financial system differences, the western capital structure theory cannot fully explain the financing behavior of listed companies in China. Reasonable analysis and reference to the capital structure theory, combined with the reality of our country to analyze and research the listed companies in Chinas capital structure optimization problem, and has important theoretical value. Because our country capital market started late, the listed company capital structure exists many problems. Capital structure surface reveals is the enterprise capital from different sources, but in essence reflects the various funds behind different property right subject interdependence and interaction relations; Capital structure is the expression of the interests of different groups distribution pattern. According to ningbo jiangong corporate capital structure present situation, analyzes the reasons of its formation, find out the optimal capital structure set up the path, to promote the healthy development of the listed company, im