对国有企业资本结构的研究
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摘要
国有企业是中国经济最主要的组成部分,是中国经济发展实力水平的“精华”与“代表”。国有资本是国有企业生存和发展的基础,因此国有企业资本结构是否合理影响着其资本质量的高低和竞争力的强弱,并直接影响着国有企业的改革。随着国企改革的深化和公司治理结构的不断完善,近年来国家采取了一系列降低国有企业过度负债的措施,并收到了一定的效果。但从整体上看,当前国有企业资本结构的调整还不能适应国有企业不断完善的组织形式,阻挠着法人治理结构的完善和现代企业制度的建立。因此国有企业资本结构的调整现已成为我国经济体制改革中迫切需要探索和解决的重大课题。
一本文主要内容及结构
本文旨在从资本结构经典理论的分析入手,以当前学术界的最新研究成果为基础,通过大量数据来反映我国国有企业资本结构的实际情况,透视与剖析国有企业资本结构的现状、存在的问题和不合理之处。本文总结了近几年国企改制经验,系统论述了当前国有企业资本结构的调整方式,提出了一种全新的资本结构调整模式,同时针对我国的国有企业建立了一套完整的资本结构风险预警及控制系统,从而为政府制定相应政策和企业的资本结构调整提供了一种参考和借鉴。
1.中国是一个发展中的大国,近几年的发展速度在不断加快。研究我国国有企业的资本结构问题,不仅要借鉴和利用西方资本结构理论研究的最新成果,更要结合我国的具体国情和国有企业的特征。对西方资本结构经典理论的详细评述,可以为研究我国国有企业资本结构的制度成因奠定基础,同时也为分析我国国有企业资本结构提供了理论依据;确定资本结构、国有企业和国有企业资本等概念,为描述我国国有企业资本结构的现状及特点提供了工具。
2.我国国有企业在改革中取得了巨大成就:股份制改革力度的加大,使得许多国有企业在国内外上市,为中国企业树立了良好的榜样;公司法人治理不断完善,建立了国有独资公司,完善董事会的试点单位不断增加;企业重组力度加大,关闭了许多破产国有企业。本文利用最新行业统计数据进行分析,发现国有资本正在向重要行业和关键领域集中,一些重要行业和关键领域的资产负债率明显降低。但是,利用这些最新数据从国有企业资本和负债的构成成分、发展趋势等角度来分析其资本结构现状的话,即可发现国有企业目前的资本结构还存在很多的不合理之处:股权结构失衡、负债比率偏高、资本结构缺乏弹性以及国有经济布局不合理等。而这些不合理之处均可以从我国经济体制、出资者投入资本、企业自有资本以及企业治理结构等方面找到原因。
3.国有企业的现状是国家融资体制演变的结果,也是企业内外部因素相结合的产物。国有企业要想改变当前的资本结构不合理状况,除了重视国家制度安排的作用外,还应当关注企业自身治理结构对资本结构的要求和影响。本文第四部分分析了国有企业资本结构调整中应考虑的因素:增量调整和存量调整相结合,资产结构和资本结构相结合以及资本结构的外部影响因素等。在深化国企改革的过程中,债转股作为修正资本结构的过渡性措施、国有股减持作为优化股权结构的阶段性措施、股权分置作为优化股权结构的新措施以及国有资本经营预算等重大措施对国有企业资本结构的调整都有重大的影响,本文分别论述了这四种手段的优点和缺陷,并据此提出了调整国有企业资本结构的几项具体建议:建立与现代企业制度相适应的筹资体系;注重资本结构和技术管理相结构的治理方式;以明确产权、引入多元化投资者以及规范相关法律等手段改善公司治理模式;采用资本结构分类治理的新方式,对不用类别的企业使用不同的资本结构治理手段。
4.资本结构是不断变化的,即使我们通过国有股减持、债转股以及国有资本经营预算使国有企业资本结构得到优化,也不能说明这种资本结构就是最合理的,因为这种优化是一种暂时的静态表现。企业外部经营环境和自身条件的不断变化,会引起企业资本结构的相应改变。鉴于此,本文专门针对国有企业的资本结构设计了一套全新的资本结构风险预警及控制系统,以期使国有企业能够提前评估企业的资本结构风险,为其资本结构调整提供有效的决策依据,并采取有效措施预防国有企业的资本结构恶化。
5.本文最后以四川长虹有限责任公司为例,对国有企业的资本结构作了案例分析。在剖析过程中,以长虹公司的融资状况和股权激励机制等作为切入点,分析认为长虹责任公司存在较大的权益融资偏好,并提出了应加强公司治理、减少对政府的依赖等对策建议。
二本文的研究方法
研究我国国有企业资本结构,需要从我国国有企业现状入手,深入了解国有企业资本结构的状况,分析其形成机制,才能针对国有企业资本结构调整提出科学有效的现实对策。因此,本文在论述过程中以翔实可靠的数据为基础,配以大量的图表说明,采用比较分析、定性描述和定量分析相结合、规范研究和案例研究相结合等研究方法,从而使本文的论述过程更加严谨、紧凑,富有说服力。
三本文的切入点和创新点
国内对我国国有企业资本结构的研究,大多是以国有企业转型时期的数据为依据,主要针对国有企业资本结构调整的方式作了研究,针对转型后国有企业的整体资本状况的研究则相对较少。本文在研究过程中,结合温家宝总理在十届全国人大五次会议上所作的工作报告和最新十七大会议精神,以及2006年最新的国有企业相关数据进行分析并得出结论。纵观全文,主要创新点如下:
1.本文所提出的资本结构与资产结构相结合的分析方法,为资本结构分析提供了全新的研究视角。
2.针对国有企业资本结构调整提出了新的调整策略:按企业的重要性程度,将国有企业划分为三大类,不同类别的企业分别使用不同的资本结构治理手段。
3.本文最突出的贡献是提出了一套全新的国有企业资本结构风险预警及控制系统。当可能危害企业财务状况的关键因素出现时,资本结构风险预警及控制系统会预先发出财务警告,提醒企业经营者早做准备或采取对策以减少财务损失、防止危机进一步扩大,同时还可以避免类似的财务危机再次发生,为国有企业的资本管理提供了有效的分析和决策工具。
State-owned enterprises are the principal component of China economy, as well as the“elite”and“representative”of the strength for the development of China economy. And their capital is the base for their existence and ongoing development. Therefore whether their capital structure is rational not only impacts the quality of their capital and competitiveness but also directly impacts the furtherance of reforms. With continuously deepening of the reform of state-owned enterprises and improving of corporate governance structure, our government has adopted a series of method in recent years to