文档介绍：硕士学位论文
论文题目:纺织行业资本结构影响
因素研究
专业: 会计学
姓名:
指导教师:
完成日期: 2010年12月
摘要
纺织行业作为我国传统优势行业,不仅仅在国民经济发展中占据着重要的地位,而且纺织产品是人们日常用品中不可缺少的一部分,因此纺织行业快速平稳的发展对我稳的运行和物价的稳定有着至关重要的作用。然而近年来,面对人民币持续升值、国内宏观调控政策效果集中释放、生产要素价格全面上涨以及国际市场需求疲软的严峻发展环境,我国纺织业正在经历前所未有的困难局面。当前,我国纺织企业的资本结构是否合理?影响我国纺织企业资本结构的因素有哪些?如何选择行业的资本结构才能够提高企业的市场价值?这是一个关系到我国纺织业改革继续顺利进行的重要课题,需要理论界的进一步深入研究。
本文以经典资本结构理论为基础,通过统计性描述的方式用数据说明我国纺织行业当前的资本结构现状,并阐述了影响我国纺织企业资本结构的影响因素。随后,本文采用资本结构动态调整模型对我国纺织行业资本结构的动态调整过程做了较为详细分析。
实证结果表明,纺织企业的规模和可抵押资产价值与资本结构显著正相关;纺织企业的成长机会、盈利能力和非国有程度与资本结构显著负相关;而企业股票的流动性、总资产周转率和税负与资本结构无显著影响;在资本结构调整速度方面发现,企业规模、成长机会、盈利能力和企业的实际负债率与最优负债率之间的差距与资本结构调整速度显著正相关;2003年至2008年期间,,。同时本文的实证结果还表明资本结构动态调整模型比静态模型更具解释力。
关键词:纺织企业、资本结构、动态调整模型、影响因素
A Study on Influence Factors of the Capital Structure of Chinese Textile Enterprises
ABSTRACT
The choice of capital structure is the core of the enterprise’s financial decision-making, the results showed that the capital structure of many different industries there are significant differences in capital structure. But many theoretical and empirical researches to the industry as a significant factor alone explore its impact on the capital structure .The research of the capital structure of a particular industry is rather scarce. The textile industry as our traditional industries, through a series of restructuring the transformation process is gradually ing mature. Compared with other industries, the industry has had a significant feature. To remove the interference factors in multiple industries and research industries, this paper carries out an in-depth study on the capital structure of this industry.
This paper first reviews the basic theories of western capital structure, focusing on the review of capital structure theory of the trade impact on the capital structure of the theoretical and empirical literature. Then through the use of statistical, it describes the capital structure of the textile industry. On this basis, explained the