【作者】 张树梅；

【导师】 韦琳；

【作者基本信息】 天津财经大学 ， 会计学， 2006， 硕士

【摘要】 自从MM定理诞生以来,企业的资本结构理论一直是经济学界关注的焦点之一。Modigliani和Miller的结论是建立在一系列严格的前提假设基础之上的,之后,人们在理论和实践中不断地开拓研究思路,取得了一系列有价值的成果。本文通过对我国上市公司资本结构的统计分析,发现大多上市公司保持了较低的资产负债率,甚至有些公司资产负债率接近于零,仍然渴望通过发行股票融资。这有悖于西方资本结构理论,对我国上市公司价值的可持续增长也有不利的影响。有鉴于此,作者将以上市公司为背景,探寻基于可持续增长的资本结构优化途径。全文分成三部分,第一部分首先明确财务可持续增长与资本结构之间的关系,揭示出以企业价值最大化为纽带的财务可持续增长与资本结构的关系。第二部分是本文研究的理论基础部分:通过对企业理论、企业可持续增长、财务可持续增长理论以及基于融资优序的资本结构理论等进行梳理、总结,寻求各理论中关于可持续增长与资本结构的关系的理论支持,第三部分依据财务可持续增长理论和资本结构理论,从可持续增长的视角分析,发现我国上市公司资本结构不合理,有些甚至是违背企业追求生存与发展基本目标的现象,都与忽视财务可持续增长有关。在此基础上提出相应的对策。更多还原

【Abstract】 The theory of corporate capital structure has been in focus by economic circles sinceMM theorem was born。Their theories are founded on a series of assumptions,afterwards,people develop the research mentality unceasingly in the theory and thepractice, has yielded a series of valuable results. It can be found that although mostlisted companies remain lower ratio to liabilities of assets and some companies’ lowerratio to liabilities of assets are close to zero, those companies are longing for financingby issuing shares, which doesn’t accord with theory of west capital structure and hasdisadvantageous influence to listed companies in the long term. The taking this intoconsideration, this article through goes on the market the company capital structure toour country to carry on the analysis, inquires about based on the sustainable growthcapital structure optimization way.This article mainly divides into three parts, the first part first is clear aboutbetween the financial sustainable growth and the capital structure reciprocity,promulgates take the enterprise value maximization as the link financial sustainablegrowth and the capital structure reciprocity. The second part is the rationale which thisarticle studies partial: The enterprise theory, the enterprise sustainable development,the financial sustainable growth theory as well as the enterprise capital structurefinancing superior foreword theory, seeks in various theories about the sustainablegrowth and the capital structure relations theory support, the third part of basis financesustainable growth theory and the capital structural theory analysis, from thesustainable growth angle of view, discovered our country goes on the market thecompany capital structure existence all sorts unreasonable condition, some evenviolated the enterprise to pursue survives and develops the basic goal originalintention, actually these all were neglects the financial sustainable growth rule onekind of performance. And proposes the corresponding countermeasure and the policysuggestion in this foundation.更多还原