reduce the excessive indebtedness of state-owned enterprises, and has received certain effect. But as a whole, currently the adjustment of capital structure of China's state-owned enterprises still fails to meet continuously improving the organization form of corporate governance of state-owned enterprises, and still obstructs the perfection of corporate governance structure and the establishment of modern enterprise system. So the adjustment of capital structure in the state-owned enterprise is an issue which urgently needs to resolve in China's economic system reform.
Based on the current academic research, this paper, with the instruction of classical theory of capital structure analysis, intents to reflect the Chinese state-owned enterprises’actual conditions of capital structure, including their status and problems. By summing up the recent years’experiences of reforms, this paper discusses systematically the current adjustment formula for the capital structure of state-owned enterprises, and provides a new method to adjust their capital structure so as to offer reference for the enterprise’capital structure adjustment and governmental policy.
1. As a large developing country, China’s developing pace has accelerated continuously in recent years. In order to study the capital structure issues of state-owned enterprises, we must not only learn from Western capital structure theory and the latest achievements in theoretical research, but also integrate our study with Chinese specific national conditions and the state-owned enterprise features. Detailing comments on the Western classical theory of capital structure lay the foundation for the study of capital structure, meanwhile provide a theoretical basis for analyzing of the capital structure of Chinese state-owned enterprises. Defining the concepts of the capital structure, state-owned enterprises and state-owned enterprise capital provides the tools for describing the status and characteristics of capital structure of state-owned enterprises.
During the enterprise reform, our state-owned enterprises have achieved great progress, such as successful IPO in domestic and abroad stock market, continuous improvement of corporate governance structure and more and more reorganizations among enterprises. Using the latest available statistics, the paper concludes that the state-owned capital is concentrating on the major industries and key areas, and the asset liability ratio in some these fields obviously gets lower. However by analyzing the current situation of capital structure, liabilities components and the developing trend, the chapter points out the problems existing in the capital structure of state-owned enterprise: shareholding structure imbalance, high debt ratio, the capital structure inflexibility and the state-owned economy irrational layout. Meanwhile the chapter also analyses the reasons that state-owned enterprises capital structure is irrational from the aspects of Chinese economic system, the investor invested capital, corporate equity and corporate governance structure, etc.
