【作者】 曾韦韦；

【导师】 张华伦；

【作者基本信息】 西安理工大学 ， 会计学， 2007， 硕士

【副题名】基于汽车与纺织行业的实证分析

【摘要】 资本结构问题是一个具有重大理论价值和实践意义的研究课题。从企业经营最基本的要素资金出发,探讨改善资本结构对企业价值的影响,无疑具有十分重要的意义。由于各国经济体制以及资本市场的完善程度存在差异,各国公司资本结构及其形成机制也存在明显的不同,因此,在中国这种特殊的经济环境约束的背景下,研究资本结构与企业价值之间的关系更具有现实意义。本文首先对西方资本结构的相关理论及国内外相关文献进行了综述和分析。现代资本结构理论指出:在完善的资本市场这一基本假设条件下,企业的资本结构对企业的价值有影响。发达国家上市公司的资本结构也证实了该理论,而且国内外相关研究发现不同行业上市公司资本结构具有显著差异。而本研究正是致力于通过实证分析,发现行业因素是否对资本结构有显著影响,以及资本结构是否影响企业价值以及怎样影响企业价值,并从一个侧面反映中国证券市场的成熟程度和有效性。本文以深沪两市A股汽车与纺织两行业上市公司作为研究对象,运用82家(其中汽车行业35家,纺织行业47家)样本公司2003～2005年的数据,分别从资本结构及其影响因素和资本结构与企业价值之间的相关性等不同视角进行实证分析。通过对汽车与纺织行业上市公司资本结构的影响因素的比较分析,发现行业因素对我国上市公司资本结构影响很大,汽车行业上市公司的资本结构的影响因素主要为资产的流动性以及公司的成长性;而纺织行业上市公司则为盈利能力、营运能力以及资产的流动性;通过对两个行业上市公司资本结构与企业价值相关性的实证分析发现,汽车行业上市公司资本结构与企业价值之间是显著的负相关的关系;而纺织行业上市公司资本结构与企业价值却是二次曲线关系。同时分析了不同行业上市公司资本结构与企业价值之间相关关系迥异的原因,指出了实证分析的影响因素。最后,本文结合实证分析结果,从宏观环境以及微观两个角度对完善上市公司资本结构,提高企业价值提出了相应的建议。更多还原

【Abstract】 Capital structure is worthy of study for its great theoretical and practical value. It is very necessary to discuss how capital structure influences firm value. Since economic system and perfect degree of capital market is very different in every country, and capital structure and their mechanism is different obviously, it is of practical significance to study the relationship between capital structure and enterprises’value under this peculiar economy environment background of China.Firstly, summarize and analyze the relative theory on capital structure and the value and relative empirical literatures home and abroad. Modern theories of capital structure indicated that the change of capital structure would influence the company’s performance in an perfecte stock market. In developed countries, capital structure of listed companies has testified this.and companies of different industry have different capital structure. This paper is designed to find out whether industry impacts capital structure, whether and how capital structure affects their performances. Maybe it can reflect the degree of maturity and efficiency of our security market.This paper chooses companies of automobile, textile listed in Shenzhen and Shanghai stock markets for research. There are 82 companies (35of automobile industry, 47of textile industry) for research. We choose their data from 2003 to 2005. Empirical Analysis include two parts: the first is compare research of impact factors on different industries; the second part is the relationship between capital structure and firm value. Then compare research of impact factors is that: industry has great impact on capital structure, the major impact factors of automobile firms are liquidity of assets and development, while abilities of earning andoperating, and liquidity of assets impact textile firms. Secondly, analyze the relationship between the capital structure and value of automobile and textile firms. This paper uses asset-liability ratio to describe the capital structure of sample companies; Tobin Q is used to describe the value of sample companies. Through the statistical analysis of the above 2 industries. We found the value of automobile companies during 2003 to 2005 has negative relation with its capital structure, while the value of textile companies during 2003 to 2005 has conic relation with its capital structure. At last, combining the analysis result, some advices have given on how to optimize the capital structure and the value of the listed companies in our country from macro and micro angles.更多还原