资本结构、负债结构、股权结构与资产结构关系的研究——来自沪市制造业上市公司的经验分析

摘要

会计的国际趋同的形势背景，新会计准则中“历史成本”模式向“公允价值”模式转变，利润表观向资产负债表观的转变，这些都进一步体现了资产与企业资产价值研究的重要性。企业价值理论指出企业价值直接依赖于企业拥有资产的创造能力不是资本结构，企业资产创造能力取决于企业所拥有资产的结构。论文在借鉴文献和理论基础上推导了影响资产结构的因子——资本结构、负债结构和股权结构，及它们与资产结构之间的关系，然后建立相应假设，并根据沪市制造业上市公司4年年度报告数据，以企业规模和企业绩效为控制变量，进行经验分析，形成结论并指出未来研究方向。%Under circumstances of Chinese accounting standards being unanimous with IFRS, the tradi- tional ＂Historical Cost Accounting＂ turns slowly to ＂ Fair Value Accounting＂, and the ＂ Income Statement Accounting＂ goes to ＂Balance Sheet Accounting＂. All the changes above show Asset aUxacts more attention than before. Enterprise Valuation Theory says that the company value mainly relies on the quality of assets, which rely heavily on the Asset Structure. By deducing the factors which effect the Asset Structure from the literatures and theories,in this paper, we utilize the four years annual f＇mancial report data from listed manufac- turing companies in Shanghai Stock Exchange Market and use company size and profit two factors as control to run the empirical analysis, we finally come to conclusion and provide reference for further study.