汽车行业上市公司资本结构影响因素与优化分析

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1、华侨大学硕士学位论文IIAbstractAbstractSincetheMMtheorywasputforwardbyModiglianiandMillerin1958，thecapitalstructurehasbeentheimportantresearchtopicsofthetheoreticalandacademiacircle.OnthebasisofMMtheory，scholarsextendrichgreatlythetheoryofcapitalstructure，throughextensiveandin-depthst

2、udy.Theempiricalstudiesofthesescholarsaredividedintotwocategories：first，focusonvalidationofsometheories，suchasagencycosttheory，theoptimalsequencefinancingtheory，etc；second，focus，ontheinfluencingfactorsofenterprisecapitalstructure，butthescholarsresearchconclusionsexistdiffer

3、ences.Autoindustryasthepillarindustryofnationaleconomy，therationalityofcapitalstructurehasasignificantimpactoncorporateperformance，soitwilleventuallyhaveamajorimpactonthecountry'seconomicdevelopment.WiththesteadyprogressofIncomeDoublingProgrammed，themarketdemandofcaralsowil

4、lcontinuetorise.Itisararedevelopmentopportunitiesfortheautomotiveindustry.Autoindustrybelongstothecapital-intensiveindustries，thedevelopmentoftheautomobileindustrycan'tdepartfromthesupportofmuchcapital，andtheasset-liabilityratioinautoindustryisgenerallyonthehighside.Therefo

5、re，itishightimetostudywhatfactorsandhowinfluencethecapitalstructureandoptimizethecapitalstructuretoimprovethewholeperformanceofautoindustryandreducethefinancialrisk.BasedonthelistedautomobileindustrycompanyinChinaastheresearchsample，firstly，thestatusquoofitscapitalstructure

6、andcorporateperformanceisdescribed.Secondly，correlationanalysisandregressionanalysisbetweencapitalstructureandthesefactorsismade.Itisconcludedthatthereisnegativecorrelationbetweenasset-liabilityratioandshort-termdebtpayingability,non-debttaxshields，andprofitability；itisposi

7、tivecorrelationbetweenasset-liabilityratioandAssetcollateralvalue，theenterprisescale.Moreover，wefinditisnosignificantlypositivecorrelationbetweenasset-liabilityandthecompany’sgrowth.Inaddition,inordertoIII华侨大学硕士学位论文provideareferenceforallkindsofautomotiveindustrycompanies，e

8、speciallylargenumberofnon-listedcompanies，theautomotiveindustrycompaniesareclassif