摘 要:現(xiàn)代資本結(jié)構(gòu)理論從20世紀(jì)50年代中后期開始獨立成為現(xiàn)代經(jīng)濟(jì)學(xué)的一個重要的研究領(lǐng)域。在資本結(jié)構(gòu)規(guī)范研究基礎(chǔ)上，中外學(xué)者對資本結(jié)構(gòu)進(jìn)行了廣泛的實證研究。本文在前人研究基礎(chǔ)上，主要對我國首次在深圳證券交易所創(chuàng)業(yè)板上市的28家公司的2010年到2012年連續(xù)三年的資本結(jié)構(gòu)進(jìn)行分析，發(fā)現(xiàn)創(chuàng)業(yè)板首批上市的28家公司存在逆優(yōu)序融資現(xiàn)象。該現(xiàn)象產(chǎn)生的原因是，創(chuàng)業(yè)板上市公司債務(wù)融資困難和創(chuàng)業(yè)板上市公司缺乏正確的融資觀念。針對這一現(xiàn)象本文提出了適當(dāng)提高資產(chǎn)負(fù)債率，發(fā)揮財務(wù)杠桿作用、適當(dāng)提高資產(chǎn)負(fù)債率，發(fā)揮稅盾效應(yīng)、適度增加長期負(fù)債，優(yōu)化企業(yè)負(fù)債結(jié)構(gòu)、樹立創(chuàng)業(yè)板上市公司理性融資觀念和政府減少對金融市場干預(yù)，擴(kuò)寬企業(yè)融資渠道的建議，從而優(yōu)化創(chuàng)業(yè)板上市公司資本結(jié)構(gòu)。　

關(guān)鍵詞：資本結(jié)構(gòu)；創(chuàng)業(yè)板；債務(wù)資本；權(quán)益資本；優(yōu)序融資理論

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