3. The current situation of state-owned enterprises is the result of combining internal and external corporate factors. In order to change the unreasonable capital structure, we not only pay attention to the role of national institutional arrangements, but also concern about impacts and requirements of their own governance structure. The fourth chapter analyses the factors that we should consider while adjusting the owned-state enterprises capital structure: integration of incremental adjustments and storage quantity adjustment, integration of the asset structure and the capital structure, and the external factors of the capital structure. Debt-equity swap, as a transitional measure of amending the capital structure, the state-owned share reduction as a short-term measure optimizing stockholder’s rights structure, the stockholder's rights minute sets as a new measure optimizing stockholder’s rights structure and the operating budget, all these measures have a great influence on the adjustment of state-owned enterprises capital structure. The paper discusses respectively the advantages and shortcomings of these four means and gives several specific recommendations for it, including establishing a finance system compatible with modern enterprise system, paying attention to government way of the integration of capital structure and technology-oriented management, improving corporate governance by the way of defining the property right and investor’s diversity and regarding different enterprises with different types governance means.
4. Capital structure is always constantly changing. Even if the capital structure of state-owned enterprises was optimized by the way of state-owned shares reduction, debt-equity swap and operating budget, we can not say that this is the most appropriate capital structure for this optimization is just a temporary and static status. The change of external environment and the internal conditions will cause a change in the capital structure. So this paper provides a new risk alarm and control system for the capital structure to offer necessary decision-making information for the governments and enterprises and to prevent deterioration of the capital structure.
5. Regarding Sichuan Changhong limited liability company as a representative, the last chapter analyses its financing and equity incentive mechanism, and concludes Changhong company has a big interest financing preferences and should strengthen corporate governance and reduce their dependence on government.
Studying on the capital structure of state-owned enterprises, we need to start from the current situation of state-owned enterprises, and deeply analyze their conditions of the state capital structure, as well as its formation mechanism so that we can come out effective measures for the capital structure adjustment. Therefore this paper introduces a large amount of latest data and a lot of excel forms, and adopt the conclusion through qualitative analysis assisting with quantitative analysis, normative research combing with case studies, and comparative analysis methods so as to make its analysis more compact, precise, logical and convincing.
Domestic study on capital structure of state-owned enterprises, is mostly based on the data in the transition period, and mainly focuses on the adjustment methods of the capital structure of state-owned enterprises. This paper, regarding the state-owned capital status after the transition as its study subject, integrates its analysis with Premier Wen Jiabao’s work report at the Fifth Session of the 10th NPC's, the spirit of Communist Party of China 17th National People's Congress, and latest state-owned enterprises related data analysis. The following are its main innovative points:
1. This paper comes out a new analysis method combining capital structure and asset structure, which gives a new study angle of view for the capital structure analysis.
2. The paper’s most outstanding contribution is that it proposes a new capital structure risk alarm and control system. When the key factors which may endanger enterprises’financial situation arise, this system would give out alarm in advance and remind operators as early as to adopt measures to remove the risks and reduce possible financial loss. This system can prevent the financial crisis from further expansion and avoid the recurrence of similar crisis, which provides an effective analytical tool for the enterprise capital management.
3. The paper provides a new adjusting strategy for the state-owned capital structure adjustment, which divides state-owned enterprises into three categories according to their importance and regarding different enterprises with different type of governance means.
