我國(guó)航空工業(yè)上市公司的資本結(jié)構(gòu)、股權(quán)結(jié)構(gòu)與績(jī)效研究.pdf

1、南京航空航天大學(xué)碩士學(xué)位論文我國(guó)航空工業(yè)上市公司的資本結(jié)構(gòu)、股權(quán)結(jié)構(gòu)與績(jī)效研究姓名：凌周文申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：企業(yè)管理指導(dǎo)教師：江可申20060101我國(guó)航空工業(yè)上市公司的資本結(jié)構(gòu)、股權(quán)結(jié)構(gòu)與績(jī)效研究 iiAbstract Enterprise is both a main body of product market and capital market; it not only plays an important role i

2、n product market, and also in capital market. In China, we have paid more attention to its behavior and role in the former for a long time, but ignored them in the latter. One of important enterprises’ behaviors is finan

3、cing, which in broad sense includes raising and betaking of enterprises’ funds. Here we mainly analyze the former, namely that by which way an enterprise wins its necessary funds, what consideration this selection is bas

4、ed on, and how capital structure affects corporate performance? In fact, as early as in fifties last century, western capital structure theory began to focus on it, since Modigliani and Miller brought forward the proposi

5、tion of “capital structure is irrelevant to corporate value”, as being a hotspot in the field of corporate finance, economists have made a lot of canonical and empirical studies and have got abundant results. Literature

6、we already have show: selection of capital structure is based on cost, risk, expected income, market expectation and competitive characteristics in product market and so on, what’ more, conclusions both in canonical and

7、empirical studies indicate that the relation between capital structure and corporate value is ambiguous. Recently, how ownership structure affects capital structure and the relation between them are more and more becomin

8、g a hotspot of corporate finance. As we know, our country had been carrying out planned economy system for the passed long time, capital market has developed rather late compared to other countries, which makes Chinese c

9、apital market magnificently different from mature capital markets and emerging markets, therefore, it seems very important that we analyze capital structure, ownership structure and firm performance of Chinese listed com

10、panies by using the analytic framework of western capital structure theory and ownership structure theory, up to now, domestic scholars have made a lot of studies and made some results. At present, many empirical studies

11、 have spilled over into the specific industries or fields. As a strategic industry of China, Aviation industry has exerted a very important role in domestic economy and defense construction. This thesis attempts to valid

12、ate capital structure theory and ownership theory by using statistic analysis and normal financial analysis, at the same time to probe into determinants of capital structure of listed firms from aviation industry and the

13、 relation between capital structure, ownership structure and firm performance, and on the basis we provide some countermeasures and suggestions expecting to realize harmonious development between production operation and

14、 capital operation and inter-promotion between product market and capital market, also we expect more and more scholars pay attention to the actuality and future of this field from theoretical view. Key words: Aviation i