基于公司治理的上市公司資本結(jié)構(gòu)優(yōu)化研究.pdf

1、東北農(nóng)業(yè)大學(xué)碩士學(xué)位論文基于公司治理的上市公司資本結(jié)構(gòu)優(yōu)化研究姓名：戴永鑫申請(qǐng)學(xué)位級(jí)別：碩士專(zhuān)業(yè)：工商管理；會(huì)計(jì)學(xué)指導(dǎo)教師：孫長(zhǎng)江20120620ABSTRACTTheOptimumResearchontheListedCompanyCapitalStructureisBasedonCorporateGovernanceAbstractThestrategicelementsthatcorporategovernanceandcapit

2、als仉JcturearerelatedtodevelopmentandsurvivalofthecompanyandtheyexistedintegralcontactwitheachotherButmostoftheresearchseparatedcorporategovernancefromcapitalstructureoronlycareabouttheproblemofcorporategovernanceselectio

3、nunderdifferentcapitalstrucnIreSincethe1980’Ssomescholarsbegantonoticethattheeffectofcompanygovernanceinfluencescapitalstructureoptimization，andaseriesofresearcheshavehappenedfromthisangleBasedontheformerresearch，thisdis

4、sertationattemptstoresearchtheeffectofcompanygovernanceinfluencescapitals訂ucnlreoptimizationandinthisdissertationwilldiscussionandanalysistherelationshipbetweencompanygovemanceandcapitalstructureinmoredetailinChineselist

5、edcompaniesInthisdissertation，whichcombineswiththerelatedresearchoftheexistingcorporategovernancebothathomeandabroadtooptimizingthecapitalstructure，takesentrustagencytheorystakeholdertheorypropertyrightstheorybalancetheo

6、rysignalingtransmissiontheorycontroltheoryandoptimalsequencefinancingtheoryasthetheoreticalsupportFromfourperspectivestoanalysis：thetradableandnontradablestocksareontheupwardanddownwardtrendrespectivelythestateandcorpora

7、testocksareontheupwardanddownwardtrendrespectivelybondsfinancingscaleisincreasingyearbyyearassetliabilityratioisonlowstate，inordertomorethoroughanalysisofthecapitalstructl鵬’SpresentsituationoflistedcompaniesThisdissertat

8、iontakesAstockcertificatethelistedcompaniesissuedinShanghai，Shenzhenstockmarketassamples，selectstheeightvariablesthatshareconcentration，managementstructure，shareholders’nature，company’Scontrol，characteristicsoftheboardof

9、directors，leadingstructure，characteristicsoftheboardofsupervisors，characteristicsofproductmarketasexplanatoryvariables，selectsthesevenvariablesthatcompanyscale，assetcomposition，assetliquidityprofitablecapabilitygrowingca

10、pabilitycashflownondebttaxshieldascontrolvariablesandselectsassetliabilityratioasexplainedvariable，usingfactoranalysisandmultivariatelinearregressionanalysismethods，thisdissertationstudiestherelationshipbetweenthevariabl

11、esthatcorporategovemanceexercisesinfluenceoncapitalstructure，otherimportantvariableswhichinfluencecapitalstructureandtheasset—liabilityratiothroughmorerigorousempiricaltest，andthepurposeofthisdissertationistostudytheexte

12、ntofcorporategovernanceaffectscapitalstructureoflistedcompaniesThroughthetheoreticalanalysisandempiricaltest，anddrawthetwopointsoffollowingresearchconclusions：thefactorsdiscussedinthisdissertationhavepositiverelationwith

13、theasset—liabilitylevel，whichmainlyincludessixfactors：thefactorofexecutivecompensationinmanagementstructure，thefactorofshareholders’nature，thefactorofcompany’Scontrol，thefactorofcharacteristicsoftheboardofdirectors，thefa