摘要
作為我國各個行業(yè)排頭兵的上市公司，無論是企業(yè)的經營狀況，還是企業(yè)的
組織管理都可以說是其他企業(yè)的榜樣，也是其他企業(yè)未來發(fā)展模式的趨勢。重點
研究我國上市公司的資本結構優(yōu)化問題，對我國所有企業(yè)的融資決策的制度，以
及現(xiàn)代企業(yè)制度的建立都有很大的指導意義。
本文以現(xiàn)代資本結構優(yōu)化理論為理論基礎，采用定量分析和定性分析兩種方
法對香梨股份公司的資本結構的現(xiàn)狀、影響因素及優(yōu)化問題進行了比較深入的研
究。首先詳細地介紹了資本結構優(yōu)化理論，并對影響資本結構的因素和確定最優(yōu)
資本結構常用的方法展開分析，為討論以后各章奠定理論基礎。其次對香梨股份
的現(xiàn)狀和存在的問題進行分析，在此基礎上得出結論:優(yōu)化新疆庫爾勒香梨股份
有限公司(以下簡稱香梨股份)資本結構已經迫在眉睫。針對目前公司資本結構
不合理的現(xiàn)狀，設計一套最優(yōu)資本結構的模型，解決公司資本結構的最優(yōu)值和合
理區(qū)間的問題，闡述了公司為達到這一目標采取的融資行為。最后進一步探討公
司資本結構優(yōu)化措施的確定原則及采取的具體措施。本論文貢獻之處在于確定最
優(yōu)資本結構的方法上，運用西方資本結構理論，結合公司實際情況，設計出一套
具體而又實用的方法—優(yōu)化資本結構模型。
【關鍵詞】上市公司 資本結構 優(yōu)化理論
1.導言········································································……1
1.1選題的背景及意義················································……1
1.2研究的內容及方法················································……3
1.3本文的框架結構···················································……4
2資本結構優(yōu)化理論綜述················································……6
2.1資本結構的定義····························……”···············……6
2.2資本結構理論的發(fā)展·············································……6
2.2.1傳統(tǒng)資本結構理論·············································……6
2.2.2現(xiàn)代資本結構理論·············································……7
2.2.3新資本結構理論················································……9
2.3最優(yōu)資本結構的分析·············································……12
2.3.1影響資本結構的因素··········································……12
2.3.2確定最優(yōu)資本結構常用方法的介紹··················..····……14
3香梨股份的現(xiàn)狀分析··············································……18
3.1香梨股份基本概況················································……18
3.2香梨股份所屬行業(yè)評述··········································……20
3.2.1我國果品行業(yè)現(xiàn)狀·············································……20
3.2.2影響果品行業(yè)發(fā)展的有利和不利因素·····················……21
3.3香梨股份區(qū)位分析················································……23
3.3.1區(qū)位內的自然和基礎條件····································……23
3.3.2區(qū)位內政府的產業(yè)政策和其他相關的經濟支持·········……23
3.4香梨股份市場分析……:·········································……24
3.4.1市場風險·························································……24
3.4.2產品的競爭能力················································……24
3.4.3產品的市場占有率·············································……25
3.5香梨股份經營管理能力分析····································……25
3.5.1采購系統(tǒng)·························································……25
3.5.2生產系統(tǒng)············、··················……..i·················……25
3.5.3銷售系統(tǒng)·························································……26
3.6香梨股份財務質量評價體系分析······························……26
3.6.1盈利能力·························································……26
3.6.2償債能力·························································……29
3.6.3經營能力····················..