民营上市公司资本结构与公司价值研究

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III

资本结构理论是公司财务领域的研究热点之一。现代资本结构理论以 MM 理论

的提出为标志，之后的众多学者对公司资本结构问题进行了大量的理论和实证研

究，使之不断完善。资本结构理论研究的主要内容是资本结构与公司价值的关系，

其核心问题是如何优化资本结构，以提高公司价值。

我国理论界自 20 世纪 90 年代开始对资本结构进行研究，主要是对国有上市

公司资本结构的研究，而且至今还没有形成统一的认识，这与我国缺乏完善的融

资环境、公司产权关系不清有很大的关系。国外关于资本结构的理论是基于发达

国家比较完善的金融市场和清晰的公司产权环境下得出的，用此研究国有上市公

司的资本结构与公司价值的关系难免会出现西方理论与中国上市公司现状不符的

问题。而民营上市公司的性质与西方国家的公司更加接近，所以，把西方资本结

构理论用在民营上市公司资本结构的研究与管理更有意义。

本文以民营上市公司为研究对象，采用实证和规范结合的研究方法，在评论

国内外关于资本结构与公司价值理论的基础上，分析了民营上市公司资本结构现

状：利用统计样本数据验证民营上市公司是否有资本结构优化的倾向；回归分析

资本结构和公司价值的关系（主要利用 Weston 对Modigliani 和Miller 的修正回归

模型对样本进行实证研究）。通过实证研究和理论分析，本文揭示了民营上市公司

的资本结构具有如下特点：第一，与国有控股上市公司资本结构相比，民营上市

公司资本结构具有趋于合理的倾向。第二，民营上市公司不明显存在股权融资偏

好，民营上市公司的首选融资方式是债务融资，其次是留存收益，最后是股权融

资。第三，民营上市公司的资产负债率与公司价值之间存在负相关关系。第四，

由于我国信用环境有待进一步改善和债务融资渠道不健全，民营上市公司资本结

构同样存在长短期借款比例失衡和应付账款利用过度的现象。

以上情况的存在，既有融资市场方面的、法律环境方面的,又有民营上市公司

股权性质方面的和民营上市公司发展阶段方面的。针对上述情况，笔者提出了相

应的建议：一、完善债务融资渠道方面：完善信用体系，解决信用危机；发展公

司债券市场和保护债权人权利，强化债务对企业经营者的有效约束。二、优化股

权融资环境方面：放松对上市公司股权融资的限制，完善公司控制权市场，完善

信息披露制度环境与实施机制。三、改善民营上市公司自身资本结构管理方面：

调整长期贷款和短期贷款的比例，完善公司治理，创造公司价值最大化的运行环

境。从而，改善民营上市公司资本结构，提升公司价值，促进民营上市公司健康

发展。

关键词：民营上市公司；资本结构；资本成本；公司价值

ABSTRACT

The theory of capital structure has become a hotspot in corporate finance field.

After the development of MM theory, relevant theoretical and empirical research

emerged in an endless stream to complete it. The capital structure theory mainly studies

on the relationship of the capital structure and corporate value, and its key question is

how to optimize capital structure in order to improve the corporate value.

The research on capital structure in domestic theories fields was mainly about

state-owned listed companies from the 1990s and have not conformed unified views,

which relates greatly to lack of proper financing environment, unclear corporate

property rights relations. Foreign theory on capital structure based on fairly complete

financial markets of developed countries and private enterprises with clear property

rights. There will inevitably be inconsistencies between research the relationship of the

state-owned listed company's capital structure and corporate value with foreign theory.

The nature of private listed companies is closer with the Western companies', therefore,

using the western capital structure theory to guide the management and research of

private listed companies' capital structure is more meaningful.

This paper uses both empirical and normative research methods to research private

listed companies. On the basis of commenting on domestic and foreign capital structure

theory, This paper analyzed the status of capital structure of private listed companies,

including using statistical sample data to validate whether private listed companies is in

the tendency of capital structure optimization, and regression analysis of the

relationship of the value of the company and capital structure. Through empirical

research and theoretical analysis, we ultimately found the following characteristics of

private listed companies' capital structure: first, comparing to the capital structure of

state-own listed companies, the capital structure of private listed companies has rational

tendency. Secondly, preference of equity financing is not obvious for private listed

companies. Third, negative correlation exists between asset ratio of the private listed

company and the value of company. Fourth, because China's credit environment needs

further improvement and debt market is not healthy, the capital structure of private

listed companies also has long-term and short-term borrowing ratio imbalances and

excessive use of the accounts payable phenomenon.

The reasons for that contain the financial and legal environment, the nature of

private listed company's shares and the stage of development of private companies etc.

