浙江省上市公司资本结构分析与优化毕业论文.doc

毕业论文 （20_ _届） 浙江省上市公司资本结构分析与优化 摘 要 优化资本结构对于公司健康发展、制定适合的融资决策至关重要。近年来，国内外学者已对资本结构及其影响因素进行了大量理论与实证研究，成果斐然。但是，以浙江省上市公司资本结构为对象的研究课题较少，不利于引导浙江省上市公司的融资实践。本论文以浙江省上市公司资本结构为研究对象，分析现状，提出优化方案。 本文首先介绍学界在资本结构方面的研究成果及不足。其次采集浙江省上市公司财务数据，运用加权平均法、回归分析、相关分析等方法，对浙江省上市公司的资本结构现状及特征进行分析，得出浙江省上市公司资产负债率相对较低、流动比率过高和国有股东占比少的三大特征。然后通过比较分析法，得出影响浙江省上市公司资本结构的主要因素是行业差异、企业获利能力、企业规模和企业成长性四方面，同时认为资产负债率与企业获利能力、企业规模成正比，与企业成长性成反比。最后，本文对浙江省上市公司资本结构提出优化方案，指出本论文不足之处，展望进一步研究。 关键词：Abstract It’s important for the listed companies to optimize the capital structure, which is benefit to the healthy development and making appropriate financing decisions. Over the years, scholars all home and abroad are continuously exploring and doing empirical analysis about the capital structure of listed companies and its influencing factors. But there are few theories about the capital structure of Zhejiang listed companies, which is not conducive to guiding the practicing of financing decisions. This paper analyzes the capital structure of Zhejiang listed companies and proposes optimization. Firstly，this paper introduced the recent theories about capital structure and it’s inadequacy. Secondly, the paper analyzes the situation and the characteristic of capital structure of Zhejiang listed companies by weighted average method、regression analysis、correlation analysis. The result shows that lower asset-liability ratio、higher liquidity ratio and low percentage of state-owned?shareholders are three obvious characteristic of Zhejiang listed companies. Thirdly, this paper draws a conclusion that the industrial difference、enterprise profitability、enterprise size and enterprise growth are the most significant factors to the capital structure of Zhejiang listed companies. From the empirical analysis, we can conclude that asset-liability has positive correlation to the enterprise profitability and enterprise size and it has negative correlation to the enterprise growth. Lastly, the paper gives some advices on the optimization of the