我国家电行业发展现状 我国家电行业上市公司的资本结构现状.doc

我国家电行业发展现状 我国家电行业上市公司的资本结构现状 我国家电行业上市公司的资本结构现状 及其财务杠杆效应分析 ——基于2006-2009的年报数据 摘要：本文选取青岛海尔、美的电器、四川长虹作为研究样本，对我国家电行业上市公 司的资本结构现状与财务杠杆效应进行实证分析。文章首先从内外部融资、债务权益比、长短期负债等角度描述样本公司的资本结构现状；然后以净资产收益率为目标，利用导数性质与极值定理确定最佳资产负债率，评价当前资本结构的合理性；在此基础上，运用多元回归分析法验证净资产收益率与资产负债率、总资产息税前利润率、债务利息率之间的相关关系及显著水平，揭示财务杠杆效应的获取途径。研究结论表明，我国家电行业上市公司的债务资本比重偏低，财务杠杆的正效应没有得到充分发挥，应适度扩大负债规模，形成最佳资本结构，并提高资产获利能力，实现企业价值最大化。 关键词：资本结构 财务杠杆效应 企业价值 净资产收益率 资产负债率 Abstract: The following thesis selects Qingdao Haier Group, Midea and Sichuan Changhong Electric as research samples and makes an empirical analysis on the current capital structure and financial leverage effect of China?s listed companies in household appliance industry. The thesis first describes the current capital structure of sample companies from the point of view of external and internal financing, debt-equity ratio, short and long term liabilities etc; then determines the best asset liability ratio with ROE as target using derivative nature and extreme value theorem, and evaluates the reasonability of current capital structure. On this basis, the thesis applies multiple regression analysis to verify the relationship and significant level between return on assets and asset liability ratio, total assets EBIT margin, debt interest rate, and promugulates the access channels for financial leverage effect. The research indicates that debt capital occupies a big proportion in China?s listed companies in household appliance industry and that the positive effect of leverage has not been fully in function. Therefore, these enterprises should enlarge liability scale, form the best capital structure and improve asset profitability so as to achieve the business value to the maximization. Key words: Capital structure Financial leverage effect Business value Rate of Return on Common Stockholders? Equity Asset liability ratio 引言 资本结构问题一直是公司理财的核心领域。自1958年Modigliani与Miller提出著名的MM定理以来，调整资本结构成为提高企业市场价值、实现财务管理目标的经典思路，不同资本结构对企业的融资成本、财务风险、股东财富、税收规避等都会产生重大影响。尽管国内外资本结构理论