浅谈我国上市公司的资本结构优化

我国上市公司的资本结构与发达国家和一些发展中国家相比具有负债比例低、所有者权益比例较高,融资过程更依赖股权融资的特点,而且受股权结构、公司所在行业和地区的影响。本文针对上述特点提出三点建议,同时建议个别的上市公司主体应考虑自身的经营收入变动趋势、税前利润水平、未来年度承担的税率和公司的资产结构等方面进行合理筹划,以建立适合自身的合理资本结构。

Preliminary Discussion on the Optimization of Capital Structure of China's Listed Companies

Compared with developed countries and some other developing countries, the capital structure in China's listed companies is characterized as lower liability to assets, higher owner's equity to assets and more dependence on owner's capital in the process of financing. Moreover, the capital structure is also affected by owner's equity makeup, industry and region that a company is in. For the above-stated features, this thesis proposes three suggestions on the optimization of capital structure. Meanwhile, it also advises that after considering the income trend of their own, profit level before tax, tax rate of future years and the asset structure, some individual listed companies should carry out a rational planning to establish a reasonable capital structure adaptive to them.