交通类上市公司资本结构的研究-交通运输规划与管理专业论文.docxVIP

AbstractThis Abstract This paper studies the listed transportation companies’capital structure．The capital structure in this paper mainly refers the ratio of debt possessors’fight to total capital．The author selects forty listed transportation companies，studies their actual capital structure．The paper explains these actual capital structure characters from three aspects：first，the changing factors that affect company’S capital according to the modern capital structure theory of western，these factors are responsible for the changing of companies’capital structure；second，the ownership structure；third，the industry features oftransportation． The research shows that the changing ofthe bankrupt cost and the financing cost is mainly responsible for the changing of capital structure of listed transportation companies in the period we attend to．Furthermore，the author discussed the transportation companies’ownership structure，using the agency cost theory and asymmetfical information theory to analyze it，demonstrating its influence the companies’target function．The author thinks that the present Chinese companies’ target function are different from that of western companies because of the difference between their ownership structure．The target function of western company is the maximum of the stockholders’wealth，while Chinese company’S target is embodied three sub．goals：(i)scaling up the company；(室)lowering the bankrupt risk of company；(要)adding the free cash flow of the company．And there is an agency relationship between the circulating stockholders and the tin—circulating stockholders． Besides，the paper analyzes the influence that the variation of target function acts the company capital structure． Key Words：capital structure listed transportation company ownership structure financing 第一章 第一章 导论 1．1研究的范围和选题目的 本论文的题目为《交通类上市公司资本结构的研究》。研究当前中国交通类 上市公司的动态资本结构。研究的目标上市公司共计40家，包括了大部分的在 深、沪两市上市的交通类上市公司。其中在深市上市的12家，沪市上市的28 家。在目标企业的选择中，为了尽可能全面而真实地反映交通行业上市公司的资 本结构，本论文排除了那些虽然涉足于交通业