【作者】 韦琳；

【导师】 陈敏；

【作者基本信息】 天津财经学院 ， 会计学， 2004， 博士

【摘要】 半个多世纪以来,资本结构(Capital Structure)始终是财务学(Finance)中一个经典的研究课题,无论是西方还是我国,无论是学术界还是实务界,对资本结构的研究从来就没有停止过。回顾前人对资本结构理论的研究,真可谓硕果累累、博大精深,占据着财务学研究的主流地位。然而,资本结构研究的这些辉煌的成果也已经写入财务学研究的历史,历史是昨天创造的。社会在发展、人类在进步,面对社会发展的现实环境和出现的新问题,面对企业理论的发展,企业目标、企业价值的重塑,资本结构理论也同其他任何理论一样需要不断的更新、完善和发展,资本结构与企业价值“之迷”仍旧被越来越多的学者和企业家所关注。当代资本结构的研究者们仍在继续资本结构理论的研究,正在努力谱写资本结构理论研究明天的历史。随着中国资本市场的迅猛发展,与资本市场有关的公司财务问题包括资本结构问题也日益受到理论界的重视。 本文的研究将立足于前人研究的成果,结合中国经济发展的现状和我国企业的特点,以上市公司为背景将资本结构拓展到财务结构(Financial Structure)进行研究。对深化、丰富和完善我国资本结构的理论研究,帮助我国企业有效地选择、调整和优化财务结构,进而优化企业资源配置,实现和提高企业价值,保证企业长期、持续的生存和发展有着积极的意义。 本文的研究内容共分成六个部分:引言、相关理论的回顾与评析、资本结构拓展到财务结构、财务结构及其优化、财务结构与公司治理、我国上市公司的财务结构优化战略。 第一部分是引言。本部分首先介绍选题的理论和现实意义;其次,介绍了国内外研究的现状;第三,讨论了本文的研究范围、研究目的和研究方法;最后,阐述了本文的研究思路与框架、研究内容及创新点。 第二部分是相关理论的回顾与评析。本部分(第1、2章)回顾了企业理论、重新认识了企业,将企业定义为一系列契约的有机组合,这一系列契约实质上规定了人们相互间的责任、义务和权利关系;回顾了资本结构理论,结合对企业的认识,将企业全部要素投入的资本纳入广义资本结构,将资本结构拓展到财务结构并将财务结构划分为两个层次。 第三部分是财务结构及其优化。本部分(第3、4、5章)分析了影响财务结构的因素,定义了企业财务结构的外延和内涵,分别讨论了财务结构的第一层次权益资本和债务资本结构的选择和优化,第二层次权益资本和债务资本的内部结构及其选择。 第四部分是对财务结构与公司治理的讨论。本部分(第6章)回顾了公司治理理论,继承了中、外学者关于资本结构对公司治理的影响的观点。认为公司治理与企业财务结构存在互动关系,即公司治理效率也会影响财务结构的选择,探讨了企业财务结构优化与完善公司治理的途径。 第五部分是关于我国上市公司的财务结构优化战略。这一部分(第7章)分析了上市公司财务结构现状及成因,根据现状提出了“治标更治本,标本兼治”的上市公司的财务结构选择战略。第六部分是结论与展望。本部分总结了此研究的主要结论和需要进一步研究的问题。关键词:资本结构财务结构权益资本结构债务资本结构公司治理更多还原

【Abstract】 The capital structure has been a classic topic to research in the subject of finance for more than half a century. No matter in the west or in China, in the academic circle or in the business world, this research has never been interrupted. Looking back on what we have done on capital structure research, we will find we have made numerous significant achievements and this research has been taking the leader position in the subject of finance. However all those brilliant achievements have been written done in history. We know the history is created by yesterday. The society is in development while mankind is in progress. The theory of capital structure which is just like any other subject needs renewal. Perfect and development in response with the emergence of new environments , new problems in a developing society, with the development of corporate theory, the remold of corporate objective and corporate value. The "mystery" of the relation between capital structure and corporate value has been more attractive to scholars and entrepreneurs. The contemporary researchers on capital structure have been still working on this research. They are the creator of the "morning" history. With the rapid progress of China’s capital market, the academic circle pays more and more attention to the problems related with the corporate finance including capital structure.The research of this paper as based on the current available achievement, focused on the real situation of China’s economy and the feature of China’s enterprises. This paper has developed the capital structure to study. It is of significance in furthering, .enriching and perfecting China’s research on capital structure, helping China’s enterprises to select, adjust and optimize their financing strategy effectively, optimizing thr enterprises allocation of resources, realizing and promoting corporate value, in order to ensure the companies enjoy a long-term existence and sustainable development.The research of this paper can be divided into 6 parts: preface, retrospect and review of related theory, developing capital structure to financial structure, financial structure and corporate governance, the strategy to optimize Chinese public compan ies’ financial structure.Part One: Preface this part begins with theoretical and practical reasons to research on this topic. Second, current status of research in this field home and abroad. Third, thr scope purpose and method of research in this paper. This part ends up with the thinking, framework context and creative points of this research.Part Two: Retrospect and review of related theory, this part (chapter1,2) retrospect and the theory (this part, chapter 1.2 ) of firms, redefine a firm, from different perspective, as a combination series of contracts. These contracts maps out the duty , obligation and right between persons, After looking back on classic theory of capital structure and classic theory of firms this paper brings all inputs of a firm into the general capital structure, develops capital structure tofinancial structure and divides financial structure into two levels.Part Three: financial structure and its optimization this part(chapter 3, 4, 5 )analysis the factors which have effect on financial structure, after defining the denotation and connotation of financial structure, this part discusses the selection and optimization of the first level of financial structure, that is the proportion between equity and debt. This part also discusses the secondary level, that is the inner structure inside the equity and debt.Part Four: Financial structure and corporate governance. This part (chapter 6 ) reviews the classic theory of corporate governance and inherits the points had by scholars from home and abroad that capital structure has effect corporate governance, This paper believes that there is an interaction corporate governance and financial structure, this is the efficiency of the corporate governance will affect the selection of financial structure and this pate also provides the means to optimize and perfect corpor更多还原