目 录
目录································1
引言································2
一、资本结构基础理论························2
（一）资本结构的含义························2
（二）资本结构的代表理论······················3
二、影响我国上市公司资本结构的因素·················3
（一）资本成本···························3
（二）财务风险···························4
（三）偿还能力···························4
（四）盈利能力···························4
（五）融资工具···························4
（六）证券发行制度·························4
（七）行业因素···························5
（八）金融环境···························5
（九）股权结构···························5
三、关于我国上市公司资本结构现状分析················5
（一）偏好于外部融资························6
（二）偏好于股权融资························6
（三）资本配置和运用不合理·····················7
四、优化资本结构的建议·······················8
（一）注重公司的行业特性······················8
（二）发展和完善我国企业的债券市场·················8
（三）优化股权结构·························8
（四）规范股市行为·························9
五、格力电器资本结构的案例分析···················9
（一）格力电器与同行业领先企业资本结构的对比············9
（二）格力电器资本结构的进一步分析··················10
（三）结论······························10
参考文献······························10
引言
上市公司是我国经济发展到一定阶段的产物，随着我国资本市场的发展和完善，相对于非上市公司而言资产质量高、企业制度健全及经营规范的上市公司会得到更大更快的发展，在国民经济中占有重要的地位，推动我国经济的发展。资本结构一般是指企业权益资本与债务资本及各个组成部分之间的比例关系，权益、债务资本是企业通过筹资活动筹措的资金，权益与债务这两种筹资方式是在一定市场环境下进行的。债务资本与权益资本的比率是上市公司借入资本与自有资本的比例即产权比例，存在一定的产权比例使资本成本处于最合理状态，债务发挥有利的财务杠杆效应，企业价值得到充分体现；此外，不同的负债与所有者权益的内部组成结构会产生不同的经营风险，可能使上市公司破产风险增大，这就要求企业拥有合理的负债与所有者权益的内部结构，将上市公司治理效率提高，提升企业价值。我国的资本市场还不够完善，研究我国上市公司的资本结构、了解其与企业价值的关系，有利于发现我国上市公司资本结构中的不合理现象；有助于完善我国上市公司资本结构与企业价值的提升。
