公司资本结构及其优化的研究
钢铁行业一直以来都是一个国家的经济支柱行业，在经济发展中有着重要的地位。随着近年来我国经济发展不断加快，以及城镇化工业化的加快，各项建设相继增多，对于钢铁行业的依赖与需求也更多。但是在另一方面由于钢铁行业发展过快，导致产能过剩，负债居高不下以致企业资本结构的失衡。32454
本文以重庆钢铁股份有限公司为例，通过分析重钢企业的财务数据，以及重钢与同行业不同企业的对比，旨在优化企业的产业布局，调整产业结构，并找出最优的资本结构。
毕业论文关键字：资产负债率、净收益理论、权衡理论、流动负债率
Research of corporate capital structure and optimization
Abstract: capital structure definition refers to the enterprises in their operations in the process of transport a variety of funding sources, as well as its related constitute the proportion. Enterprise's daily business activities need financing, financing sources, there are two. One is the enterprise internal funds, one is from the external capital. Internal capital comes from the enterprise daily business activities of the surplus and equity capital, external financing needs relatively accomplished by issue debt and equity. Between these different sources of financing combination to form the unique enterprise capital structure.Iron and steel industry has always been a pillar industry of national economy, an important role in the economic development. With the accelerating the economic development of our country in recent years, industrialization and urbanization speeding up, one after another, each construction are also more dependence on iron and steel industry and the demand. But on the other hand, due to the iron and steel industry development too fast, causing excess capacity, high debt so that the enterprise capital structure imbalance.This paper takes chongqing iron and steel co., LTD as an example, through the analysis of the financial data of chongqing steel enterprise, and sintering and the contrast of the different enterprises in the same industry, aims to optimize the industrial layout of the enterprises, adjust industrial structure, and find out the optimal capital structure.
Keywords： liability-asset ratio 、Net income theory、Trade-off theory、Flow ratio
目录
一、绪论 1
二、相关资本结构理论综述 2
（一）净收益理论 2
（二）权衡理论 2
三、重钢的资本结构对比分析 3
（一）我国钢铁行业最优资本结构确立 3
（二）分析对象 3
1、资产负债率 3
2、流动负债率 4
3、有息负债占负债的比率 4
（三）引用实证进行对比分析 5
1、流动负债率分析 5
2、有息负债分析 7
四、企业资本结构优化方向及具体建议 8
（一）资产负债率 8
（二）流动负债率 8
（三）有息负债占负债的比率 8
五、结语与展望 9
（一）结论 9
（二）不足与展望 9
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