我国家电行业上市公司的资本结构现状.doc

我国家电行业上市公司的资本结构现状及其财务杠杆效应分析Abstract: The following thesis selects Qingdao Haier Group, Midea and Sichuan Changhong Electric as research samples and makes an empirical analysis on the current capital structure and financial leverage effect of China’s listed companies in household appliance industry. The thesis first describes the current capital structure of sample companies from the point of view of external and internal financing, debt-equity ratio, short and long term liabilities etc; then determines the best asset liability ratio with ROE as target using derivative nature and extreme value theorem, and evaluates the reasonability of current capital structure. On this basis, the thesis applies multiple regression analysis to verify the relationship and significant level between return on assets and asset liability ratio, total assets EBIT margin, debt interest rate, and promugulates the access channels for financial leverage effect. The research indicates that debt capital occupies a big proportion in China’s listed companies in household appliance industry and that the positive effect of leverage has not been fully in function. Therefore, these enterprises should enlarge liability scale, form the best capital structure and improve asset profitability so as to achieve the business value to the maximization. Key words: Capital structure Financial leverage effect Business value Rate of Return on Common Stockholders’ Equity Asset liability ratio 引言 资本结构问题一直是公司理财的核心领域。自1958年Modigliani与Miller提出著名的MM定理以来，调整资本结构成为提高企业市场价值、实现财务管理目标的经典思路，不同资本结构对企业的融资成本、财务风险、股东财富、税收规避等都会产生重大影响。尽管国内外资本结构理论已经得到较大程度的完善与发展，但理论成果与实务操作尚未形成统一指导，最佳资本结构分析仍然是目前财务管理学界关注的焦点。 资本结构的效应，概括起来主要有财务杠杆效应与公司治理效应两种，我国上市公司资本结构的两种效应均较为弱化。针对这一问题，本文选取与国民生活息息相关的家电行业作为研究对象，基于其上市公司的资本结构现状，通过对样本公司财务杠杆效应的理论与实证分析，为家电行业合理利用债务融资确定最佳资本结构提供一定程度的指导和借鉴。本文的研究思路对于促进我国上市公司融资方式的理性回归，保证财务杠杆效应的充分发挥具有重要的理论意义与实践价值。 、资本结构及其财务杠杆效应的理论分析 （一）资本结构概述 资本结构是指企业全部资本的价值及其比例关系，实质是债务资本与权益资本各占的比重，其概念有广义和狭义之分。广义的资本结构是指企业全部资本的构成，不仅包括长期资本，还包括短期债务资