导　　师： 杜金岷

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 资本结构与资产流动性的最优化选择问题既是学界也是商界一直热衷于研究的问题，但是从微观角度研究资产流动性与资本结构之间相互关系的实证研究目前还较少。本文从上市公司资本结构与资产流动性之间相互关系为研究视角，通过实证研究的方法对二者关系做出验证，根据实证结果为企业选取适当的融资手段和流动性管理提出科学依据和指导建议。 本文首先对学界目前对资本结构与资产流动性及其关系的研究分别进行了文献综述，根据综述可以看出，学界对于二者之间的关系的结论不尽相同，研究方法既有规范研究也有实证研究。然后本文对影响资本结构和资产流动性的影响因素做了理论分析，并将影响因素考虑在实证研究中。基于以上背景和研究现状，本文选取了以2008年-2012年沪深两市所有A股上市公司作为样本进行描述性统计，阐述了我国上市公司资本结构和资产流动性的现状，在实证研究中选取公司资产流动性、资本结构、管理费用率、资产周转率、上市公司的规模、总资产收益率、其他费用率、上市公司当年的盈亏状况、上市公司是否为国有企业等影响因素，构建多元线性回归模型，然后对模型的面板数据进行ols、固定效应、随机效应分析，得出资本结构与资产流动性显著负相关、与资产非流动性正相关但不显著，资产流动性与资本结构显著负相关、资产非流动性与资本结构正相关但不显著的结论。这说明企业负债增加会造成流动性降低，企业短期偿债能力降低，提高企业财务杠杆；资产流动性的增加会造成企业负债降低，提高的短期偿债能力，降低企业财务杠杆。文章最后根据实证结果从企业管理和监管两个方面提出相关政策建议，希望对此类问题的研究视野的进一步拓宽、解决上市公司财务管理问题具 Both academic circles and business circles have shown great interest instudying the problem of asset liquidity and capital structure optimizationselection problem. However， empirical research from the microeconomic view whichfocusing on the relationship between liquidity and capital structure is less. Thisarticle will take the relationship between capital structure and asset liquidityof listed companies as research perspective to verify relationship between thetwo by the method of empirical study. According to the empirical result， thisarticle will provide some scientific basis and guidance for the enterprises tomake decision on financing method and liquidity management. First of all， this article carried on the literature review separately onthe research about capital structure， asset liquidity and their relationship thatexist in academic circles at present. According to the review， we can see thatthere are different conclusions on the relationship between them in academiccircles while the research method has both normative study and empirical study.Then in this paper， theoretical analysis has been made on the factors thatinfluence capital structure and liquidity and these factors will be consideredin the empirical study. Base on the background above and research status， this paper selected allA-share listed companies during2008-2012in Shanghai and Shenzhen as samples tomake descriptive statistics and expounded the present situation of capitalstructure and asset liquidity of the listed companies in our country. In theempirical study， this article selected company’s asset liquidity， capitalstructure， ratio of management fee， asset turnover， the scale of the listedcompany， the total return on assets， ratio of other fee， the profit and lossstatus of the listed company and whether the company was state-owned and otherinfluence factors to construct a multiple linear regression model. Then， OLSanalysis， fixed effects analysis and random effect analysis were made on the panelda

关 键 词： 中国上市公司 资本结构 资产流动性

领　　域： [经济管理—企业管理] [经济管理—国民经济]