我国上市公司-资本结构现状和治理建议.doc

我国上市公司资本结构现状及治理建议 Current Situation and Governance Recommendations of the Capital Structure of China’s Listed Companies 摘要 在公司金融理论中，资本结构理论是最基础和最重要的一个研究领域，所以有关资本结构的研究一直是治理公司方面的重要课题。尽管至今还存在若干理论争论和实证结果的冲突，它仍属于公司金融理论中最为成功的研究领域。上市公司是我国经济发展到一定阶段的产物，随着我国资本市场的发展和完善，相对于非上市公司而言资产质量高、企业制度健全及经营规范的上市公司会得到更大更快的发展，在国民经济中占有重要的地位，推动我国经济的发展。因此，资本结构是否合理对于上市公司的发展前景有着举足轻重的关系，只有深入了解上市公司资本结构的现状，才能对上市公司资本结构有深刻的认识，从而提出合理的优化建议。 本文在前人的研究基础之上，通过介绍西方资本结构理论及国内外上市公司的资本结构现状对我国上市公司资本结构进行了实证性分析，阐述了我国上市公司资本结构优化的必要性，总结出上市公司资本结构的影响因素及治理措施。 关键词： 上市公司 资本结构 公司治理 Analysis and Governance Recommendations of the Capital Structure of China’s Listed Companies Abstract In the companys financial theory, the theory of capital structure is one of the most basic and important research areas, so the study on capital structure has been an important issue in corporate governance. Although there are still some conflict theoretical arguments and empirical results, it still belongs to the research field of the success of the company financial theory. Therefore, capital structure is reasonable for the development prospects of the listing corporation and playing a decisive role relationship. So, only in-depth understanding of current situation of capital structure of the listing corporations, we could have a deep understanding of the capital structure of the listing corporations, and put forward reasonable suggestions for optimization. Based on the previous study, through the introduction of capital structure in the western capital structure theory and the domestic and foreign listing corporation capital structure, concluded the empirical analysis of capital structure of Chinas listing corporation, expounded the necessity of optimizing the capital structure of the listing corporation in China, summarized the factors influencing capital structure of the listing corporation and governance measures. Key words: Listed Company Capital Structure Corporate Governance 目录 TOC \o 1-1 \h \z \t 标题 2,1,标题3,2 H