方正电机资本结构分析与优化.doc

PAGE 17 方正电机资本结构分析与优化 摘　要： 资本结构反映的是企业一定时期其 筹资组合的结果，是指企业各种资本的价值构成以及他们之间的比例关系。企业资本结构是影响企业治理的主要因素，其是否合理将会直接关系到企业能否在市场上取得长远发展。上市公司资本结构是否合理，直接影响公司的行为和价值。方正电机作为丽水市本土为数不多的上市公司之一，其资本结构的研究对丽水其他企业具有学习和借鉴的意义。本文从企业资本结构的意义出发，对其基本理论做了简要的介绍。并在此基础上重点通过对方正电机的年度报表研究，以及资本结构的指标分析，结合相关资料，查找影响方正电机资本结构变动的原因，整合各专家学者对此问题所提出的各种见解，对方正电机现有的资本结构优化提出一些合理的建议。 关键词：资本结构理论；方正电机；优化资本结构；企业价值 Capital Structure Analysis and Optimization of Founder Motor Abstract: Capital structure refers to the value of the enterprise all sorts of capital composition and its proportional relationship, it reflects the enterprise a certain period of its financing combination results. Capital structure are the main factors that influence the corporate governance, capital structure whether reasonable will be directly related to the enterprise can obtain the long-term development in the market. The listed company capital structure is reasonable, directly affect the companys behavior and value. Founder Motor as a native of LiShui city one of the few listed companies, its capital structure research of LiShui other enterprises with a study and draw lessons from meaning. Starting from the meaning of corporate capital structure, this paper made brief introduction of its basic theory. And with each other is the Founder Motor on the basis of the key annual report, and the capital structure of the index analysis, combining with related data, to find the impact it caused the changes in capital structure, integrating all the experts and scholars have put forward various views on this question, the other is the Founder Motor of the existing capital structure optimization is put forward reasonable suggestions. Key words: The capital structure theory; Founder Motor ; optimize the capital structure; enterprise value 目 录 TOC \o 1-3 \h \z \u 一、引言 1 二、资本结构的基础论述 1 （一）资本结构概念解释 1 （二）资本结构基础理论 2 （三）最优资本结构决策判定 4 三、方正电机企业资本结构分析 5 （一）方正电机公司简介 5 （二）公司的财务状况 5 （三）方正电机资本结构现状分析 6 四、方正电机资本结构存在的问题和成因分析 10 （一）行业比较分析 1