中小企业上市公司资本结构影响因素的实证研究毕业论文.doc

毕业论文 （20_ _届） 中小企业上市公司资本结构影响因素的实证研究 摘 要本文以经历过国际金融危机和股改后全流通的中国证券市场为背景，在2006至2010年9月底间中国深交所中小板上市公司中，选取50家上市公司作为研究样本。从资本结构理论出发，在了解了企业资本结构概念、理论及影响因素之后，探讨了中小企业上市公司资本结构的现状。采用资产负债率、长期负债率和短期负债率三个因变量以及盈利能力、企业规模、资产担保能力、非债务性税盾、企业成长性和股权集中度六个自变量，首先进行描述性统计分析，然后运用相关性分析和最小二乘法对资产负债率、长期负债率和短期负债率三个因变量进行回归分析，得出回归方程。：（1）中小企业的规模和盈利能力对三个因变量影响显著，支持了理论研究（2）中小企业较难获得长期贷款且成长性越高的企业越倾向内源融资，这与现有研究有所不同。 关键词：中小企业；资本结构；Abstract Based on the aftermath of international financial crisis and share reform of full circulated Chinese Stock Market, the article takes 50 medium and small listing enterprises in Shenzhen Stock Exchange from December 2006 to September 2010 as samples. First, the article expounds from the theoretical aspect, discusses the current situation of the financial structures of medium and small listing companies after presents the concepts, theories and influencing factors of financial structures of enterprises. Then, the article first takes asset-liability ratio, long capital ratio and short capital ratio as three dependent variables, and profitability, size, asset-backed ability, non-debt tax shield, growth ability and concentricity of the stock as six independent variables to make descriptive analysis. After that, it uses correlate analysis and least square method to make regression analysis on the three dependent variables asset-liability ratio, long capital ratio and short capital ratio, to get the regression equation. Finally, the article gives the results based on the theoretical and impractical analyses above, (1) the size and earning power of medium and small enterprises can affect the three dependent variables notably, and they support the theoretical analysis well; (2) medium and small enterprises are hard to acquire long-term loan and high growth companies tend to internal financing, which are different with the current studies. Keywords: medium and small enterprises; capital structure; influencing factors目 录 1 导论 1 1.1 研究背景 1 1.2 研究方法 3 1.3 本文主要创新点 4 2 资本结构的概念、理论及其影响因素