摘要
资本结构及其影响因素与公司治理、公司成长、公司战略和公司价值之间存
在着深刻的内在联系,如何设置公司最优的资本结构成为现代经济学研究中的一
大难题。特别是在中国的相关制度环境下(不平衡的资本市场发展、公司治理
机制等),我国上市公司的资本结构影响因素更令人困惑。
伴随着国有企业改革的不断深入和证券市场的发展完善,大批国有企业通过
丨P0成为上市公司。随着我国多元化的融资模式逐渐形成和发展,国有上市公司
一改过去长期依靠内部积累和银行贷款的单一融资方式,呈现出多元化的态势。
从2005年5月开始的股权分置改革,到今天已基本完成,它为资本市场规范运
行奠定了制度基础,解决了长期以来影响国有上市公司规范发展的机制性问题,
为完善资本市场功能、推进市场创新发展创造了基础性条件。
本文以我国国有控股上市公司的资本结构作为研究对象,结合股权分置改
革,以西方资本结构作为依据,研究了股改前后我国国有上市公司资本结构,采
用了规范与实证分析相结合、定性与定量分析相结合等研究方法。通过研究得出
结论,股改对国有上市公司的资产结构产生巨大影响。股权分置改革前后国有上
市公司的资产结构有较大差异。股权分置改革有效提高了国有上市公司的负债比
率,改善了上市公司的治理水平,对企业财务杠杆存在显著的正面影响。
由于本文篇幅有限主要集中从企业的角度来考察,特别联系企业的公司治
理,属于微观的范畴,同时由于企业融资的决定因素是非常复杂的,本文对诸如
企业产品、市场竞争企业内部其它利益相关者等甚少涉及,但并不表明本文的观
点就局限于此。
由于水平和经验所限文章存在许多不尽人意之处恳请各位提出批评意见和
建议。
关键词:股权分置改革资本结构影响因素
Abstract
Capital structure and its influencing factors have contact with corporate
governance、corporate growth、corporate strategy and corporate values.How
to choose the companys'capital structure as become'The Mystery of Capital
Structureof modern economists.The puzzle of determinants of capital
structures for Chinese listed companies is much tougher.
Accompanied with the thorough reformation,the state-owned enterprises
in large quantity have passed the IPO and become the state-owned listed
company (SOLC).AIong with theformation and development of our country's
multi-channel financing mode.SOLC change the old financing mode depent on
the bank loan and internal backlog,and the financing approach has the
tendency presents the multi-channel development.
The reform of non-tradable shares which starts from May, 2005,has
almost completed today, it has built the system foundation for standardize
development of capital market and SOLC.This text regards financing behavior
of the SOLC as the research object.Takes the background of the reform of
non-tradable shares,take modern west capital theory as a basis, the financing
of SOLC of key research has a Partiality for the problem-Through the
research,this text attempts to answer following questions:What is the
influencing factor for the SOLC's financial performance
Due to the limited space,this thesis mainly concentrates on SOLC and
only analyzes the equity-financing preference with corporate governance.Of
course,there are many angles,such as enterprise product market and other
persons inside the enterprises.
Thank you all for your kind comments.
Key words: Separated equities system reform,Capital structure,
Influenceing factor