一本文主要内容及结构
本文旨在从资本结构经典理论的分析入手,以当前学术界的最新研究成果为基础,通过大量数据来反映我国国有企业资本结构的实际情况,透视与剖析国有企业资本结构的现状、存在的问题和不合理之处。本文总结了近几年国企改制经验,系统论述了当前国有企业资本结构的调整方式,提出了一种全新的资本结构调整模式,同时针对我国的国有企业建立了一套完整的资本结构风险预警及控制系统,从而为政府制定相应政策和企业的资本结构调整提供了一种参考和借鉴。
1.中国是一个发展中的大国,近几年的发展速度在不断加快。研究我国国有企业的资本结构问题,不仅要借鉴和利用西方资本结构理论研究的最新成果,更要结合我国的具体国情和国有企业的特征。对西方资本结构经典理论的详细评述,可以为研究我国国有企业资本结构的制度成因奠定基础,同时也为分析我国国有企业资本结构提供了理论依据;确定资本结构、国有企业和国有企业资本等概念,为描述我国国有企业资本结构的现状及特点提供了工具。
2.我国国有企业在改革中取得了巨大成就:股份制改革力度的加大,使得许多国有企业在国内外上市,为中国企业树立了良好的榜样;公司法人治理不断完善,建立了国有独资公司,完善董事会的试点单位不断增加;企业重组力度加大,关闭了许多破产国有企业。本文利用最新行业统计数据进行分析,发现国有资本正在向重要行业和关键领域集中,一些重要行业和关键领域的资产负债率明显降低。但是,利用这些最新数据从国有企业资本和负债的构成成分、发展趋势等角度来分析其资本结构现状的话,即可发现国有企业目前的资本结构还存在很多的不合理之处:股权结构失衡、负债比率偏高、资本结构缺乏弹性以及国有经济布局不合理等。而这些不合理之处均可以从我国经济体制、出资者投入资本、企业自有资本以及企业治理结构等方面找到原因。
3.国有企业的现状是国家融资体制演变的结果,也是企业内外部因素相结合的产物。国有企业要想改变当前的资本结构不合理状况,除了重视国家制度安排的作用外,还应当关注企业自身治理结构对资本结构的要求和影响。本文第四部分分析了国有企业资本结构调整中应考虑的因素:增量调整和存量调整相结合,资产结构和资本结构相结合以及资本结构的外部影响因素等。在深化国企改革的过程中,债转股作为修正资本结构的过渡性措施、国有股减持作为优化股权结构的阶段性措施、股权分置作为优化股权结构的新措施以及国有资本经营预算等重大措施对国有企业资本结构的调整都有重大的影响,本文分别论述了这四种手段的优点和缺陷,并据此提出了调整国有企业资本结构的几项具体建议:建立与现代企业制度相适应的筹资体系;注重资本结构和技术管理相结构的治理方式;以明确产权、引入多元化投资者以及规范相关法律等手段改善公司治理模式;采用资本结构分类治理的新方式,对不用类别的企业使用不同的资本结构治理手段。
4.资本结构是不断变化的,即使我们通过国有股减持、债转股以及国有资本经营预算使国有企业资本结构得到优化,也不能说明这种资本结构就是最合理的,因为这种优化是一种暂时的静态表现。企业外部经营环境和自身条件的不断变化,会引起企业资本结构的相应改变。鉴于此,本文专门针对国有企业的资本结构设计了一套全新的资本结构风险预警及控制系统,以期使国有企业能够提前评估企业的资本结构风险,为其资本结构调整提供有效的决策依据,并采取有效措施预防国有企业的资本结构恶化。
5.本文最后以四川长虹有限责任公司为例,对国有企业的资本结构作了案例分析。在剖析过程中,以长虹公司的融资状况和股权激励机制等作为切入点,分析认为长虹责任公司存在较大的权益融资偏好,并提出了应加强公司治理、减少对政府的依赖等对策建议。
二本文的研究方法
研究我国国有企业资本结构,需要从我国国有企业现状入手,深入了解国有企业资本结构的状况,分析其形成机制,才能针对国有企业资本结构调整提出科学有效的现实对策。因此,本文在论述过程中以翔实可靠的数据为基础,配以大量的图表说明,采用比较分析、定性描述和定量分析相结合、规范研究和案例研究相结合等研究方法,从而使本文的论述过程更加严谨、紧凑,富有说服力。
三本文的切入点和创新点
国内对我国国有企业资本结构的研究,大多是以国有企业转型时期的数据为依据,主要针对国有企业资本结构调整的方式作了研究,针对转型后国有企业的整体资本状况的研究则相对较少。本文在研究过程中,结合温家宝总理在十届全国人大五次会议上所作的工作报告和最新十七大会议精神,以及2006年最新的国有企业相关数据进行分析并得出结论。纵观全文,主要创新点如下:
1.本文所提出的资本结构与资产结构相结合的分析方法,为资本结构分析提供了全新的研究视角。
2.针对国有企业资本结构调整提出了新的调整策略:按企业的重要性程度,将国有企业划分为三大类,不同类别的企业分别使用不同的资本结构治理手段。
3.本文最突出的贡献是提出了一套全新的国有企业资本结构风险预警及控制系统。当可能危害企业财务状况的关键因素出现时,资本结构风险预警及控制系统会预先发出财务警告,提醒企业经营者早做准备或采取对策以减少财务损失、防止危机进一步扩大,同时还可以避免类似的财务危机再次发生,为国有企业的资本管理提供了有效的分析和决策工具。
State-owned enterprises are the principal component of China economy, as well as the“elite”and“representative”of the strength for the development of China economy. And their capital is the base for their existence and ongoing development. Therefore whether their capital structure is rational not only impacts the quality of their capital and competitiveness but also directly impacts the furtherance of reforms. With continuously deepening of the reform of state-owned enterprises and improving of corporate governance structure, our government has adopted a series of method in recent years to reduce the excessive indebtedness of state-owned enterprises, and has received certain effect. But as a whole, currently the adjustment of capital structure of China's state-owned enterprises still fails to meet continuously improving the organization form of corporate governance of state-owned enterprises, and still obstructs the perfection of corporate governance structure and the establishment of modern enterprise system. So the adjustment of capital structure in the state-owned enterprise is an issue which urgently needs to resolve in China's economic system reform.
