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论文作者:留学生论文网论文属性:硕士毕业论文 thesis登出时间:2012-10-01编辑:anne点击率:8413
论文字数:14659论文编号:org201210011004493373语种:英语 English地区:英国价格:$ 132
关键词:automotive manufacturing industrycapital structuredeterminations
摘要:This dissertation describes the theory of capital structure, the Western theory of capital structure has been reviewed in detail, and it has laid a theoretical foundation to learn from the capital structure theory in China's automobile industry.
Research Back Ground
Since the 1950s, capital structure has been one of the three main themes in Financial Management (Titman & Wseeels, 1988). The reason why the capital structure obtains much attention is because it relates to corporate capital raising, management and distribution of benefits and other links, is an important indicator to reflect the capital strength, is an important measure of business solvency, and also is the starting point and destination for inspection of corporate financial risk and funding decisions. Therefore, capital structure is a modern enterprise "genes." Reasonable capital structure helps to improve their market value, will help rationalize corporate ownership and control, is conducive to a reasonable solution of corporate governance structure, and will help reduce the risk of bankruptcy.
Since the inception of the MM theory, many scholars have conducted a large number of theoretical and empirical research, making the theory of capital structure is more realistic conditions. The research based on capital structure of listed companies focused on two aspects: First, focused on the relationship between the capital structure and corporate value; second, focused on the factors affecting capital structure. In the study of factors affecting capital structure, foreign empirical studies have shown that the company's profitability, size, asset collateral value, growth, tax rate, non-tax debt, ownership structure and other factors affect the choice of capital structure. In China, the securities market started late, the system has its particularity. Thus, the capital structure of listed companies in China do not have the same characteristics with foreign companies, the impact factors are also more complex.
ABSTRACT
By using a large number of statistics, from the overall situation, debt financing and other aspects, described the status quo of capital structure in China's automobile industry. On this basis,financial management it introduced the capital structure theory results, explored the major factors affecting the capital structure of listed companies in the automotive industry, and using the multiple linear regression analysis built the capital structure decision-making model, tried to determine the direction of capital structure optimization, to guide reasonable arrangements for corporate financing and capital structure optimization.
Table of Contents
Table of Contents 4
Chapter 1 Introduction 6
1.1 Research background and significance 6
1.2 Aim & Objectives 7
1.3 Structure of this dissertation 8
Chapter 2 Literature review 10
2.1 Macroeconomic factors and capital structure 11
2.2 Industry factors and capital structure 13
2.3 Corporate identity factors 17
2.4 Corporate governance factors 22
2.5 Characteristics of China's automobile industry 26
2.6 Characteristics of the capital structure of listed companies in China's automobile industry 28
2.6.1 The low overall level of debt ratio 28
2.6.2 Irrational liability structure and high levels of current liabilities 30
Chapter 3 Research design and methodology 32
3.1 Research philosophy 32
3.2 Research methods 33
3.3 Theory and hypotheses 34
3.3.1 Theoretical analysis of factors affecting cap本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。