摘要
自1950年代Modigliani和Miller两位教授提出现代资本结构理论以来,国内外学者从不同视角对资本结构及其功能进行了大量研究,以期为企业资本结构的优化提供理论支撑。而就资本市场的实务来说,目前鲜有学者对某一特定地区上市公司的资本结构进行实证研究。本文采用多元线性回归法,以重庆市现有30多家上市公司的2011—2013年报作为数据样本,微观剖析和描述企业的盈利水平、股权集中度、资产规模,以及资本营运、短期偿债、企业成长和资产对外担保能力与资产负债率的相关度。并提出适度扩大企业规模、优化上市公司资本结构、提高现代公司治理水平等改进措施。以期为学界的深入研究提供实证素材,并有利于优化上市公司资本结构。
Since modern capital structure theory being put forward by Modigliani and Miller,thorough research has been done on the capital structure and its function from different approaches at home and abroad,aiming at offering theoretic guidance for the optimization of enterprise capital structure. As to the existing situation of the capital market,few empirical analysis has been done on the listed companies' capital structure of a certain region. By applying multiple linear regression,and based on the data of over 30 listed company in Chongqing during 2011-2013, the present study describes and analysis in details these companies 'profitability,ownership concentration,asset size,capital operation,short-term liquidity,business growth,and the relevancy of asset guarantee ability and asset-liability ratio. We suggest that the enterprise scale shall be reasonably expanded,the capital structure of listed company shall be optimized,and the improvement measures shall be taken to advance the corporate management,in order to offer materials for further study and benefit the capital structure of the listed company.
出处
《西南政法大学学报》
2015年第6期30-36,共7页
Journal of Southwest University of Political Science and Law
基金
2013年度国家社科基金项目"上市公司员工收入与资本回报财务公平测度研究"(13BJY015)
关键词
上市公司
资本结构
影响因素
实证分析
listed company
capital structure
influencing factor
empirical analysis
