【作者】 曹运根；

【导师】 晏艳阳；

【作者基本信息】 湖南大学 ， 金融学， 2005， 硕士

【副题名】对我国上市公司的实证研究

【摘要】 自从Modiliani和Miller在1958年发表了他们那篇富有开创性的论文后,资本结构问题在学术界及实务界引起极大的兴趣。影响资本结构的因素很多,但其中行业竞争、盈利能力相对要重要一些,所以本文试图通过提示我国上市公司中这三者的关系,考虑如何构建企业的最优资本结构以适应市场竞争并进而提升国民经济的竞争力。 关于行业竞争、盈利能力与资本结构的关系,国内外学者进行了大量的研究,尽管目前存在多种意见,没有一致的结论,但是许多学者所作的研究表明:行业竞争对盈利能力有一定的影响,同时处于不同行业中企业的盈利能力也有差异,这样会对企业的资本结构造成影响。实践也证明,我国上市公司自出现以来,行业竞争、盈利能力与资本结构有一定的联系。本文在借鉴国内外学者研究成果的基础上,首先对行业竞争、盈利能力和资本结构之间的关系从理论上进行了探讨,在此基础上本文选取了2000--2003年间不同行业的3970家样本公司,描述了2000--2003年间各行业的行业竞争、盈利能力和资本结构情况;然后就三者之间进行比较,最后采用能对多变量进行有效分析的因子分析法,对我国上市公司行业竞争、盈利能力与资本结构进行实证研究,得出以下结论:(1) 行业竞争对资本结构有显著的影响;(2) 盈利能力与资本结构之间呈负相关关系;(3) 公司间资本结构差异可由公司所处行业来解释的比例在四年中稳定处于0.088—0.118之间,这在一定程度上符合理论研究所得出的结论。更多还原

【Abstract】 Since Modiliani and Miller write their initiative thesising in 1958, the structure question of the capital causes the great interesting on the academia and practice circle. There are a lot of factors influencing structure of capital, but the trade competition , profit ability are relative should be a little more important among them, so this text is it is it brief of our country listed company on relation of three these to pass to attempt, consider how to structure optimum capital structure of enterprise in order to meet and then market competition and promote competitiveness of national economy.The home and abroad’s scholar have a lot of research for the relations among business-line compete capacity to earn profit and capital structure. There are a good many of conclusions in academic community or haven’t unanimous conclusions, but a lot of scholar’s research have indicate the follower conclusion: the business-line compete factor have difinit impact to the capacity to earn profit. A corporation’s capacity to earn profit also have discriminate in different business-line, then also have some impact to the capital structure. There are some extablished relations among business-line compete capacity to earn profit and capital structure which have been proved by practice since the emergence of china’s listed companies. First ,our article have the theoretical research among business-line compete capacity to earn profit and capital structur at the basis of draw lessions which have been goal by the home and abroad’s scholar. Then we choose 3970 corporation samples from 2000 to 2003 year in different business-line, We have described the business-line competes capacity to earn profit and capital structure from 2000 to 2003 year in different business-line,We have some comparative among the business-line competes capacity to earn profit and capital structure. At the end, We have actual evidence for the business-line competes capacity to earn profit and capital structure in china’s listed companies. We can drive conclusions in the follower:(l) There are notable impact for business-line compete against capital structure;(2) There are negative correlation between capacity to earn profit against capital structure; (3) The porpotions which the capital structure different can be proved by the corporation’s business-line are stablished between 0.088 to 0.118,It have accord with the theoretical research conclusion in a certain degree.更多还原