我国上市公司资本结构现状及优化研究

目前,我国上市公司资本结构方面突出的问题就是偏好股权资本、严重依赖外源融资,对负债经营缺乏正确认识。其成因是股权融资成本较低,股票市场的非理性发展,债券市场发展缓慢等所导致的。为了实现公司价值最大化的目标,应积极构建上市公司最优资本结构,完善资本市场和上市公司治理结构,充分发挥财务杠杆效益,调整上市公司负债结构,提高上市公司盈利水平,从而实现公司价值最大化。

On Current Situation and Optimization of Capital Structure in China's Listed Companies

Currently,the problems existed in capital structure of listed company are that the listed company prefers equity capital,relies on external financing,and lacks correct recognition on liability operation due to the low cost of equity capital,irrational development of stock market,and slow development of bond market.In order to achieve value maximization,we should build the optimal capital struc-ture of listed company,improve capital market and governance structure of listed company,play the role of financial leverage fully,ad-just the debt structure of listed company,and increase its profits to reach its value maximization.