Based on the current academic research, this paper, with the instruction of classical theory of capital structure analysis, intents to reflect the Chinese state-owned enterprises’actual conditions of capital structure, including their status and problems. By summing up the recent years’experiences of reforms, this paper discusses systematically the current adjustment formula for the capital structure of state-owned enterprises, and provides a new method to adjust their capital structure so as to offer reference for the enterprise’capital structure adjustment and governmental policy.
1. As a large developing country, China’s developing pace has accelerated continuously in recent years. In order to study the capital structure issues of state-owned enterprises, we must not only learn from Western capital structure theory and the latest achievements in theoretical research, but also integrate our study with Chinese specific national conditions and the state-owned enterprise features. Detailing comments on the Western classical theory of capital structure lay the foundation for the study of capital structure, meanwhile provide a theoretical basis for analyzing of the capital structure of Chinese state-owned enterprises. Defining the concepts of the capital structure, state-owned enterprises and state-owned enterprise capital provides the tools for describing the status and characteristics of capital structure of state-owned enterprises.
During the enterprise reform, our state-owned enterprises have achieved great progress, such as successful IPO in domestic and abroad stock market, continuous improvement of corporate governance structure and more and more reorganizations among enterprises. Using the latest available statistics, the paper concludes that the state-owned capital is concentrating on the major industries and key areas, and the asset liability ratio in some these fields obviously gets lower. However by analyzing the current situation of capital structure, liabilities components and the developing trend, the chapter points out the problems existing in the capital structure of state-owned enterprise: shareholding structure imbalance, high debt ratio, the capital structure inflexibility and the state-owned economy irrational layout. Meanwhile the chapter also analyses the reasons that state-owned enterprises capital structure is irrational from the aspects of Chinese economic system, the investor invested capital, corporate equity and corporate governance structure, etc.
3. The current situation of state-owned enterprises is the result of combining internal and external corporate factors. In order to change the unreasonable capital structure, we not only pay attention to the role of national institutional arrangements, but also concern about impacts and requirements of their own governance structure. The fourth chapter analyses the factors that we should consider while adjusting the owned-state enterprises capital structure: integration of incremental adjustments and storage quantity adjustment, integration of the asset structure and the capital structure, and the external factors of the capital structure. Debt-equity swap, as a transitional measure of amending the capital structure, the state-owned share reduction as a short-term measure optimizing stockholder’s rights structure, the stockholder's rights minute sets as a new measure optimizing stockholder’s rights structure and the operating budget, all these measures have a great influence on the adjustment of state-owned enterprises capital structure. The paper discusses respectively the advantages and shortcomings of these four means and gives several specific recommendations for it, including establishing a finance system compatible with modern enterprise system, paying attention to government way of the integration of capital structure and technology-oriented management, improving corporate governance by the way of defining the property right and investor’s diversity and regarding different enterprises with different types governance means.
