中国企业资本结构之非显性筹资成本分析

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1、西南交通大学博士学位论文中国企业资本结构之非显性筹资成本分析姓名：向静申请学位级别：博士专业：管理科学与工程指导教师：蒲云20051201鏊!!夏亘悫窑道杰堂焦±迥窒生黉焦迨塞憨裂夔影嘲、霹蘩事窝经瑾熬秘懿彩螭彝慰金堑浆裂盏影髌。5．以中小民营企业为例，在调查问卷的基础上进行模糊综合评价，发现其表现出明照的“囊实筹资成本最小纯“编好，冠孵慰筹资娥本与筹燹攘抒逑露7拟合度分析。6．在论文豹磷究结论基础上，提出了对企业_靼致策的建议，劳指出了今后的研究思路。关键词；资本结构，真实筹资成本，偏好西南交通大学博士研

2、究生学位论文第1Il页AbstractToprimarilyunderstandthediscrepancyofcapitalstructuresamongdifferentfirmsisimportant,notonlyfordecisionmakertomanageandoptimizecapitalstructuredynamicallyunderdifferentsocialenvironment，butalsoforgovernmenttosupportenterpriseandoptimizef

3、inancingenvironment．Chineseenterprisesareinaspecialtransitionalperiod，whichisdifferentfromwesterncompanies．Moreover，Empiricalstudyhasfoundoutthatfinancingcostandpreferencevaryaccordingtodifferentareas，industries，scalesandlifecycles，andthatremarkablediffere

4、ncesinthestructureofcostalsoexistamonglistedcompanies，unlistedcompaniesandsmallnon-publiccompanies．Thestatusquoandcharacteristicsofcapitalstructureareanalyzed；anditisalsoexplainedwhythediversifiedcapitalstructuresinthelargestdevelopingtransitioneconomyispa

5、radoxicaltothemodemcapitalstructuretheory．Itcomestotheconclusionthat‘'withhugedifferenceinrealfinancingcost,enterprisesshowtheirpreferenceinminimizingthecost'’，whichCangiveexplanationtothemultiplicityofcapitalstructureinChineseenterprise．Tore·unde幅tandfina

6、ncingcost,acombinationof3pointsismadeasfollows：1)Integratingfinancingimplicit-costwithfinancingdecision；2)Integratingdiversityofcapitalstructurewithdifferenceinfinancingcost；31Combiningdifferentfinancingpreference“thfinancingenvironmentanalysisBasedonabove

7、threecombinations，suggestionsforenterprisesaremadeonfinancingdecisioninordertomaximizecompanyvalue．Themainresearchcontentsareasfollows：1．Thedevelopmenthistoryofcapitalstructure．thesummaryoftheoreticalandempiricalstudyfruit，thetestofstatictradeoffandpecking

8、ordermodelsofcapitalstructures2．nlediversityandflexibilityofcapitalstructureareanalyzed．Theproportionofintemalandextemalfinancing，stockfinancingandloanfinancingwillbedifferentduetovariousareas，economicconditi