内蒙古上市公司资本结构的分析与优化途径

【作者】 王晓红；

【导师】 颉茂华；

【作者基本信息】 内蒙古大学 ， 工商管理， 2005， 硕士

【摘要】 公司的资本结构理论自1958年以来就成为证券市场的热点问题。MM定理指出,在无交易成本、税负、信息不对称等条件下,公司的资本结构与公司的市场价值无关。MM定理描述的只是一种理想状态。从二十世纪六十年代到九十年代,众多学者在理论上又将MM定理向前进一步拓展。这些研究成果表明,在现实世界中,公司的市场价值与公司的资本结构是密切相关的。 本文主要利用我国证券市场上市公司2001年至2003年的财务数据,从实证的角度探讨了内蒙古上市公司资本结构的决定因素。首先,对内蒙古上市公司的资本结构进行了统计分析,分析结果表明,内蒙古上市公司资本结构存在下列特点:①资产负债率水平偏低;②负债结构不合理,流动负债水平偏高,长期负债筹资方式单一;③资金来源结构不合理,偏好发行流通股融资:④股权结构不合理,未流通股比例过高,股权过渡集中,国有股仍处控股地位,高级管理层控股比例低。 在此基础上,利用资本结构理论对内蒙古上市公司的资本结构形成的原因进行了分析,结果表明,外部环境因素的强烈影响、股权结构不合理导致严重的内部人控制、股权二元结构导致非流通股股东偏好股权融资、资本市场发展滞后资本市场体系不健全、证券机构在地域分布上的缺陷削弱了资本市场的辐射功能、资本市场集约化程度低、资本金融在资源配置中缺乏相应的体制转化基础是影响内蒙古上市公司资本结构的重要因素。因此本文的最后一部分,就当前内蒙古上市公司资本结构的优化进行了分析,指出当前内蒙古上市公司资本结构的优化应从三个方面着手:(1) 资产负债结构的优化 (2) 负债结构的优化,(3) 股权结构的优化。通过对这三个方面的优化,可以使内蒙古上市公司的资本结构更有利于公司的发展。更多还原

【Abstract】 The capital structure theory of the company has become the hot question of the security market since 1958. MM theorem is pointed out, under having such conditions as transaction cost, burden of taxation, information asymmetry, etc., the capital structure of the company has nothing to do with the market value of the company. From the sixties of the 20th century to the 1990s, numerous scholars expanded MM theorem further forward in theory. These research results indicate, in the real world, the market value of the company is closely related with the capital structure of the company.This text utilizes the financial data from 2001 to 2003 of listed company of security maiket of China mainly, have probed into the decisive factor of the capital structure of listed company of the Inner Mongol in terms of real example. First of all, have carried on statistical analysis to the capital structure of the listed company, the analysis results indicate, there are the following characteristics in the capital structure: The asset-liability ratio level is on the low side; The structure in debt is unreasonable, the level of the current liability is on the high side, the long-term debt is single in fund-raising; The capital source structure is unreasonable, have a partiality for the circulating stock financing of issue etc..On this basis, utilize capital structure theory analysis to capital reason of the Inner Mongol of listed company, the result shows, strong influence of the external environmental factor, the stock right structure causes serious inside people to control unreasonably, structure of stock right causes the non-negotiable stock shareholder to have a partiality for stock financing, the market system of the capital is imperfect that the development of capital market lags behind, etc., So the last part of this text, has analyzed on the optimization of the capital structure of listed company, point out the optimization of the capital structure of listed company of the Inner Mongol should be set about from three respects at present: (l)The optimization of the structure in debt of optimization (2 ) of the asset-liability ratio, (3) optimization of the stock right structure. Through to three optimization of respect these can make capital structure development more favorable to company, the Inner Mongol of listed company.更多还原