浙江上市公司资本结构影响因素的实证研究毕业论文.doc

毕业论文 （2010届） 上市公司资本结构影响因素的实证研究 摘 要 自从Modigliani和Mi11er1958）提出MM定理以来，经济学家纷纷放宽MM定理中的理论假设，试图从权衡理论、代理成本理论、信息不对称等理论基础来影响资本结构选择的主要因素如今资本结构理论在西方国家现己成为了一套比较成熟的理论我国在该领域的研究工作主要是介绍国外理论并提出一些具体问题的实证研究，不仅从理论上有助于加深对资本结构形成和上市公司行为的理解，在实践上对我国企业的融资决策投资者的投资决策也具有重要意义。本文以西方资本结构理论为理论基础，以浙江上市公司研究样本，采用描述性分析，相关性和多元回归分析的方法进行为完善和优化企业的资本结构。关键词：Abstract Since Modigliani and Mi11er (1958) has been proposed by MM Theorem, economists have relaxed the hypothesis MM theorem, trying to balance theory, agency cost theory, information asymmetry theory of capital structure choice to find the main factors. Today, capital structure theory in the West now has become a more mature theory, our research in this area is to introduce the theory and some foreign empirical studies on specific issues, this paper will examine the capital structure of listed companies in the factors affecting It not only helps to deepen the theory of capital structure formation and the understanding of behavior of listed companies, in practice, decisions on the financing of enterprises, and investment decisions of investors is also important. In this paper, the western capital structure theory as the theoretical basis for the study of listed companies in Zhejiang samples, select the macro factors in the GDP growth rate, the statutory reserve ratio two targets, and micro factors of firm size, collateral value of assets, growth, profitability and solvency of such factors, and the use of SPSS software using descriptive analysis, correlation and multiple regression analysis method for data analysis, In order to identify the main factors influencing capital structure, To improve and optimize the capital structure will provide some help. Keywords: Capital Structure; Listed Company; Macro Factors; Micro Factors目 录 1 绪论 1 1.1 本文研究的目的和意义 1 1.2 相关概念的界定 1 1.2.1 资本结构概念 1 1.2.2 融资结构概念 2 1.3 相关理论阐释 2 1.3.1 MM理论 2 1.3.2 权衡理论 2 1.3.3 代理成本理论 3 1.3.4 信号传递理论 3 1.3.5 优序融资理论 4 2 浙江省上市公司资本结构宏观因素分析 5 2.1样本数据的来源以及选择 5 2.2 研究假设 5 2.2.1 经济增长率 5 2.2.2 法