4. Capital structure is always constantly changing. Even if the capital structure of state-owned enterprises was optimized by the way of state-owned shares reduction, debt-equity swap and operating budget, we can not say that this is the most appropriate capital structure for this optimization is just a temporary and static status. The change of external environment and the internal conditions will cause a change in the capital structure. So this paper provides a new risk alarm and control system for the capital structure to offer necessary decision-making information for the governments and enterprises and to prevent deterioration of the capital structure.
5. Regarding Sichuan Changhong limited liability company as a representative, the last chapter analyses its financing and equity incentive mechanism, and concludes Changhong company has a big interest financing preferences and should strengthen corporate governance and reduce their dependence on government.
Studying on the capital structure of state-owned enterprises, we need to start from the current situation of state-owned enterprises, and deeply analyze their conditions of the state capital structure, as well as its formation mechanism so that we can come out effective measures for the capital structure adjustment. Therefore this paper introduces a large amount of latest data and a lot of excel forms, and adopt the conclusion through qualitative analysis assisting with quantitative analysis, normative research combing with case studies, and comparative analysis methods so as to make its analysis more compact, precise, logical and convincing.
Domestic study on capital structure of state-owned enterprises, is mostly based on the data in the transition period, and mainly focuses on the adjustment methods of the capital structure of state-owned enterprises. This paper, regarding the state-owned capital status after the transition as its study subject, integrates its analysis with Premier Wen Jiabao’s work report at the Fifth Session of the 10th NPC's, the spirit of Communist Party of China 17th National People's Congress, and latest state-owned enterprises related data analysis. The following are its main innovative points:
1. This paper comes out a new analysis method combining capital structure and asset structure, which gives a new study angle of view for the capital structure analysis.
2. The paper’s most outstanding contribution is that it proposes a new capital structure risk alarm and control system. When the key factors which may endanger enterprises’financial situation arise, this system would give out alarm in advance and remind operators as early as to adopt measures to remove the risks and reduce possible financial loss. This system can prevent the financial crisis from further expansion and avoid the recurrence of similar crisis, which provides an effective analytical tool for the enterprise capital management.
3. The paper provides a new adjusting strategy for the state-owned capital structure adjustment, which divides state-owned enterprises into three categories according to their importance and regarding different enterprises with different type of governance means.
引文
1 D.Durand, Cost of Debt and Equity Funds for Business:Trends and Problems of Measurement, in National Bureau of Economic Research, conference on research on business finance, New York, 1952:215-247
2 Modigliani F and Miller M.H., The Cost of Capital Corporation Finance and the Theory of Investment: Comment, The American Economic Review, 1958(6):268
3 Miller, M.11., Debt and Taxes, The Journal of Finance, 1997(5)32, No.2;
4 Stiglitz J.E., On the Irrelevance of Corporate Financial Policy, The American Economic Review, 1974(12)64;
5 Leland H.G. and Pyle D.H., Informational Asymmetries, Financial Structure and Financial Intermediation, The Journal of Finance, 1977(5)32, No.2: 371
6 Titman, Sheridan and Roberto Wessels: The Determinants of Capital Structure Choice, Journal of Finance, March 1988, ppl-19
7 Demirguc-Kunt, Asli, and Maksimovic, 1998:Law, finace, and firm growth, Journal of Finance, 53, 2107-2137
8施东辉,2001:《中国股市微观行为:理论与实证》,远东出版社
9黄庆堂,黄兰英,1997:资本结构对企业合并绩产影响之研究,台湾银行季刊,第46卷第4期
10傅建华,1998:上海中小企业发展战略研究,上海财经大学出版社。
11李建伟,债转股问题分析,国务院发展研究中心信息网,2000.02.02
12项怀诚,国有股减持是证券市场一大利好,证券时报,2001.06.10
1.Christian Leuz and Robert E.Verrecchia, The Economic Consequences of Increased Disclosur, Journal of Accounting Research Vol 38 Supplement 2000, Printed in USA.
