陕西上市公司融资结构研究

论文编号:CW176  论文字数:12632,页数:18

陕西上市公司融资结构研究
摘  要
 近年来，上市公司的融资机构一直是人们关注的焦点。在目前我国复杂的经济和制度下，上市公司表现出极为强烈的股权融资偏好，导致资产负债率低。资本结构不合理。以及陕西上市公司股权融资偏好的后果，和近年来陕西上市公司所遭遇的问题。同时指出企业最佳的资本结构和最优的融资顺序。
 本文具体分析陕西上市公司的融资结构，先从理论出发，再进行比较分析，最后提出解决的办法。研究发现，债权融资的引入可以减少企业所缴纳的所得税，减少代理成本，提高企业经营者对也得控制权。同时，如果债权融资过多也可能导致企业风险加大，造成破产和财务困境等方面的问题。所以，适量的债权融资可以使得企业价值增加。
 
关键词: 融资结构；陕西上市公司；股权融资

论文类型: 应用研究型

The Study on Optimizing the Capital Structure of Listed Companies in China
ABSTRACT
 This year, the listed company's financial institutions have been the focus of attention. At present, our complex economic and system, listed companies showed very strong preferences for equity financing, resulting in the balance is low. Capital structure is irrational. And Shaanxi problems in listed companies, and listed companies in Shaanxi this year the problems encountered. Also pointed out that the best corporate finance capital structure and optimal order.
 This detailed analysis of the financing structure of listed companies in Shaanxi Province, starting with theory, then a comparative analysis, and finally proposes a solution. Study found that the introduction of debt financing can reduce the income tax paid by enterprises, and reduce agency costs, improve business operators have to control for. Also, if too much debt financing may also lead to increased business risk, resulting in bankruptcies and financial difficulties and other issues. Therefore,the amount of debt financing can make to increase corporate value.
 
Key Words: Financing structure; Listed companies in Shannxi; Equity financing

 Type of Thesis: Applied Research

 目 录
1 前言 1
2 企业融资结构的基本理论 2
2.1 MM理论 2
2.2 MM定理的修正 3
2.3 权衡理论 3
2.4 代理成本理论 3
2.5 激励理论 3
2.6 非对称信息论 4
2.7 控制权理论 4
3 陕西上市公司融资结构分析 6
4 陕西上市公司偏好股权融资的原因及后果 8
4.1 陕西上市公司股权融资与债权融资成本分析 8
4.2 陕西上市公司偏好股权融资的原因 9
4.3 陕西上市公司偏好股权融资的弊端 10
5 研究结论与政策建议 12
5.1 研究结论 12
5.2 政策建议 12
6 结束语 15
参考文献 16
致 谢 17

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