本文選題：資本結(jié)構(gòu) + 中小企業(yè)　； 參考：《吉林財經(jīng)大學(xué)》2013年碩士論文

【摘要】：資本結(jié)構(gòu)問題一直以來都是財務(wù)理論研究中的難點(diǎn)問題與熱點(diǎn)問題之一，其本身既是一個理論問題，又是一個實際問題。無論是在擁有發(fā)達(dá)資本市場的西方國家，還是資本市場正處于發(fā)展階段的發(fā)展中國家，企業(yè)的資本結(jié)構(gòu)問題作為企業(yè)籌資決策的核心問題，，一直都是探討的重點(diǎn)問題。企業(yè)的資本結(jié)構(gòu)是否合理，會在一定程度上影響到企業(yè)的治理情況、企業(yè)績效情況、企業(yè)抵御風(fēng)險的能力、企業(yè)價值高低等一系列方面，因此研究資本結(jié)構(gòu)具有重要的理論意義。許多學(xué)者都在試圖尋找影響資本結(jié)構(gòu)的因素，通過數(shù)據(jù)分析，建立一種最佳資本結(jié)構(gòu)模型，使企業(yè)的資本結(jié)構(gòu)更加合理，更加優(yōu)化。而在實踐中，企業(yè)也都面臨著如何確定資本結(jié)構(gòu)的決策問題，如何優(yōu)化企業(yè)的資本結(jié)構(gòu)，最終達(dá)到提高公司績效或公司價值的目標(biāo)。因此，企業(yè)資本結(jié)構(gòu)影響因素的研究同樣具有現(xiàn)實意義。 隨著我國中小企業(yè)的蓬勃發(fā)展，中小企業(yè)已經(jīng)逐漸成為國民經(jīng)濟(jì)中重要的組成部分，許多中小企業(yè)正向成熟期邁進(jìn)，因此中小企業(yè)資本結(jié)構(gòu)優(yōu)化問題的研究就具有更加重要的意義。眾所周知，中小企業(yè)對于構(gòu)成市場多樣化、促進(jìn)社會經(jīng)濟(jì)穩(wěn)定、推動我國國民經(jīng)濟(jì)的發(fā)展發(fā)揮著不容小覷的重要作用。但是另一方面，由于中小企業(yè)自身規(guī)模較小，收益方面缺少確定性及穩(wěn)定性，加上可用來抵押的資產(chǎn)相對較少，這就使得中小企業(yè)存在較高的風(fēng)險，從而將影響到其自身的融資結(jié)構(gòu)。 為了彌補(bǔ)我國中小企業(yè)融資較難的問題，深圳證券交易所在2004年5月17日正式啟動了中小企業(yè)板，中小板的創(chuàng)立標(biāo)志著我國的中小企業(yè)正式登上了資本市場的舞臺。中小板的創(chuàng)立也為中小企業(yè)的融資拓寬了渠道，為中小企業(yè)的快速發(fā)展提供了強(qiáng)有力的資金保障。同時，通過資本市場的自我調(diào)節(jié)和政府的監(jiān)管，共同來促進(jìn)中小企業(yè)的健康和科學(xué)的發(fā)展。近幾年來，中小板上市公司的數(shù)量急劇增加，已成為我國證券市場上非常重要的一股力量。 中小企業(yè)作為這樣一個特定群體，在國民經(jīng)濟(jì)中發(fā)揮著舉足輕重的作用。中小企業(yè)若想獲得長期持續(xù)的發(fā)展、避免發(fā)生財務(wù)風(fēng)險，擁有相對合理的資本結(jié)構(gòu)是必不可少的條件。因此關(guān)注和分析中小企業(yè)中的代表——中小板上市公司的資本結(jié)構(gòu)情況及其影響資本結(jié)構(gòu)的因素，并對中小板上市公司的資本結(jié)構(gòu)進(jìn)行優(yōu)化，就更具有現(xiàn)實意義。 本文在歸納總結(jié)了國內(nèi)外關(guān)于資本結(jié)構(gòu)的理論研究成果，以及資本結(jié)構(gòu)的影響因素，在此基礎(chǔ)上針對我國中小板上市公司的特點(diǎn)，試圖通過因子分析法，構(gòu)建一種企業(yè)資本結(jié)構(gòu)的評價模型，同時對中小板上市公司的資本結(jié)構(gòu)的優(yōu)化提出了建議。
[Abstract]:The problem of capital structure has always been one of the difficult and hot issues in the study of financial theory, which is not only a theoretical problem, but also a practical one. Whether in the western countries with developed capital markets or in the developing countries where the capital markets are in the developing stage, the capital structure of enterprises as the core issue of corporate financing decisions has always been the focus of discussion. Whether the capital structure of an enterprise is reasonable or not will, to a certain extent, affect the governance of the enterprise, the performance of the enterprise, the ability of the enterprise to resist risks, the value of the enterprise, and so on. Therefore, the study of capital structure has important theoretical significance. Many scholars are trying to find the factors that affect the capital structure. Through the data analysis, a kind of optimal capital structure model is established to make the capital structure of the enterprise more reasonable and optimized. In practice, enterprises are faced with the problem of how to determine the capital structure, how to optimize the capital structure, and finally achieve the goal of improving corporate performance or corporate value. Therefore, the study of influencing factors of enterprise capital structure is also of practical significance. With the vigorous development of small and medium-sized enterprises in China, SMEs have gradually become an important part of the national economy. Many small and medium-sized enterprises are moving towards maturity. Therefore, the study of the optimization of the capital structure of small and medium-sized enterprises has more important significance. As we all know, small and medium-sized enterprises play an important role in forming market diversification, promoting social and economic stability and promoting the development of our national economy. On the other hand, because of the small size of SMEs, the lack of certainty and stability in income, and the relatively small amount of assets that can be used as collateral, SMEs have a higher risk. This will affect its own financing structure. In order to make up for the difficulty of SMEs financing in our country, the Shenzhen Stock Exchange officially launched the SME Board on May 17, 2004. The establishment of the small and Medium-sized Enterprise Board symbolizes that the small and medium-sized enterprises of our country have formally stepped onto the stage of the capital market. The establishment of small and medium-sized boards also broadens the channels for the financing of small and medium-sized enterprises and provides a strong financial guarantee for the rapid development of small and medium-sized enterprises. At the same time, through the self-regulation of capital market and government supervision, we can promote the healthy and scientific development of small and medium-sized enterprises. In recent years, the number of small and medium-sized board listed companies has increased rapidly, which has become a very important force in our securities market. As such a specific group, SMEs play a pivotal role in the national economy. If small and medium-sized enterprises want to obtain long-term sustainable development and avoid financial risks, it is necessary to have a relatively reasonable capital structure. Therefore, it is of practical significance to pay attention to and analyze the capital structure of the small and medium-sized listed companies and the factors that affect the capital structure, and to optimize the capital structure of the small and medium-sized board listed companies. This paper summarizes the theoretical research results of capital structure at home and abroad, and the influencing factors of capital structure. On this basis, according to the characteristics of Chinese small and medium-sized board listed companies, this paper attempts to use factor analysis method. This paper constructs an evaluation model of capital structure of enterprises and puts forward some suggestions on the optimization of capital structure of small and medium-sized listed companies.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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