论文部分内容阅读
本文以2011年河南地区57家上市公司截面数据为样本,分析了资本结构的困境与优化路径。研究表明:河南上市公司面临总体资产负债率偏低、结构差异大、部分上市公司资产负债率畸高、债务融资结构中流动负债占比过高等资本结构的困境,其成因主要源于制度环境和公司特征两个层面,因而进行河南上市公司资本结构优化,应当从加强制度建设,构建良好的宏观制度环境与促进上市公司自身调整,完善企业微观融资环境两大方面着手。
Based on the cross-sectional data of 57 listed companies in Henan Province in 2011, this paper analyzes the predicament and optimization path of capital structure. The research shows that Henan listed companies face the predicament of the capital structure such as the low overall assets and liabilities ratio, the large differences in structure, the excessively high debt / asset ratio of some listed companies and the high proportion of current liabilities in the debt financing structure. The causes are mainly due to the institutional environment and Therefore, the capital structure optimization of Henan listed companies should proceed from two aspects: strengthening system construction, building a good macro-institutional environment and promoting the self-adjustment of listed companies, and improving the micro-financing environment of enterprises.