文档介绍：摘要
资本结构与企业的税收地位、财务状况和代理成本直接相关,它不仅影响企业的资本成本和治理结构,而且影响企业的总体价值。优化企业的资本结构直接关系到提升上市企业素质和投资价值、增强投资者信心以及促进证券市场的健康发展。由于各国企业处于不同的经济环境,不同的企业制度安排、金融市场发育程度等存在差异,也使得各国不同产业企业的资本结构不尽相同。因此,资本结构调整要根据不同国家、不同产业所处的经济环境和现实状况而定。
本文以现代资本结构优化理论为理论基础,从资产负债率、股东权益比率、流动比率、股东权益与固定资产比率和汽车业上市公司股东成分状况五个方面分析了汽车业上市公司资本结构的变动状况,提出了资产负债优化结构、规范和发展股票市场、扩大信息披露三个优化我国上市公司资本结构的政策建议。
关键词:汽车业上市公司;资本结构;影响因素
Abstract
Capital structure and the enterprise's tax status, financial status and agency cost directly related, it not only affect the enterprise capital cost and governance structure, and affect the enterprise overall value. Optimize enterprise's capital structure directly related to ascend the panies quality and investment value, enhance investor confidence and promote the healthy development of the securities markets. Since countries enterprise in a different economic environment, different enterprise system arrangement, financial market development degree and so on, also make countries differences between different industrial enterprise's capital structure is endless and same. Therefore, capital structure adjustment according to the different countries, different industry in economic environment and real situation and decide.
Based on the theory of modern capital structure optimization theory foundation, from asset-liability ratio, Stockholders' equity ratio, the current ratio, Stockholders' equity and fixed assets ratio and cars of shareholders of a ponent status five aspects analyzes auto industry the capital structure of panies, and puts forward the changes in asset and liability optimization structure, standardize and develop the stock market, expand information disclosure in China three optimizing the capital structure of pany policy Suggestions.
Key Words:Automotive Industry panies,Capital Structure,Influencing Factors
目录
一、引言 1
二、资本结构理论及其发展 1
(一)资本结构和资本结构理论的定义 1
(二)资本结构理论 2
三、我国汽车业生产经营特点及资本结构特征 3
(一)我国汽车业生产经营特点 3
(二)我国汽车业上市公司的资本结构特点 4
四、我国汽车业上市公司资本结构分析 5
(一)资产负债率分析 6
(二)股东权益比率分析 7