摘 要:现代资本结构理论从20世纪50年代中后期开始独立成为现代经济学的一个重要的研究领域。在资本结构规范研究基础上，中外学者对资本结构进行了广泛的实证研究。本文在前人研究基础上，主要对我国首次在深圳证券交易所创业板上市的28家公司的2010年到2012年连续三年的资本结构进行分析，发现创业板首批上市的28家公司存在逆优序融资现象。该现象产生的原因是，创业板上市公司债务融资困难和创业板上市公司缺乏正确的融资观念。针对这一现象本文提出了适当提高资产负债率，发挥财务杠杆作用、适当提高资产负债率，发挥税盾效应、适度增加长期负债，优化企业负债结构、树立创业板上市公司理性融资观念和政府减少对金融市场干预，扩宽企业融资渠道的建议，从而优化创业板上市公司资本结构。
关键词：资本结构；创业板；债务资本；权益资本；优序融资理论
ABSTRACT:Since the 1950 s, Modern capital structure theory began to become an important research field of modern economics. On the basis of the normative research of capital structure, Chinese and foreign scholars conducted a wide range of empirical research on capital structure. Based on previous studies, this paper mainly analyze 28 companies’ capital structure from 2010 to 2012 which first listed on Shenzhen stock exchange in our country, found that the 28 companies exist inverse optimal sequence financing phenomenon. The reason of this phenomenon is that the gem listed company debt financing difficulties and the gem listed companies are lack of a correct concept of financing. According this phenomenon , this paper raise the suggests: improve asset-liability ratio to give play to the role of financial leverage, improve the asset-liability ratio to enjoy tax’s preferential, optimizing the structure of debt, establish the rational financing concept, broaden the financing channels.
Keywords: Capital structure; growth enterprise market; debt capital; equity capital; optimal sequence financing theory
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