【作者】 段忠东；

【导师】 苏衡彦；

【作者基本信息】 湖南大学 ， 政治经济学， 2005， 硕士

【摘要】 本文首先对我国企业所经历的融资制度变迁进行了追溯，并对上市公司融资结构的现状及效应进行了全方位的比较分析。认为我国上市公司融资结构具有低资产负债率、低内源融资与高外源融资、高股权融资的特征，并表现出强烈的股权融资偏好。 其次，本文对上市公司融资结构形成与变迁的机理展开了分析。在对西方国家企业的融资结构进行考察之后，认为应将制度因素纳入到对融资结构的分析框架中。并提出融资结构的制度性因素决定假说，认为在我国经济转型期，制度性因素通过两级传导机制全方位决定了上市公司融资结构的形成。其中，本文提出一个被动式制度变迁的模型，并且认为我国的融资制度变迁是一个以被动式制度变迁为主的制度变迁模式。对上市公司融资结构变迁机理的研究结论是：融资结构与融资制度存在一种相互影响、渐进互动的关系，融资制度的变迁决定了融资结构的演变，而融资结构的非均衡积累到一定程度会通过国家效用函数推动融资制度的变迁。 随后，本文对影响上市公司融资结构形成的制度性因素进行了具体的分析，认为公司治理制度的不健全、企业产权制度缺陷、债券市场发展滞后、信息披露制度不完善以及政府行政干预、市场管制等因素导致了不合理融资结构的形成。其中，公司治理制度与企业产权制度在融资结构的形成中居于核心的位置，起着决定性的作用。 最后，本文提出应通过制度健全与创新来优化我国上市公司融资结构。具体的措施包括：健全公司治理制度，大力发展企业债券市场、创新证券市场制度、推进银行商业化改革、规范政府行为等。 本文的理论及实践意义在于，将制度性因素纳入到对融资结构的分析中，并建立了一个融资结构形成与变迁机理的分析框架。根据这一框架，本文对影响上市公司融资结构形成与变迁的制度性因素进行了系统的分析，这为今后这一领域的研究提供了可供参考的思路。同时提出了相应的对策建议，具有一定的可行性与实践意义。更多还原

【Abstract】 First, this thesis retrospects the evolution of financial system that enterprises in China have experienced before, and comprehensively compares and analyzes the actuality and effect of financial structure in listed companies . The thesis supports that financial structure of listed companies in China is characterized by low rate of obligation, low endogenous financing and high exogenous financing, high stocks financing, and displays intense preference to stocks financing.Next, this article analyzes the formation and change mechanism of financial structure in China’ s listed companies. After investigating the financial structure of enterprises in western nation, the author maintains that it should bring institutional factors into the framework analyzing the financial structure.Meanwhile, thesis puts forward the hypothesis that institutional factors determine formation of financial structure, and thinks that in Chinese economic transition, institutional factors comprehensively determine the formation of financial structure in listed companies through dual-stage conductive mechanism. Among these analysis, the thesis puts forward a model concerning passive institutional change, and thinks that the financial institutional change in China is a change model which is relied mainly on passive institutional change. The research results of change mechanism of financial structure in listed companies are shown as follows: the relationship between financial structure and financial institution is mutual influencing, the change of financial institution determines the evolution of financial structure, and unequilibrium in financial structure will promote the change of financial structure through national utility function while it is accumulated to some degreeThen, this thesis specifically analyzes the institutional factors influencing the formation of financial structure in listed companies, and considers that it is following factors such as imperfect corporate governance institution, limitation in enterprise property right, Iagging-behind in the development of corporate bond market, imperfect information discoursing system and government control, market control etc.that lead to the formation of unreasonable financial structure . Among these factors, corporate governance institution and enterprise property right play a decisive role in forming financial structure .At last , this thesis proposes that financial structure in China’ s listed companiesshould be optimized by improving and innovating institution. Specific measurers go like this: improving corporate governance institution, developing corporate bond market, innovating security market institution, commercializing the bank and standardizing government behavior.Significance of this thesis, theoretically and practically, is that the article brings institutional factors into the analysis for financial structure, and constitute a framework analyzing the formation and changing mechanism of financial structure. According to this framework, the author systematically analyzes the institutional factors which influence the formation and changing mechanism of financial structure in listed companies, which provide methods for reference for later research in this fields. Meanwhile, the author puts forward related countermeasures and suggestions which are feasible and with practical meaning.更多还原