论文—制造业上市企业资本结构影响因素实证研究.doc

华北电力大学本科毕业设计（论文） PAGE PAGE I 制造业上市企业资本结构影响因素实证研究 ——四川省的实践 摘要 资金是企业创立、经营、发展的基础和关键，也是企业续航的动力。资本结构即权益资本和负债资本在现实中对企业的经营至关重要。随着制造业的发展，资本结构发生着巨大的变化。本文尝试借鉴西方资本结构理论，对四川省制造业行业资本结构因素进行分析。 本文在对资本结构相关理论进行分析的基础上，通过描述性分析和建立制造业上市企业资本结构影响因素的模型，应用线性方程进行研究，实证结果表明：2004至2006年与2007年时间段的相关性存在绩效和成长性方面的差异、企业规模对资本结构具有显著影响，企业资本结构与企业资产担保价值不显著相关、国有股比率与公司负债率不显著相关。在实证基础上从加强负债的约束性作用、完善权益资本控制权、完善企业其他治理机制三个角度提出建议。 关键词：资本结构；影响因素；制造业 An Empirical Research on the Capital Structure of Public Company of Manufacturing Industry: The Practice of SiChuan Abstract Capital is the basic of a company’s foundation，operation and development. Capital structure (i.e.equity as percentage to liability) is vital to a corporate’s operation in society. With the developing of Manufacturing Industry, capital structure of these companies have changed greatly. This paper tries to pinpoint the factors that affect the capital structure within this business. With the analysis of relevant theories, we do descriptive analysis, then establish a model and applies multi-factor linear regression to analyze factors affecting capital structure in manufacturing industry. This empirical research finds out：the performance of companies and growth of sales related to leverage or not is different form two periods(2004 to 2006 and 2007 ), corporate scale is positive related to leverage, collateral value of assets is not statistically related to leverage, so as the rate of state shares. On the base of empirical research, I propose several advices on how to enforce constrain of level to the corporate, how to improve capital control, etc. Keywords：Capital Structure; Factors affecting; Manufacturing Industry 目 录 摘要……………………………………………………………………………………………Ⅰ Abstract…………………………………………………………………………………………Ⅱ 1 绪论…………………………………………………………………………………………1 1.1研究背景与意义…………………………………………………………………………1 1.1.1研究背景………………………………………………………………………………1 1.1.2研究意义………………………………………………………………………………1 1.2研究目的与范围…………………………………………………………………………1 1.2.1研究目的…………………………………