2.Katbleen M Kable and Ralph A Walkling, 1996:The Impact of Industry Classifications on Financial Research, Journal of Financial and Quantitative Analysis, 31(3):309-335
3.Mike Sibley,1991:The Search for Industry Financing Patterns, American Business. January:85-91
4.Robin Cooper and Regine Slagmulder, Strategic Cost Management: Expanding Scope And Boundaries, Journal of Cost Management, January/February 2003
5.Sidney J.Baxendale and P.S.Raju, Throughput Accounting:A Strategic Perspective, Cost Management, January/February 2004
6.Stan Brignall and Joan Ballantine, Strategic Enterprise Management Systems:New Directions for Research, Management Accounting Research 15(2004)225-240
1.胡援成:国有企业“债转股”与资本结构优化,清华大学出版社,2004版
2.王明虎、章铁生、顾银宽:上市公司财务问题,经济管理出版社,2004版
3.伍柏麟:国有企业核心论,复旦大学出版社,2002年版
4.张维迎:现代企业理论和中国企业改革,北京大学出版社,1999年版
5.张辉明、邓霆:国有资本存量结构调整研究,复旦大学出版社,1999年版
6.葛家澎、林志军:现代西方会计理论,厦门大学出版社,2002年版
7.蒋义宏、魏刚:中国上市公司会计与财务问题研究,东北财经大学出版社,2001年版
8.张新民著:企业财务报表分析—教程与案例,对外经济贸易大学出版社,2004年4月第2版
9.财政部注册会计师考试委员会办公室:会计,中国财政经济出版社,2007年版
10.财政部注册会计师考试委员会办公室:财务成本管理,中国财政经济出版社,2007年版
11.田明,2001:转型期中国固有企业资本结构优化的研究,博士论文
12.张万成,2004:我国转轨时期企业资本结构选择问题,博士生论文
13.徐雪英,2006:中国国有企业资本结构治理的现状、问题和对策,硕士论文
14.郭鹏飞、孙培源,2003:资本结构的行业特征:基于中国上市公司的实证研究,经济研究,第11期
15.张志宏,2006:我国国有企业资本结构治理的现实思考,会计文苑,第8期
16.李锦望、张世强,2004:中国上市公司资本结构与企业价值实证分析——以家电行业为例,财经问题研究,第2期
17.祝锡萍、朱惠芹,2001:规范我国上市公司再融资行为的几点建议,商业经济与管理,第11期
18.高荣祥、宋伟官,2001:企业价值模型的建立与最优资本结构存在性的证明,沈阳工业学院学报,第3期
19.詹雷,2005:资本结构、财务关系与公司治理,财会月刊,第9期
20.陈良,2003:国有企业资本结构及其优化,财贸研究,第10期
21.华玲,2005:关于我国国有企业资本结构优化策略的探讨,海南金融,第11期
22.上官亚萍,2006:国有股减持是国有资本结构治理的必然选择,机械管理开发,第1期
23.张志宏,2005:轮国有企业资本结构治理的现实选择,财政研究,第6期
24.邹向前,2005:关于国有企业资本结构优化问题的探讨,商场现代化,第19期
25. http://www.138873.com/Html/lunwen/czss/czyj/86972_2.html,略论国有资本经营预算,2007年5月
26.http://www.sp.com.cn/ggzl/lt/200706010051.htm,国有资本结构调整加快,2007年6月
27.中国证监会2006年3月初下发的《再融资管理办法(征求意见稿)》
28.上海证券交易所网站http://www. sse. com.
29.中华人民共和国财政部网站http://www.mof.gov.cn
30.国资委主任李荣融在中央企业负责人会议上的讲话,2006年8月16日
31.全面贯彻落实科学发展观,努力提高国有资产监管水平——在全国国有资产监督管理工作会议上的讲话,2006年1月23日
32.国有企业改制网:http://www.jincao.com/gq.htm
2 Modigliani F and Miller M.H., The Cost of Capital Corporation Finance and the Theory of Investment: Comment, The American Economic Review, 1958(6):268
3 Miller, M.11., Debt and Taxes, The Journal of Finance, 1997(5)32, No.2;
4 Stiglitz J.E., On the Irrelevance of Corporate Financial Policy, The American Economic Review, 1974(12)64;
5 Leland H.G. and Pyle D.H., Informational Asymmetries, Financial Structure and Financial Intermediation, The Journal of Finance, 1977(5)32, No.2: 371
6 Titman, Sheridan and Roberto Wessels: The Determinants of Capital Structure Choice, Journal of Finance, March 1988, ppl-19
7 Demirguc-Kunt, Asli, and Maksimovic, 1998:Law, finace, and firm growth, Journal of Finance, 53, 2107-2137
8施东辉,2001:《中国股市微观行为:理论与实证》,远东出版社
9黄庆堂,黄兰英,1997:资本结构对企业合并绩产影响之研究,台湾银行季刊,第46卷第4期
10傅建华,1998:上海中小企业发展战略研究,上海财经大学出版社。
11李建伟,债转股问题分析,国务院发展研究中心信息网,2000.02.02
12项怀诚,国有股减持是证券市场一大利好,证券时报,2001.06.10
1.Christian Leuz and Robert E.Verrecchia, The Economic Consequences of Increased Disclosur, Journal of Accounting Research Vol 38 Supplement 2000, Printed in USA.
