摘要 在激烈的市场竞争中获得生存和发展是每一个企业的目标，良好的资本结构影响企业的融资成本，获利能力和企业整体价值。研究资本结构对企业有什么影响、怎样影响企业的价值和发展对企业治理具有重大的意义。我国上市企业融资顺序与西方相关理论相悖，研究这一课题有助于了解我国企业资本结构的现状和原因，纠正我国上市公司企业经营者的思文误区。另外通过对西方文献的研究，有助于我国政府完善市场经济和相关制度，提供良好的，多样的融资环境，促进上市公司改进资本结构。10676
本论文将借鉴西方经典理论等对资本结构进行分析，得出资本结构的合理性安排；搜集A股主板、中小板、创业板上市公司的数据分析我国上市公司优先选择股权融资，财务杠杆利用不足，和流动负债比例过高的现状和存在的合理性；通过我国近年股票市场和债券市场的改革和公司治理的完善说明改善我国上市公司资本机构的必要性；分析出现有的资本结构虽然是我国上市企业的理性选择，但是是我国资本市场不完善，公司治理不足造成的，结合我国企业和市场现状，提出完善股票和债券市场制度、增加债券种类和改善公司治理结构的对策。
关键词：上市公司； 合理性； 资本结构； 资本结构优化
Abstract
Enterprises play a decisive role in our national economy, influencing our national development. With the capital market improving, most enterprise long for IPO to have more choices in financing-raising. Capital structure indicates the ratio,channels of the enterprises’capital and how the capital combine and coordinate.
First, now the capital structure exerts great impact on the financing-cost、financing-risk and profit of the corporates, so research the different aspects of the influence of the capital structure and how the capital structure influence will provide suggestions for the enterprise governing. Secondly, contrary to the theory of west capital structure, most enterprises in our country think highly of the stock financing. It is necessary to seek the reasons of this unreasonable phenomenon and correct the fake thought.
The paper focuses on analyzing forming reason of the capital structure of the listed companies in our country and depicting the reason and measures of the optimizing capital structure.
In first part, the theory of the capital structure, like the MM Theory 、Balance Theory, pecking order theory and agency cost theory, will be introduced to establish the rational capital structure.
In second part, showing the actuality of the listed companies in our country and analyzing the economy development (the stocking market、bond market)to support the rationality of the capital structure in our country.
In third part, though the listed company are rational , but with continuously developing condition of the listed company and the high-speed economy development ,the capital will be changed.
In forth part, the measures to optimize capital structure will be raised up.
Key words： The listed companies ； rationality ； The capital structure；optimization of the listed companies
目 录
摘 要I
AbstractII
一、理论基础 1
㈠传统资本结构理论 1
㈡现代资本结构理论 1
㈢新资本结构理论2
二、我国上市公司资本结构现状 2
㈠我国上市公司资本结构现状（企业） 2
1. 资产负债率有所提高，但总体偏低2
2. 负债结构失衡，流动负债水平过高3
3. 偏好股权融资3
㈡我国上市公司资本结构现状（市场现状） 4
1. 国有股占比高，股权集中4
2. 债权人的权益得不到保障4 浅析上市公司资本结构现状及优化对策:http://www.751com.cn/kuaiji/lunwen_9797.html