融资契约理论的上市公司融资结.docVIP

兰州大学 基于融资契约理论的上市公司融资结构优化问题研究——以甘肃上市公司为例 王徽中文摘要 资金是企业发展的生命线，企业必须通过融资来维持自身的发展和壮大，而企业选择不同的融资方式则会产生不同的融资结构。目前我国上市公司的融资策略普遍表现出重股权融资，轻债权融资。这种“融资跛足”现象，既不利于上市公司资本结构优化和本身的良性可持续发展，也不利于资本市场的建设与发展。 本文运用融资契约理论，通过构建数理模型并结合甘肃上市公司融资结构的实际研究，探寻上市公司股权融资偏好的成因，由此提出优化上市公司融资结构的一般路径选择。 论文共分五个部分。第一部分对融资契约理论进行了一个初步的综述，介绍资本结构理论的演进过程，阐述融资契约理论的核心内容；第二部分描述与分析了甘肃上市公司外源性融资结构、缺陷及其影响；第三部分较为深入地探讨了甘肃上市公司融资结构缺陷成因的内生因素与外部环境因素；第四部分以融资契约理论为指导，构建了上市公司最优融资结构模型；第五部分，基于融资契约理论，依“优化影响控制权的各项因素——优化控制权结构——优化上市公司融资结构的思路，建议从完善股权制度，注重非物质资产重要性，关注信息不对称的影响等方面优化控制权结构，进而优化上市公司融资结构。 关键词：融资契约理论融资结构优化甘肃上市公司 硕士论文基于融资契约理论的上市公司融资结构优化问题研究 ABSTRACT The funds is Life line for a business enterprise to develop，the business enterprise have to financing to develop and bc stronger,business enterprise choice dissimilar financing way would then creat dissimilar of financing structure．Currently the financing strategy of our country listed company widely perfer ownership of a share financing to debt financing．This kind of’the lame financing”phenomenon，which makes against the‘capital structure be excellent at the listed company and development of the listed company keeps on positively，also makes against construction and development of the capital market． This text use financing contract theories，pass to set up mathematics model and combine actual research about financing structure of Gansu listed company，explore the resion of the financing preference of ownership of a share in the listed company， from here put forward general path choice of the optimum inancing structure in listed company· The thesis has totally five—part．The first part carrys on the fmancing contract theories a first step of overview，introduces the development of capital structure theories，elaborate the core contents of financing contract theories；The second part descripts and analyze the external financing structure of the listed company，defect and influence in Gansu provice；The third section more and thoroughly studies the defect of resions inside and exterior