导　　师： 黄辉

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 华东交通大学

摘　　要： 企业的融资决策在一定程度上会影响到整个公司的未来发展，企业资本结构的构成又是影响融资决策重要因素之一，因此一个企业受资本结构影响的融资决策的好坏直接关系着企业的价值实现国内外相关学者对资本结构与股票流动性之间的关系已经进行了较为深入的研究，多数都认为资本结构与股票流动性之间存在着较为密切的关系，并且他们对这两者之间的影响机制和条件也进行了较为深入的研究和探索他们的研究都有共同的不足就是只是将这两者之间进行了单向相关关系的研究，很少从双向相关关系这个角度进行理论与实证深入研究，且研究这两者之间的双向关系对于深入认识它们的作用机制有着更加重要的意义 正是基于以上意义，本文通过使用联立方程组对这种双向关系展开研究本文的主要思路是，首先对国内外资本结构的研究文献进行了回顾，主要介绍资本结构理论，然后从微观方面进行分析介绍了影响股票流动性的现状，进而使两者进行结合，为研究资本结构与股票流动性之间的关系奠定基础通过对两者的现状研究，资本结构方面主要从其理论基础上找出影响资本结构的因素，对于股票流动性主要是从流动性方法上找出影响因素进行研究然后根据两者的影响因素构建实证研究模型并对其运行结果进行深入分析研究结果是企业的资本结构与股票流动性之间存在着相互影响的作用，是一种双向相关关系首先，资产负债率越高其股票流动性越大负债的增加将使管理者们做出更好的投资决策，从而减少管理者与投资者之间的信息不对称，这将有利于企业未来的发展进而提高公司股票的流动性其次，股票的流动性越高其并不一定会降低资本结构，因为股票流动性还受到很多方面的影响，比如股票流动性高可能为竞争对手的恶意收购提供了便利，从而会威胁控股股东的控制权，为了安全起见，保守型的控股股东或管理层往往会增加短期债务以应对恶意收购产生的现金需求，从而股票流动性的提高也可能会提高资产负债率等最后，总结本文的研究结论，针对于本文的研究结论提出了政策和建议，也希望通过本文的研究能够对以后的研究者提供一定的参考 To some extent, Enterprise's financing decision can affect the whole future of thecompany development, the structure of the enterprise's capital structure is one of theimportant factors what affect financing decision, so a enterprise by the capital structure of theinfluence of the financing decisions have directly relation with the enterprise value. Thedomestic and foreign relevant scholar of capital structure and the relationship between thestock liquidity has for a more in-depth research, majorities consider between Capital structureand the stock liquidity exist a close relationship. And they also have for a more in-depthresearch and exploration on both the influence mechanism and conditions. Their researchhave a common shortage, which is both of them only for the one-way relationship research,and they rarely have two-way relationship from this Angle theory and empirical research, Thetwo-way relationship between the two for understanding of their action mechanism has moreimportant significance. It is based on the above significance; this article through the use of simultaneousequations for the two-way relationship began research. The main idea is, first of all, domesticand foreign to capital structure for literature review, mainly introduces the capital structuretheory, and then from the micro analysis introduces the present situation of the liquidity affectstock, and with them, for research on capital structure and the relationship between the stockliquidity lay the foundation. Through the present situation of the research on the capitalstructure, mainly from its theoretical basis to find the influential factors of the capitalstructure, to stock liquidity is mainly from liquidity method to find the study factors. And thenbased on the influence factors of both the building and the empirical research model, makes adeep analysis of the operation result. The results to the capital structure of the enterprise andthe stock liquidity exists between the function of mutual influence, is a two-way related. Firstof all, the higher the asset-liability ratio, the greater Stock liquidity. The increase of debt willmake managers to make better investment decision, thus reduce the information asymmetrybetween the manager and investor. This will be good for the future development of theenterprise, so as to improve the liquidity of company stock. Next, the higher the liquidity ofthe stock will not reduce its capital structure, because liquidity is influenced by many stockeffects, such as, a high stock liquidity may provides the convenience of a hostile takeover forcompetition, and threaten the controlling shareholder control, to be on the safe side of thecontrolling shareholders or the conservative management tend to increase short-term debt inresponse, so to improve the liquidity of the stock may also improve asset-liability ratio, etc. Finally, this paper summarized the research conclusion, aim at the conclusion of thestudy of this paper, put forward the policy and the suggestion and also hope that the researchin this paper on the later researchers to provide certain reference.

关 键 词： 上市公司 资本结构 股票流动性 相关性

分 类 号： [F832.51 F224]

领　　域： [经济管理] [经济管理]