上市公司融资结构与融资成本研究.docVIP

PAGE \* MERGEFORMATI 上市公司融资结构与融资成本研究 摘 要 实现经济效益的最大化是上市公司经营的中心目标，也就是以最低成本换取最高的效益，这一目标的实现在很大程度上体现于上市公司的融资过程中。优化融资结构、降低融资成本从而促进资本增值最大化的实现，不仅能改善上市公司的治理结构，提高公司业绩。在实践中，对上市公司的融资结构和融资成本问题的探讨，对于优化我国上市公司的融资决策、融资结构，改善其治理业绩有着重要的指导意义。本文从五部分对上市公司的融资结构和融资成本进行研究，第一部分为绪论部分，第二部分概述了融资结构的含义、构成、类型以及现状，并通过对宁波上市公司进一步阐明了上市公司融资结构问题，最后提出了优化上市公司融资决策的建议。第三部分分析了融资成本的含义、现状、计算，并以海尔集团的融资成本为例加以佐证。在分析的基础上，第四部分分析了融资成本与融资结构的关系以及融资结构不合理对融资成本的影响。本文利用理论与实践相结合的研究方法，对我国上市公司的融资结构及融资成本问题进行分析，总结出解决的策略，力求为我国上市公司的融资结构和融资成本的管理提供有效合理的建议。 关键词：上市公司，融资结构，融资成本 ABSTRACT Achieve the maximum economic benefit is the central objective of the listed companies, that is, at the lowest cost for the highest level of efficiency, realization of this goal is to a large extent reflected in the listed companys financing process. Optimization of financing structure, lower financing costs and thus promote the realization of maximizing capital appreciation, not only can improve the governance structure of listed companies, improve the companys performance. Optimization of financing structure, lower financing costs and thus promote the realization of maximizing capital appreciation, not only can improve the governance structure of listed companies, improve the companys performance. From the five-part financing structure and financing costs for listed companies, the first part is the introduction part of the second part provides an overview of the meaning of the financing structure, composition, type, and the status quo, and Ningbo listed company case analysis confirms the financing of listed companiesproblems with the structure, and concludes with recommendations to optimize the financing decisions of listed companies. The third part analyzes the meaning of the financing costs of the status quo, calculation, and the Haier Groups financing costs, for example be corroborated. Based on the analysis, the fourth part the cost of financing and the financing structure and financing structure is irrational, the impact on financing costs. I