【作者】 林瑜；

【导师】 陈建淦；

【作者基本信息】 厦门大学 ， 财政学， 2008， 硕士

【摘要】 企业作为一个独立的经济实体,追求自身价值最大化是其首要目标,那么如何才能达到利润的最大化呢,这涉及了现代企业财务管理的许多财务政策的制订问题,资本结构政策作为制订财务政策的一个重要环节,它较之于其他政策更加成为学术界的关注焦点。近年来,中国上市公司资本结构的研究是一个热门课题,许多经济学家从不同角度提出了不同的资本结构理论,做了广泛的研究,但是他们见仁见智,结论也彼此不同,资本结构与经营绩效之间到底存在什么样的互动关系是还远没有达成共识的一个领域。与此同时,在经济全球化的背景下,随着中国企业改革的日益深化,中国企业的产权制度、经营管理体制和融资行为等都发生了比较大的变化,从而引起企业资本结构出现新的明显变化。目前,中国企业的资本结构是否合理?这是关系到中国经济发展的重要课题,也是当前理论界关注和需要进一步深入研究的问题。本文基于权衡理论、代理理论等国外的经典资本结构理论,认为我国的上市公司也存在一个最优的资本结构区间使得公司绩效最大化,以经过筛选的沪、深股市A股上市公司近10年的数据为面板数据样本空间。通过建立经营绩效指标为因变量、资本结构指标为自变量结合影响上市公司绩效的其他因素指标的二次曲线模型进行实证分析,实证结果验证了假设。即随着资产负债率的增大,我国上市公司的绩效先增后减,即证明了存在最优的资本结构区间。并证明了企业绩效与公司规模、大股东的持股比例、高管持股比例正相关,与国有股持股比例、流通股比例负相关。同时,本文还对我国不同行业的上市公司进行了进一步实证研究得到不同的最优资本结构,最后本文提出优化我国上市公司的资本结构建议。更多还原

【Abstract】 The prime object for corporation, as an independent entity, is to maximize its own value. So, how can we achieve the maximization of value? This question involves the policy formulation of financial affairs as a modern corporation. The even more important section toward financial policy formulation is the capital structure, which become more concern than any other policies among academic field. Recently, the research on the capital structure of China listed Company has become a top topic. Many theories have been put forward from different angle by different economists and wide research has been conducted, however, different opinions arise. There is no widely-accepted conclusion on the relation between capital structure and operational performance.Meanwhile, under the background of globalization and the deepen of Chinese corporations, there has been tremendous change on the property institution, operational management and financing behaviors, which leads to the new change of corporation’s capital structure. Recently, the question about the rationality of capital structure of Chinese corporations is an important topic concerning the China economic development and further research should be done.Based on the classical foreign theories about capital structure, such as trade-off theory, agent theory and with the help of the panel data including all listed companies in recent 10years, this paper hold the opinion that there exist a best capital structure range which could maximize the Operating performance. The empirical results support the assumption that there exist an optimal capital structure range and have the positive correlation between the performance of corporation and size、ownership percentage held by manager and the largest shareholder, the negative correlation between the performance of corporation and ownership percentage held by circulation shareholder and nation. Then we did the follow-up empirical study for the China listed Company in different industries. The suggestions are also provided in order to optimize the capital structure of Chinese companies.更多还原