【作者】 白云；

【导师】 孙长江；

【作者基本信息】 东北农业大学 ， 会计学， 2012， 硕士

【摘要】 随着我国经济结构调整以及产业升级步伐的加快,行业之间、国有资本和非国有资本之间,以及行业内最优资本结构是否存在差异性等问题成为财务界关注的重点。基于此,本文试图通过实证的方法,探究不同行业间由于产业竞争性的差异而导致的资本结构的不同,以及研究产业竞争对上市公司最优资本结构的影响程度,从而对深化国有企业改革以及实现企业又好又快发展有着重要的现实意义。本文以我国上市公司为研究对象,综合运用资本结构理论、产业竞争等理论,采用理论分析和实证检验相结合的研究方法,系统地研究了产业竞争对上市公司最优资本结构影响程度和因素。首先,本文对产业竞争与资本结构相关性理论进行了阐述。接着,本文对我国上市公司资本结构现状、产业竞争现状以及产业竞争对上市公司最优资本结构影响的现状进行了分析。然后本文对产业竞争与上市公司最优资本结构影响中存在问题及原因进行分析,在此基础上,实证分析了产业竞争对上市公司最优资本结构的影响因素。最后,本文结合问题提出了通过产业竞争优化上市公司资本结构的对策。研究结果表明：1)目前我国上市公司长期债务低而短期债务高、资产负债率水平不高和上市公司股权集中度高。2)资本结构的财务杠杆作用主要是由负债融资引起的,一般来说,在不考虑企业优先股的情况下,企业筹集资金的规模和企业的规模成正比率关系,企业规模越大相应的利润绝对额也就越高,而利息是固定的,企业负债的固定融资成本和企业利润关系不大。3)最优资本结构和赫芬达尔指数、产业集中度、企业成长性以及销售净利率呈正相关,产业内竞争越激烈,那么赫芬达尔指数就越小,根据正向比率的关系,企业最优资产结构中资产负债率水平就越低。4)最优资本结构与总资产收益率呈负相关,与上市公司第一大股东所占股票的比率呈正相关。基于本研究结论,本文提出改善我国产品市场竞争状况、融资决策应与企业的竞争环境相适应、考虑公司资产结构、健全我国债券市场、加强公司治理结构等五大对策,对优化我国上市公司资本结构具有重要的现实意义。更多还原

【Abstract】 With the adjustment of economic structure and the acceleration of industrial upgrading in China, whether the differences in optimum capital structure are existent or not between industries, between state-owned capital and non-state-owned capital, as well as among industries becomes the focus in financial industry. From that point, this paper is trying to adopt empirical methods to explore the differences in capital structure caused by the differences of industrial competiveness between different industries and to study the influence of industrial competition on the optimum capital structure of listed company, which thus has the important practical significance in deepening the reform of state-owned enterprises as well as in realizing the good and fast development of enterprises.The object of this study is Chinese listed company. The methods of the study are capital structure theory, industrial competition theory, and the combination of theoretical analysis and empirical research method.The influence and influencing factors of industrial competition on the optimum capital structure of listed company are systematically investigated. First of all, the theoretical foundations of industrial competition and capital structure are expounded in this paper. Then, the current situation of the capital structure of listed company in China, the current situation of industrial competition, and the current situation of the industrial competition influencing the optimum capital structure of listed company are analyzed. Moreover, the problems and causes of industrial competition influencing the optimum capital structure of listed company are analysed. On that basis, the empirical analysis of industrial competition influencing the optimum capital structure of listed company is conducted. Finally, strategies for optimizing capital structure of listed company by industrial competition are put forward in this writing.The research results show as follows:Firstly, the long-term debt of listed companies in China at present is low, but the short-term debt is high. The asset-liability ratio of listed companies in China at present is low, but the share concentration ratio of listed company is high. Secondly, the financial leverage of capital structure is mainly caused by debt financing. Generally speaking, the raising money scale of an enterprise is proportionate to the size of the enterprise without considering the preferred stock of the enterprise. The greater the enterprise scale is, the higher the enterprise corresponding sheer specified number is; but the interest is fixed. The fixed enterprise debt financing cost has little to do with corporate profits. Thirdly, the optimal capital structure correlates positively with the Herfindahl index, industrial concentration, enterprise growth or net sales. The more fierce the competition in the industry is, the less the Herfindahl index is. The asset-liability ratio of the optimal asset structure of enterprise is lower according to positive ratio relation. Fourthly, the optimum capital structure correlates negatively with total asset profit rate, but positively with the ratio of the largest shareholder’s stock of listed company. Based on the research results, five strategies which have the important practical significance in optimizing the capital structure of listed companies in China are posed in this paper like the improvement of the market competitiveness of Chinese products, the adaptation of financing decisions to the competitive environment of companies, the consideration of the asset structure of companies, the perfection of Chinese bonds market, and the strengthening of the governance structure of companies.更多还原