上市公司最优资本结构问题研究——以汽车制造业为例

On the Optimal Capital Structure of Listed Companies with Automotive Industry as a Case Study

资本是所有企业运营的基础,企业在追求利益时,资本是其前提条件。一定时期内,运用不同的方式进行筹资的结果,就形成了不同的资本结构。如何选择一个经济合理的资本结构,使之到达最优水平,成为现代财务管理的核心。以企业价值最大化为最优资本结构的目标,基于我国汽车制造业上市公司的经验数据,在梳理文献的基础上设计回归模型,计算最优资本结构的概值。研究发现,我国汽车制造业资产负债率高于最优资本结构,存在较高的杠杆率。

Capital is the basis of all enterprise operations as well as the prerequisite when enterprises pursue their own interests to maximize their goals. In a certain period of time, the use of different ways of financing will lead to the formation of different capital structures. How to choose an economical and reasonable capital structure so as to reach the optimal level, has become the core of modern financial management. This paper takes the enterprise value maximization as the goal of optimal capital structure. With the data of China＇ s automotive industry listed companies, the optimal capital structure is estimated by a regression model based on the theoretical literature. It is found that the asset liability ratio of China＇ s automotive industry with a high leverage is higher than the optimal capital structure.