上市公司资本结构与财务风险实证研究

论文编号:KJ192 字数:15299,页数:22

摘  要

 随着我国国有企业体制改革的进一步深入和海外并购热潮的到来，我国上市公司中存在的很多潜在问题被一一暴露出来，部分企业在无节制扩张时，因失去稳定的现金流，而轰然倒塌。国内企业如何才能持续稳健发展已成为迫在眉睫的问题。对于资本结构和财务风险的研究必将成为会计人员所关注的焦点，而国内会计学术界在这一领域的实证研究仍处于空白阶段。
 本文以一个崭新地视角，希望能通过自己建立的简单二元线性回归模型，对国内上市公司最近公布的财务数据做出分析处理，进行上市公司资本结构与财务风险实证研究。旨在揭示上市公司资本结构存在的问题，力求探询公司资本结构与财务风险的关系，希望能在上市公司资本结构与财务风险方面形成自己的观点，并提出一些有价值的参考意见。通过合理调整企业的资本结构的方法，以达到降低上市公司财务风险的目的，使企业能同中国经济一起持续稳健地发展。
 通过全文对国内上市公司资本结构和财务风险的分析可以看出，中国上市公司的资本结构的配置不佳,资本结构的效应较差,还没有发挥其应有的作用。国内上市企业的急需用债务融资来取代股权融资，同时应该及时提高公司盈利水平，这样才能保持较低的财务风险水平。

关键词：上市公司；资本结构；财务风险；实证研究

 ABSTRACT
 With state-owned enterprise organizational further reform and the upsurge’s arrival of overseas combine, questions of stock-listed company in our country exist be exposed. Partial enterprises collapse when intemperate expansion, because of loses the stable cash class. How can the domestic stock-listed company continue steady to develop has become the imminent question? Among them, Research regarding the capital structure and the financial risk will certainly be the focal point, but domestic accountant the academic circles was still in the blank in the domain of demonstrative investigate.
 This article, with a brand-new angle of view, hoped establishes the simple dual linear-return model by myself to make analysis processing of stock-listed company’s financial data which the company announced recently, carried on the stock-listed company’s capital structure and the financial risk demonstrative investigate. For the purpose of finding the relationship between the company capital structure and the financial risk, hoped can form myself viewpoint of the company capital structure and the financial risk and give some valuable advisory opinions. Through the reasonable adjustment enterprise's capital structure method, achieved reduces the stock-listed company’s financial risk goal, enables the enterprise to develop with the Chinese economy steady.
Based on demonstrative investigate of stock-listed company’s capital structure and the financial risk, we can see China stock-listed company’s capital structure does not exert the effect it should have. Company must use loan financing and increase payoff level to keep the financing risk on low level

KEYWDRDS:  stock-listed company; capital structure; financial risk；demonstrative investigate

目    录

第一章  绪论 1
 1.1  研究背景 1
 1.1.1  中国企业大肆海外并购热潮 1
 1.1.2  日韩企业海外并购的教训 1
 1.2  研究目的 1
第二章  基本理论 3
 2.1  财务风险基本理论 3
 2.1.1  财务风险的概念 3
 2.1.2  财务风险的分类 3
 2.1.3  上市公司财务风险 3
 2.1.4  财务风险的控制 5
 2.2  资本结构基本理论 7
 2.2.1  资本结构的概念 7
 2.2.2  资本结构形成原因 8
 2.2.3  西方资本结构基本理论 8
 2.2.4  资本结构理论给我们的启示 11
第三章  对我国上市公司资本结构和财务风险的实证研究 12
 3.1  规范会计研究和实证会计研究的比较 12
 3.2  国内现行财务分析指标体系 12
 3.3  现代资本结构理论的局限性 13
 3.4  模型建立及样本选取 14
 3.4.1  模型的建立 14
 3.4.2  样本的选取 14
 3.4.3  模型计算 14
 3.4.4  限制条件 18
第四章  结论 19
参考文献 21
谢辞 22