本文選題：新疆上市公司　切入點(diǎn)：資本結(jié)構(gòu)　出處：《新疆大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自20世紀(jì)50年代以來,資本結(jié)構(gòu)一直是公司財(cái)務(wù)管理的核心之一。資本結(jié)構(gòu)可以反映一個(gè)企業(yè)的償債能力,體現(xiàn)整體的資本實(shí)力,由于資本結(jié)構(gòu)問題涉及到公司的籌資、經(jīng)營、利潤(rùn)分配等各個(gè)環(huán)節(jié),因此一直被研究者所關(guān)注。資本結(jié)構(gòu)受到如此重視,還因?yàn)樗梢杂行У暮饬科髽I(yè)的財(cái)務(wù)風(fēng)險(xiǎn),在企業(yè)融資決策中起到關(guān)鍵作用。因此,合理的資本結(jié)構(gòu),是提高公司價(jià)值以及有解決公司治理結(jié)構(gòu)問題的保障。一直以來,國內(nèi)外學(xué)者沒有停止過對(duì)于資本結(jié)構(gòu)影響因素研究,由于國家、地區(qū)、政策的不同,研究結(jié)果也存在著差異。本文主要著眼于新疆上市公司資本結(jié)構(gòu),并研究對(duì)其產(chǎn)生影響的因素,從而進(jìn)一步考察資本結(jié)構(gòu)對(duì)于企業(yè)的價(jià)值提升與發(fā)展帶來的影響,旨在對(duì)新疆上市公司的資本結(jié)構(gòu)進(jìn)行優(yōu)化,這不僅對(duì)新疆上市公司的發(fā)展有促進(jìn)作用,對(duì)于新疆經(jīng)濟(jì)發(fā)展也會(huì)帶來積極的影響。本文的研究?jī)?nèi)容總體可分為五部分:第一部分是主要介紹了研究新疆上市公司資本結(jié)構(gòu)影響因素的意義以及國內(nèi)外相關(guān)文獻(xiàn);第二部分首先是對(duì)資本結(jié)構(gòu)概念的界定,然后介紹了資本結(jié)構(gòu)理論發(fā)展的三個(gè)主要階段,最后是對(duì)資本結(jié)構(gòu)影響因素的理論說明;第三部分介紹了新疆上市公司的基本情況,并從融資結(jié)構(gòu)、負(fù)債結(jié)構(gòu)、行業(yè)因素、宏觀因素、公司內(nèi)部微觀因素等方面對(duì)新疆上市公司的資本結(jié)構(gòu)進(jìn)行了分析;第四部分是對(duì)數(shù)據(jù)變量與計(jì)量模型的選取,提出資本結(jié)構(gòu)影響因素相關(guān)的研究假設(shè),然后通過新疆上市公司相關(guān)數(shù)據(jù)對(duì)資本結(jié)構(gòu)影響因素進(jìn)行面板數(shù)據(jù)模型回歸并對(duì)其結(jié)果進(jìn)行分析,考察研究假設(shè)與結(jié)果是否相符;第五部分對(duì)實(shí)證結(jié)果進(jìn)行研究總結(jié),并綜合理論與實(shí)證結(jié)果,對(duì)資本結(jié)構(gòu)的優(yōu)化從公司層面、行業(yè)層面、宏觀經(jīng)濟(jì)層面提出建議。通過理論分析和實(shí)證研究,本文得出以下研究結(jié)論:新疆上市公司的資本結(jié)構(gòu)影響因素研究與國內(nèi)學(xué)者的研究即有相同之處,也有不同之處。通過實(shí)證研究發(fā)現(xiàn)總資產(chǎn)、固定資產(chǎn)周轉(zhuǎn)率、第一大股東持股比例、行業(yè)因素、宏觀因素與資本結(jié)構(gòu)呈正相關(guān)關(guān)系;總資產(chǎn)報(bào)酬率、流動(dòng)比率、凈利潤(rùn)增長(zhǎng)率、留存收益比率與資本結(jié)構(gòu)呈負(fù)相關(guān)。希望本文的研究結(jié)論及政策建議,對(duì)于新疆上市公司自身資本結(jié)構(gòu)的調(diào)整與優(yōu)化有所啟示,對(duì)政府及金融機(jī)構(gòu)提供決策依據(jù)。
[Abstract]:Since 1950s, capital structure has been one of the core of financial management. Capital structure can reflect the solvency of an enterprise, reflect the overall capital strength, because the capital structure problem involves the financing and management of the company. Profit distribution and other links, so has been concerned by researchers. Capital structure is so important, and because it can effectively measure the financial risks of enterprises, in corporate financing decisions play a key role. Reasonable capital structure is the guarantee to improve the value of the company and solve the problem of corporate governance structure. All along, scholars at home and abroad have not stopped the research on the factors affecting capital structure, because of the different countries, regions and policies. This paper mainly focuses on the capital structure of listed companies in Xinjiang, and studies the factors that affect the capital structure, so as to further investigate the impact of capital structure on the promotion and development of enterprises' value. The aim is to optimize the capital structure of listed companies in Xinjiang, which not only promotes the development of listed companies in Xinjiang, The research content of this paper can be divided into five parts as a whole: the first part mainly introduces the significance of the research on the capital structure of listed companies in Xinjiang and the relevant literature at home and abroad; The second part is the definition of the concept of capital structure, then introduces the three main stages of the development of capital structure theory, finally the theoretical explanation of the factors affecting capital structure, the third part introduces the basic situation of listed companies in Xinjiang. The capital structure of listed companies in Xinjiang is analyzed from the aspects of financing structure, debt structure, industry factors, macro factors, internal and micro factors, etc. The 4th part is the selection of data variables and econometric models. The paper puts forward the research hypothesis of the influencing factors of capital structure, then carries on the panel data model regression to the influencing factors of capital structure through the relevant data of listed companies in Xinjiang, and analyzes the results, and investigates whether the research hypotheses and the results are in accordance with the results; Part 5th summarizes the empirical results, and synthesizes the theoretical and empirical results, and puts forward suggestions on the optimization of capital structure from the corporate level, industry level, macroeconomic level, through theoretical analysis and empirical research. This paper draws the following conclusions: the research on the influencing factors of capital structure of listed companies in Xinjiang has similarities and differences with those of domestic scholars. The first largest shareholder's shareholding ratio, industry factors, macro factors and capital structure are positively correlated; Total return on assets, current ratio, net profit growth rate, It is hoped that the conclusions and policy recommendations of this paper will enlighten the adjustment and optimization of the capital structure of listed companies in Xinjiang and provide a basis for the government and financial institutions to make decisions.
【學(xué)位授予單位】：新疆大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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