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我国创业板上市公司资本结构优化分析论文
Abstract
Oversee GEM had gone through a tortuous course, but they play an irreplaceable role
in promoting high-tech industries and growth-oriented small and medium-sized enterprise.
China GEM has attracted 285 initial public offerings of companies until January 31, 2012.
These companies display the “six new six high” characteristics of new economy, new
agriculture, new materials, new energy, new services, new business models and high
technology, high growth, high appreciation, high risk, high price/earnings ratio, high
difference.
Over the past two years, dozens of studies about GEM and listed companies showed
that western capital structure theory cannot fully explain and guide Chinas GEM
companies because of different market environment, the financial system and corporation
institutions. Therefore, it has practical meaning in analyzing and leading the optimization
of Chinese GEM companies’ capital structure with the existing western theories.
On the basis of the static tradeoff theory and dynamic capital structure theory, the
author firstly analyzes listed companies’ nature and characteristics from aspects of
industrial distribution, enterprise’s lifecycle, enterprise’s size and growth ability. In this
chapter, the general situation and unique case of listed companies’ capital structure are also
analyzed. In the end, the author adopts the empirical approach to analyze the macro- and
micro- factors which influence the capital structure of listed companies of GEM. The
macro factors include inflation rate, the real rate of interest, the actual regulations and
policies of the state system, competition situation of product market and runnin
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