中国上市公司融资结构及成因分析
关键词 中国上市公司 融资结构 公司规模 赢利能力 股权结构
毕业论文外文摘要
Tit
e The Financing Structure of Chinese Listed Companies
and Cause Analysis
Abstract
The financing structure which Chinese listed companies choose is contrary to the theory and the manner of international companies generally adopt.
Based on the study about the theoretical achievements of scholars at home and abroad, this paper researches further about the financing structure of listed companies in China. In this paper, qualitative analysis and quantitative analysis are combined to study the characteristics of Chinese listed companies in the industry financing structure, the overall characteristics and factors affecting Chinese listed companies overall financing structure. According to my research, the financing structure of listed companies in China shows characteristics of “heavy stake, light debt, other financing small proportion”. Its influencing factors include company size, profitability, ownership structure, etc. This paper also explains how these factors influence the financing structure of Chinese listed companies. At the end, the paper gives different suggestions to different departments, hoping that the financing structure and performance of Chinese listed companies will improve.
Keywords Chinese listed companies Financing Structure Company Scale Profitability Ownership Structure
目 次 II
1 引言 2
1.1 选题背景及意义 2
1.2 相关研究综述 2
1.2.1国外研究综述 2
1.2.2国内研究综述 2
1.2.3国内学者对中国上市公司股权融资偏好成因分析 2
1.3 拟解决问题及研究思路和方法 2
2 中国上市公司融资结构特征 2
2.1 中国上市公司融资结构总特征 2
2.2 中国上市公司融资结构行业特征 2
3 中国上市公司融资结构影响因素的理论分析 2
3.1 制度和融资成本因素的定性分析 2
3.2 可量化影响因素的定性分析 2
4 研究设计 2
4.1 研究假设的提出 2
4.2 样本选择及数据来源 2
4.3 变量选择及其度量 2
4.4 模型设定 2
5 实证结果及分析 2
6 结论 2
致 谢 2
参考文献2
1 引言
1.1 选题背景及意义
一个公司的融资结构对其生存发展具有重要的意义，尤其是上市公司，融资结构不仅仅意着不同来源的资金的比例，即资本结构，还意着公司股东对公司的控制权等。因此，在对融资顺序的选择中，上市公司需要考虑很多因素。优序融资理论指出，综合考虑对公司的内部影响与外部影响，上市公司在进行融资时应首选内源融资，其次是债权融资，最后是股权融资，这样的融资顺序是符合公司长远发展的。西方上市公司的融资顺序与优序融资理论基本一致，符合公司价值最大化原则，有利于公司的长远发展。