2.Katbleen M Kable and Ralph A Walkling, 1996:The Impact of Industry Classifications on Financial Research, Journal of Financial and Quantitative Analysis, 31(3):309-335
3.Mike Sibley,1991:The Search for Industry Financing Patterns, American Business. January:85-91
4.Robin Cooper and Regine Slagmulder, Strategic Cost Management: Expanding Scope And Boundaries, Journal of Cost Management, January/February 2003
5.Sidney J.Baxendale and P.S.Raju, Throughput Accounting:A Strategic Perspective, Cost Management, January/February 2004
6.Stan Brignall and Joan Ballantine, Strategic Enterprise Management Systems:New Directions for Research, Management Accounting Research 15(2004)225-240
1.胡援成:国有企业“债转股”与资本结构优化,清华大学出版社,2004版
2.王明虎、章铁生、顾银宽:上市公司财务问题,经济管理出版社,2004版
3.伍柏麟:国有企业核心论,复旦大学出版社,2002年版
4.张维迎:现代企业理论和中国企业改革,北京大学出版社,1999年版
5.张辉明、邓霆:国有资本存量结构调整研究,复旦大学出版社,1999年版
6.葛家澎、林志军:现代西方会计理论,厦门大学出版社,2002年版
7.蒋义宏、魏刚:中国上市公司会计与财务问题研究,东北财经大学出版社,2001年版
8.张新民著:企业财务报表分析—教程与案例,对外经济贸易大学出版社,2004年4月第2版
9.财政部注册会计师考试委员会办公室:会计,中国财政经济出版社,2007年版
10.财政部注册会计师考试委员会办公室:财务成本管理,中国财政经济出版社,2007年版
11.田明,2001:转型期中国固有企业资本结构优化的研究,博士论文
12.张万成,2004:我国转轨时期企业资本结构选择问题,博士生论文
13.徐雪英,2006:中国国有企业资本结构治理的现状、问题和对策,硕士论文
14.郭鹏飞、孙培源,2003:资本结构的行业特征:基于中国上市公司的实证研究,经济研究,第11期
15.张志宏,2006:我国国有企业资本结构治理的现实思考,会计文苑,第8期
16.李锦望、张世强,2004:中国上市公司资本结构与企业价值实证分析——以家电行业为例,财经问题研究,第2期
17.祝锡萍、朱惠芹,2001:规范我国上市公司再融资行为的几点建议,商业经济与管理,第11期
18.高荣祥、宋伟官,2001:企业价值模型的建立与最优资本结构存在性的证明,沈阳工业学院学报,第3期
19.詹雷,2005:资本结构、财务关系与公司治理,财会月刊,第9期
20.陈良,2003:国有企业资本结构及其优化,财贸研究,第10期
21.华玲,2005:关于我国国有企业资本结构优化策略的探讨,海南金融,第11期
22.上官亚萍,2006:国有股减持是国有资本结构治理的必然选择,机械管理开发,第1期
23.张志宏,2005:轮国有企业资本结构治理的现实选择,财政研究,第6期
24.邹向前,2005:关于国有企业资本结构优化问题的探讨,商场现代化,第19期
25. http://www.138873.com/Html/lunwen/czss/czyj/86972_2.html,略论国有资本经营预算,2007年5月
26.http://www.sp.com.cn/ggzl/lt/200706010051.htm,国有资本结构调整加快,2007年6月
27.中国证监会2006年3月初下发的《再融资管理办法(征求意见稿)》
28.上海证券交易所网站http://www. sse. com.
29.中华人民共和国财政部网站http://www.mof.gov.cn
30.国资委主任李荣融在中央企业负责人会议上的讲话,2006年8月16日
31.全面贯彻落实科学发展观,努力提高国有资产监管水平——在全国国有资产监督管理工作会议上的讲话,2006年1月23日
32.国有企业改制网:http://www.jincao.com/gq.htm