【作者】 廖未华；

【导师】 朱锡庆；

【作者基本信息】 长沙理工大学 ， 交通运输规划与管理， 2004， 硕士

【摘要】 本文选取了50家交通类上市公司,研究了它们的融资结构现状和特征。通过对美、日等西方发达国家与我国上市公司的融资结构进行比较分析,以及对我国交通类上市公司融资结构的实证研究,得出在考察期间交通类上市公司融资结构存在强烈的股权融资偏好;负债结构不合理,流动负债水平普遍偏高;资产负债率水平偏低,且呈下降的趋势等特征。 对于交通类上市公司融资结构所表现出来的特征,本文从融资成本、代理成本、资本市场的发展和上市公司独特的股权结构等四个方面进行分析和实证研究,得出:(1) 交通类上市公司股权融资单位成本低于企业债券或银行借款的融资成本是导致上市公司股权融资偏好和资产负债率普遍偏低的原因;(2) 按照詹森和麦克林代理成本理论,随着资产规模的扩张,上市公司扩大外部融资时,外部股权融资应该优先于债务融资。(3) 资本市场的非均衡发展导致了企业融资结构的不合理;(4) 国家股比重过大但投资主体缺位使上市公司融资结构的决策目标异化,它表现为企业管理层利益的最大化;(5) 国家大股东的绝对控股和高层管理人员持股比例过小导致了上市公司股权融资偏好。 最后,对交通类上市公司融资结构优化提出了一些对策性的建议,如优化上市公司的股权结构;发展和完善企业债券市场。更多还原

【Abstract】 The paper selects fifty listed transportation companies, and studies their present situation and characteristics of financing structure. By comparing the financing structure of my country with that of America and Japan, studying the financing structure of listed transportation companies, the author obtain that the listed transportation companies exist some characteristics by the empirical analysis, such as strong preference to equity financing, debt structure is irrational, and current liabilities are on the high side at large, and lower DAR.The author analyzes these characteristics from four aspects: financing cost, agency cost, the development of capital market and the special equity structure, and the main conclusions are presented as follows: firstly, that equity financing unit cost is lower than that of corporation bond or bank loan causes directly the preference to equity financing of listed companies or the lower DRA; secondly, according to Jensen & Meckling agent cost theory, equity financing of listed companies ought to have precedence over bond financing when enlarging the exterior financing with the expand of assets scale; thirdly, the non-equilibrium development of capital market causes the impeitinency of corporation financing structure; fourthly, more state-equities but unclear investment main body cause the dissimilation of decision-making goal of listed companies’ financing structure, it shows managerial welfare maximization; fifthly, the absolute control shares of state shareholder and few managers’ equities result in equity financing preference of listed companies.Finally, the author proposes some suggests on policy for the optimization of listed companies’ financing structure. Such as to optimize the equity structure of listed companies, to develop and perfect the corporation bond market.更多还原