上市公司资本结构调整速度的分析——以食品业为例-analysis on the speed of capital structure adjustment of listed companies - taking food industry as an example.docxVIP

摘要 摘 要 i i 资本结构问题的讨论早在 1958 年 MM 理论就开始了，MM 理论认为公司在不 考虑税收的情况下，公司价值与资本结构无关，但资本市场是有摩擦的，后来的学 者通过放宽各种假设，形成了权衡理论、控制权理论和优序融资理论，更深入的探 讨了资本结构的优化问题。资本结构的优化其中包括一个重要方面就是资本结构调 整速度的研究，资本结构的调整问题已关系到企业的获利能力甚至是生存能力，也 同样成为了企业家关注的重点。 本文就是基于资本结构调整速度日益重要的考虑，在以前文献研究的基础之 上，选取我国制造业大类中的食品饮料制造业这个分支作为样本，分析了影响资本 结构的因素，并在此基础上做出目标资本结构的回归估计值，然后通过调整速度模 型对调整速度做出回归估计，再分析影响调整速度的影响因素。 本文首先阐述了研究意义和研究背景，对资本结构和资本结构调整速度的研究 文献作了简要的回顾，定义资本结构和资本结构调整速度资本结构的基本概念，对 我国食品饮料制造业上市公司的资本结构调整速度的现状作了分析，并提出影响资 本结构和资本结构调整速度的因素。接着针对这些影响因素与资本结构和调整速度 的关系作了实证分析。最后得出了结论并给出了相应的政策性建议。 关键词：上市公司 食品饮料业 资本结构 调整速度 A Abstract ii ii Discussion of capital structure has begun as early as 1958. It is MM theory, which thinks that without the consideration of tax. The value of the company has nothing to do with capital structure. But the capital market has friction. Then scholars broaden different assumption. The trade-off theory, market for corporate control and the pecking order theory appeared. They discussed in-depth the optimizing of capital structure. As an important aspect，capital structure adjustment speed is included in the optimization of the capital structure，which has related to profitability and viability of corporate，also become the focus of attention of entrepreneurs. With the consideration of the importance of capital structure adjustment speed， on the basis of the previous literature ， this article select China food and beverage manufacturing as an sample. This article gets the estimated value to the target capital structure. Then take advantage of adjustment speed model，we estimates capital structure adjustment speed and analyze effect factors of capital structure adjustment speed. Firstly，this article describes the meaning and background of capital structure theory. We summarize the previous literature about capital structure and capital structure adjustment speed. The basic concept of capital structure and capital structure adjustment speed are delimited. This article analyzes current situation in capit