According to the above characteristics, we put forward the corresponding

recommendations: First, perfecting debt financing channels: Perfect credit system to

address the credit crisis; Develope corporate bond market and protect creditor rights to

strengthen debt 's effective restraint on operators. Second, optimizing equity financing

environments: Relax the restrictions on listed company equity financing; Improve the

market of the control; Improve information disclosure environment and implementation

mechanisms. Third, improving the management of private listed companies' capital

structure: Adjust the proportion of short-term loans and long-term loans; Improve

corporate governance to creat the operating environment of maximizing corporate value.

Use the above methods to improve the capital structure of private listed companies and

enhance corporate value, finally to promote the healthy development of private listed

companies.

Key words: Private listed company; Capital structure; Cost of capital; Corporate

value

VII

第一章绪论 ····································································································································1

第一节研究意义 ··································································································· 1

第二节目前研究状况 ··························································································· 3

第三节研究方法、思路和框架结构···································································· 5

第四节核心概念的界定 ······················································································· 6

第二章资本结构与公司价值的理论基础··············································································8

第一节西方早期的资本结构与公司价值理论 ···················································· 8

第二节现代资本结构与公司价值理论································································ 9

第三节资本结构与公司价值理论评述······························································ 15

第三章民营上市公司资本结构与公司价值问题分析·····················································18

第一节民营上市公司资本结构现状·································································· 18

第二节民营上市公司资本结构与公司价值实证分析 ······································ 26

第三节民营上市公司资本结构与公司价值回归结果分析······························· 36

第四章优化民营上市公司资本结构提升公司价值的建议············································39

第一节完善债务融资渠道 ················································································· 39

第二节优化股权融资环境 ················································································· 47

第三节民营上市公司自身资本结构优化·························································· 49

第五章研究结论和需要进一步研究的问题 ·······································································54

第一节研究结论和创新之处·············································································· 54

第二节需要进一步研究的问题·········································································· 56

参考文献 ·········································································································································57

致谢 ··········································································································· 错误！未定义书签。

浙江财经学院硕士学位论文

第一章绪论

第一节研究意义

一、现实意义

资本结构本身是一个与实践联系十分紧密的问题，任何一个公司，无论它是

什么性质、什么规模、处于什么成长周期，都必然要面对如何选取搭配各项资金

来源的问题。近几年，随着民营经济的发展，民营上市公司的数量也越来越多，

根据《东方企业家》对民营上市公司的界定标准：非国有上市公司就可以被视为

民营上市公司。确认 2006 年在国内和海外证券市场上市的民营公司共有 605 家（国

内的 434 家），远高于 2003 年的 276 家，2004 年的 330 家，2005 年的 412 家。2006

年以来新上市的公司中很大部分是民营公司，民营上市公司已经成为我国证券市

场上的一股发展强劲的重要力量。所以，以民营上市公司为样本研究资本结构与

公司价值的关系，对优化民营上市公司资本结构、提升民营上市公司价值将有很

大的现实意义。

2005 年以来，中国资本市场有了较大的发展，一方面，股票市场的规模迅速

扩大，吸引了大量的社会资金进入股市，为很多优良的公司提供了股权融资机会；

另一方面，随着股票的全流通，国有股份获得流通权，将有更多的上市公司民营

化。从上市公司性质和证券市场的规模上看中国资本市场已经处于发展的关键阶

段，此时，研究民营上市公司的资本结构，一方面有利于规范民营上市公司融资

行为，促进民营公司发展；另一方面为完善公司融资渠道，规范证券市场的进一

步发展具有重要的意义。

二、理论意义

现代公司资本结构理论的研究源于 20 世纪 50 年代。1958 年，美国著名经济

学家Modigliani和Miller共同发表了他们的研究成果，认为如果公司的投资政策和

金融政策是相互独立的，没有企业所得税和个人所得税，没有破产风险，资本市

场充分有效运行，则公司的资本结构与公司的市场价值无关①。由于MM理论中明显

① F. Modigliani and M. H. Miller, The Cost of Capital ,Corporation Finance and the Investment, American Economic

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摘要：

III资本结构理论是公司财务领域的研究热点之一。现代资本结构理论以MM理论的提出为标志，之后的众多学者对公司资本结构问题进行了大量的理论和实证研究，使之不断完善。资本结构理论研究的主要内容是资本结构与公司价值的关系，其核心问题是如何优化资本结构，以提高公司价值。我国理论界自20世纪90年代开始对资本结构进行研究，主要是对国有上市公司资本结构的研究，而且至今还没有形成统一的认识，这与我国缺乏完善的融资环境、公司产权关系不清有很大的关系。国外关于资本结构的理论是基于发达国家比较完善的金融市场和清晰的公司产权环境下得出的，用此研究国有上市公司的资本结构与公司价值的关系难免会出现西方理论与中国上市公司...

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