融资决策理论及我国上市公司融资决策分析-毕业论文.docVIP

第一章  公司融资决策理论框架 内容提要　 融资决策理论起源于对企业资本结构及企业价值的研究 是公司财务理论当 中非常重要的一个领域 其根本目的是研究如何在融资过程中提高企业价值 在 这一领域有过众多财务  金融方面的杰出学者做出过理论及实证方面的经典研 究  　 本文在以 ＭＭ 定理为主线对西方融资决策理论进行评论的基础上 对这一理 论在我国的适应性进行了分析 对于我国上市公司融资决策的特点 本文分别从 理论和实证方面对其影响因素进行了分析和研究 理论方面的分析主要是从影响 我国资本市场发展的一些宏观因素着手  而实证方面则是在选定合理的样本后 以资本结构指标 资产负债率 为因变量 以公司内部财务因素 净资产收益率 企业规模 企业担保价值 股权集中度和企业成长性 为自变量 采用多元线性 回归的方法进行分析 以此揭示影响我国上市公司融资决策的内部财务因素 通 过理论和实证分析 并在与西方发达国家的结论进行对比后 发现我国上市公司 融资决策并不合理 对此 笔者认为这主要是由我国资本市场发展不完善 以及 制度抑制等因素所造成的  　 针对目前我国上市公司融资决策的特点及存在问题 笔者对如何优化我国上 市公司资本结构  规范其融资决策进而提高企业价值提出了政策建议  　 第一章  公司融资决策理论框架 Abstract Originated from the study of capital structure and value of corporate, the finance theory is now a very important part in the field of corporate finance theory, which aims to study how to maximize the corporate value. There have been many classic studies (theoretic and empirical) in this field by some outstanding experts. This paper introduces the western finance theory with the MM theory as a main thread, and meanwhile thoroughly analyzes its application in China. It deeply analyzes the comprehensive affective factors (external and internal) of the finance policies of the listed companies in China, from theoretical and empirical aspect respectively. From theoretical aspect, it mainly analyzes those macro-economical factors that have an effect on the development of China’s capital market. Then empirically, with large and rational samples, analysis is made in this paper by regression to find out the main internal financial factors affecting the decision-making of capital structure. It turned out to be that the finance decision-making of China’s listed companies was not rational compared with western countries. It believes that the irrationality comes from the imperfection of China’s capital market and social institute. At last this paper provides some advice from the aspect of capital structure selection on how to optimize finance decision-making by examining the present situation a