Meanwhile , the writer put forward a standard of measurement to optimal capital structure , which offer a systemic analyze frame to this sector decision making 在此基础上，文章以分析影响企业资本结构的因素为前提，提出了企业最佳资本结构的衡量标准，为企业的最佳资本结构决策提供了一个系统的分析体系。
The decision of the capital structure is a key question of enterprise ' s financing decision , as it determines the choice of the financing way of enterprises and the proportion that various financing ways account for directly 摘要资本结构决策是企业融资决策的核心问题，它直接决定企业融资方式的选择及各种融资方式所占的比重。
Base on reviewing relevant literatures , the author finds that there are some problems existing in studying the determinants of capital structures decision of chinese listed companies . first most researchers hold the hypothesis of information symmetry and don not consider the information asymmetry affecting capital structure choice of chinese listed companies 综观相关文献,国内学者对中国上市公司的资本结构决策影响因素的实证研究存在以下局限( 1 )研究保留了mm定理中信息充分的假设,没有考虑信息不对称对中国上市公司资本结构决策的影响; ( 2 )没有把信息不对称作为量化指标引入中国上市公司资本结构决策的理论模型中。
Second , capital structure model exclude the index of information asymmetry . therefore the paper abandon the hypothesis of information symmetry and study how information asymmetry affecting capital structure choice of chinese listed companies by introducing information asymmetry into capital structure model controlling other determinants . base on this paper , we explain the determinants of capital structures choice of chinese listed companies from the new standpoint and understand fully the determinants of capital structures choice of chinese listed companies finally 为此,本文拟放松mm定理中信息充分的假设,将信息不对称引入中国上市公司资本结构决策的理论模型中,定量研究信息不对称对中国上市公司资本结构决策的影响程度,以从新的角度解释中国上市公司资本结构决策的影响因素,从而对中国上市公司资本结构决策影响因素有了更加全面的认识。
This paper is divided to five chapters : in the first chapters , including how the question of study is put forward and the significance of study ; in the second chapters , including analysis of asymmetry in china capital market in the third chapters , including the theoretical analysis of capital structures choice basing on agency theory and signal model . in the four chapters including the theoretical and empirical analysis of information asymmetry affecting capital structure choice of chinese listed companies . in the five chapters , including the author conclusion and advice 本文共分五章:第一章主要论述问题的提出及研究的意义;第二章主要分析我国资本市场存在的信息不对称问题,从而为后面的研究奠定基础;第三章主要对基于信息不对称的资本结构决策理论进行综述,为后面的实证研究打下理论基础;第四章主要通过对信息不对称对中国上市公司资本结构决策影响的理论分析提出本文的假设,利用中国资本市场的数据进行实证检验,并对实证结果进行分析;第五章主要对本文研究的实证结果进行总结并提出政策建议。
Second , it analyzes the macro and micro factors that affect the capital structure policy - making under marketing economics . moreover , this thesis investigates the capital structures of chinese enterprises and builds regression - analysis models to verify the relationship between capital structure and efficiency and profit of enterprise operation 然后，分析和论述了在市场经济条件下，影响企业资本结构决策的宏观和微观因素，并实证考察了我国企业的资本结构，并构建了回归分析模型，对资本结构和企业经营效益与效率的关系进行了实证分析。
