我国创业板上市公司资本结构影响因素研究.doc

┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ 装 ┊ ┊ ┊ ┊ ┊ 订 ┊ ┊ ┊ ┊ ┊ 线 ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ 长 春 大 学 毕业设计（论文）纸 我国创业板上市公司资本结构影响因素研究 【摘要】 创业板市场又称二板市场，是与主板市场相对应的概念，特指主板市场以外的、专门为新兴公司和中小企业提供筹资渠道的新型资本市场。我国的创业板自2009年在深圳开始上市，标志着我国资本市场建设进入新的阶段，这些上市公司往往都具有高风险高收益的特征。创业板的推出帮助高成长性的中小企业解决融资难的问题，扩大融资渠道；同时为风险资本提供了有效的退出机制，形成了资本的良性循环。另外，创业板上市公司的融资结构特殊性必然会导致其经营规模、利润增长等方面与其他上市公司不同。合理的资本结构是企业价值最大化的必要条件，对于企业个体发展甚至整个国家或地区的总体经济运行和增长都起着十分重要的作用，然而不合理的资本结构不仅不能使企业价值最大化，甚至能够使企业陷入财务危机。因此，研究这些企业的资本结构是非常需要的。 共 14 页 第 1 页 ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ 装 ┊ ┊ ┊ ┊ ┊ 订 ┊ ┊ ┊ ┊ ┊ 线 ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ ┊ 长 春 大 学 毕业设计（论文）纸 Study on the influence factorof capital structure of the listed company [Abstract] The GEM market is also known as the second board market ,which is crresponding with the concept of main board market,It is somethingthing especially that has nothing to do with the motherboard market .In other words,it is a new capital market which mainly provides finanicing channel for emerging companies and small and medium-sized enterprises Our country has done poineering work board since 2009 and it began to appear on the market ,marking the capital market construction of our country has entered a new phase, these listed companies often have characteristics of high risk and high revenue. The launch of the gem help high-growth small and medium enterprises to solve the financing problem and expand financing channels.At the same time , it provides effective exit mechanism for the venture capital, forming a virtuous circle of capital. In addition, the financing structure specificity of the GEM listed company will lead to some differences from other listed companies in business scale, profit growth and so on. Therefore, studying these enterprise’s capital structures is very necessary. I study the influencing factor of capital structure of the GEM listed company in this article. Reasonable capital structure is a necessary