我国上市公司的资本结构与融资偏好分析.docVIP

我国上市公司的资本结构与融资偏好分析 　　【摘要】 自从MM理论诞生以来，企业的融资结构理论一直是经济学界关注的焦点之一。企业融资结构的选择影响企业资本的使用效率、公司治理结构和公司价值，从而最终影响企业的业绩。按照现代融资结构的主流理论，企业最优的融资顺序市内源融资、债券融资、股权融资。 我国上市公司的融资方式一直是人们关注的焦点，理论界得出比较一致的研究结论是，我国上市公司普遍具有股权融资偏好，不得已才是债务融资。很明显，我国上市公司融资顺序选择与西方资本结构理论存在冲突。 本文首先回顾了西方典型的融资结构理论，对我国上市公司的融资方式进行了概述,分析我国上市公司的现状，进而找出影响我国上市公司融资结构现状的因素，提出完善我国上市公司融资结构的对策和建议。 最后，还结合了海螺型材公司的案例进行分析。 关键词：上市公司，资本结构，股权融资，债权融资 Abstract The theory of capital structure has been in focus by economic circles since MM theorem was born. The selection of corporate capital structure will influence utilizing efficiency of corporate capital, asset values, governance structure whereby influence corporate achievements finally; but according to the mainstream theory of modern capital structure, optimum finance sequence is inside financing, debt financing and equity financing. The way to financing of listed companies in China has been in focus by the public in recent years. In China, listed companies generally prefer equity financing. At last, they have no alternative but to choose debt financing. It is obvious that there exist conflicts between finance sequence of listed companies and the theories of western capital structure. Firstly, the author introduced the western financing structure theory and summarized the financing methods of listed companies and analyzed the present condition of listed companies to find the contributing factors to capital structure of listed companies and put forward advices and countermeasures to capital structure optimization of listed companies. In the end, the author used the case of Hailuo listed company to analyze. Key words: listed companies, capital structure, equity financing, debt financing目录一、序言4 二、文献回顾4 三、 我国上市公司资本结构和融资方式的总体分析6 （一） 上市公司资本结构及融资方式现状6 （二）上市公司股权结构对上市公司及股票市场影响7 四、 我国上市公司资本结构不合理原因分析8 （一） 负债结构不合理原因8 （二）股权融资偏好原因8 五、 优化上市公司资本结构和融资方式的对策和建议10 （一） 完善资本市场的建设10 （二）建立有效的公司治理结构10 （三） 制定科学的资本结构，选择合理的融资方式11 　　 六、 案例：海螺型材11 资料来源和参考文献12一、序言资本结构是企业相关利益者权利义务的集中反映，影响并决定着公司治理，进而影响并决定企业行为特征及企业价值