【摘要】：資本結(jié)構(gòu)選擇影響了上市公司的財(cái)務(wù)成本管理,體現(xiàn)了上市公司的發(fā)展戰(zhàn)略決策。在對(duì)國(guó)內(nèi)外研究文獻(xiàn)進(jìn)行系統(tǒng)評(píng)述的基礎(chǔ)之上,本文基于傳統(tǒng)、經(jīng)典和現(xiàn)代資本結(jié)構(gòu)理論觀(guān)點(diǎn),以青島上市公司作為研究對(duì)象,通過(guò)構(gòu)建面板數(shù)據(jù)模型,進(jìn)行多元回歸統(tǒng)計(jì)分析,重點(diǎn)研究了盈利能力、公司規(guī)模、成長(zhǎng)能力、償債能力、營(yíng)運(yùn)能力等因素對(duì)上市公司資本結(jié)構(gòu)的影響,最終提出了優(yōu)化上市公司資本結(jié)構(gòu)的政策建議。 研究表明,上市公司資本結(jié)構(gòu)市多種影響因素共同作同的結(jié)果。盈利能力、公司規(guī)模、成長(zhǎng)能力和上市公司資本結(jié)構(gòu)之間存在著一定的負(fù)相關(guān)關(guān)系；償債能力、營(yíng)運(yùn)能力和上市公司資本結(jié)構(gòu)之間存在著一定的正相關(guān)關(guān)系。研究建議,青島上市公司應(yīng)該通過(guò)改善自身盈利能力、公司規(guī)模、成長(zhǎng)能力、償債能力、營(yíng)運(yùn)能力等手段進(jìn)一步優(yōu)化資本結(jié)構(gòu)。政府應(yīng)著力完善金融市場(chǎng)體系、促進(jìn)債券市場(chǎng)發(fā)展、健全法律法規(guī)體系、加強(qiáng)資本市場(chǎng)監(jiān)管、構(gòu)建信息披露機(jī)制,為資本結(jié)構(gòu)優(yōu)化創(chuàng)造良好的政策環(huán)境。
[Abstract]:The choice of capital structure affects the financial cost management of listed companies and reflects the development strategy decision of listed companies. On the basis of a systematic review of domestic and foreign research literature, based on the traditional, classical and modern capital structure theory, this paper takes Qingdao listed company as the research object, and constructs the panel data model through the construction of the panel data model. Based on the multivariate regression statistical analysis, this paper focuses on the influence of the factors such as profitability, company size, growth ability, debt service ability and operation ability on the capital structure of listed companies, and finally puts forward some policy suggestions to optimize the capital structure of listed companies. The research shows that the capital structure of listed companies share the same results with a variety of influencing factors. There is a certain negative correlation between profitability, company size, growth ability and the capital structure of listed companies, while there is a positive correlation between debt service ability, operation ability and capital structure of listed companies. The research suggests that Qingdao listed companies should further optimize their capital structure by improving their profitability, company size, growth ability, solvency and operation ability. The government should perfect the financial market system, promote the development of the bond market, perfect the system of laws and regulations, strengthen the supervision of the capital market, construct the mechanism of information disclosure, and create a good policy environment for the optimization of the capital structure.
【學(xué)位授予單位】：青島大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F275

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本文編號(hào)：2447870