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 （2010届） 上市公司资本结构影响因素的实证研究 摘 要 2006-2009年沪深两市50家上市公司为研究样本，从行业角度切入，研究制造行业上市公司资本结构的影响因素。通过选取八个公司特征因素（公司规模、盈利能力、成长性、营运能力、偿债能力、利息支付能力、财务结构和资产流动性）来研究其对资本结构的影响与作用。本文首先界定资本结构的概念，对资本结构影响因素进行理论综述。接下来分析江浙沪上市公司资本结构现状，并结合资本结构影响因素理论，对可能影响企业资本结构的多种因素进行相关性描述。而后通过时间序列分析比较资本结构的变化趋势以及资本结构各影响因素的变化趋势。最后采用多元线性回归模型来检验制造行业上市公司资本结构与所选影响因素的关系，得出结论：（1）公司规模、运营能力和利息支付能力与资本结构关系不显著。（2）盈利能力和偿债能力与资本结构呈负相关关系。（3）成长性、资产流动性与资本结构呈正相关关系。 关键词：Abstract This paper based on 50 listed companies in Shanghai and Shenzhen from 2006 to 2009, this thesis studies influencing factors determining capital structure of listed companies in the manufacturing industry. It also researches the influences and functions of the capital structure by choosing eight company characteristic factors (the company size, profitability and growth, operation ability, solvency, interest payment ability, financial structure and liquidity). In this paper, the author defines the concept of capital structure and the capital structure factors of theory are reviewed. Then the author makes an analysis of present situation of listed companies in Zhejiang and Shanghai. Combined with capital structure theory, the influence factors that may influence corporate capital structure are described. Then it analyzes and compares the capital structure changing trends and capital structure trend of the various influencing factors through the time series analysis. Finally using multivariate linear regression model to examine the manufacturing industries listed company capital structure and the selected factors relationship, and the conclusions are drawn: (1) Company size, operation ability and interest payments with capital structure relation ability are not so significant. (2) Profitability and solvency and capital structure is inversely related. (3) Growth, liquidity and capital structure are positively related. Keywords: capital structure; Influence factors; the empirical research 目录 1 资本结构相关理论及概念界定 1 1.1 资本与资本结构 1 1.2 资本结构理论研究 2 1.2.1 早期资本