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I[摘要]资本结构是指企业各种资本的价值构成及其比例关系，是财务结构的重要组成部分。随着我国社会主义市场经济的发展，上市公司在我国资本市场中发挥着巨大的作用，上市公司面临的问题逐渐引起重视。公司资本结构合理与否对公司的经营业绩和长远发展有着深远的影响，而我国目前的资本市场尚不完善，资本结构不合理问题普遍存在，因此研究上市公司的现状，对资本结构合理性问题的研究将是重中之重。本文通过阐述资本结构问题研究的背景和目的，深入分析我国资本结构的构成、影响因素、存在问题、以及优化对策，并结合上市公司格力电器的资本结构现状来全方位说明对该公司资本结构问题的研究。研究发现，上市公司资本结构问题突出表现为资产负债率低、资本结构倾向于股权融资，且上市公司的运行管理与规范化、科学化相距甚远。因此，加强上市公司资本结构问题的研究，对促进其今后长远发展有着重大的意义。[关键词]格力电器资本结构影响因素II[Abstract]Capitalstructurereferstothevaluestructureandproportionofallkindsofcapitalinanenterprise,anditisalsoanimportantcomponentoffinancialstructure.WiththedevelopmentofChina'ssocialistmarketeconomy,listedcompaniesplayahugeroleinChina'scapitalmarket,andtheproblemsfacedbylistedcompaniesaredrawingmoreandmoreattention.Thecompany'scapitalstructureisreasonableforthecompany'sbusinessperformanceandlong-termdevelopmenthasafar-reachinginfluence,andChina'scurrentcapitalmarketisnotperfect,existsunreasonablecapitalstructureproblem,sotheresearchoflistedcompanies,researchontherationalityofcapitalstructureisthepriorityamongpriorities.Thisarticlethroughelaboratingthebackgroundandpurposeofthestudyoncapitalstructure,in-depthanalysis,theinfluencefactorsandtheproblemsinourcountry,thecapitalstructureandcapitalstructureoptimizationstrategies,andthestatusofthelistedcompanyGREEtofullstatementontheissueofcapitalstructureofthecompany.Itisfoundthatthecapitalstructureoflistedcompaniesischaracterizedbylowassetliabilityratio,capitalstructureandequityfinancing,andtheoperationandmanagementoflistedcompaniesarefarfromstandardizedandscientific.Therefore,strengtheningthestudyofthecapitalstructureoflistedcompaniesisofgreatsignificancetopromotethelong-termdevelopmentoflistedcompanies.[Keywords]GREEElectricAppliances；CapitalStructure；InfluenceFactorsIII目录中文摘要························································································Ⅰ英文摘要························································································II目录························································································Ⅲ引言··························································································1一、上市公司格力电器资本结构概述·············································2（一）上市公司的含义········································································2（二）资本结构的含义········································································2（三）格力电器资本结构分析·······························································2二、影响格力电器资本结构的因素················································4（一）外部因素·················································································4（二）内部因素·················································································5三、格力电器资本结构存在问题····················································6（一）资产负债率较低········································································6（二）偏好股权融资···········································································6（三）流动负债比重高········································································6（四）资本结构弹性小········································································7四、优化格力电器资本结构的对策················································7（一）发展债券市场完善资本市场·······················································7（二）优化股权结构减少不利影响·······················································8（三）扭转负债结构发挥财务杠杆效应·················································8（四）完善治理结构健全激励约束机制·················································9结论························································································11注释························································································12IV参考文献························································································131引言日前，我国经济体制逐步走向健全，企业的筹资渠道与筹资方式在资本市场的迅猛发展中也发生了根本性的变化。上市公司在推动市场经济发展的过程中作用巨大，已然成为当下国民经济发展的中坚力量，于是，上市公司也逐渐对公司的资本结构问题提高重视。那么，上市公司在发展过程中最需要解决的问题就是通过调整和优化自身资本结构的方式，达到提高企业盈利能力的目的。故而，当前上市公司着重研究的重难点也就集中于在大力推进改革的政府大潮中，怎样使上市公司资本结构的缺陷得到合理弥补，使资本结构愈加优越，使公司的盈利能力得到提升，能够保障企业的股东及利益相关者的收益。在这样的背景下，在全面分析解读我国上市公司资本结构现状的基础上，以上市公司格力电器为具体案例重点结合分析其结构、存在问题、阐述对策方法是本文的研究目的。众所周知，上市公司的飞速发展不仅在拉动经济方面贡献巨大，同时也为社会的劳动就业提供诸多工作机会，不仅成为我国经济的改革和发展过程中不能缺少的重要组成部分，也在加速促进我国的社会现状和经济飞跃发生了巨大变化中贡献巨大。就社会发展层面来看，使我国上市公司加速有力的向上发展就更加迫在眉睫。但是，资本结构合理与否和企业的经营成果与盈利能力有着不可分割的联系，同时企业的发展也需要资源合理配置和资本结构的优化来推动。就整个资本市场来说，资本结构不尽合理的现象在大多数上市公司中普遍存在，在公司的财务结构方面主要显现为公司的资产负债率偏低，资本结构调整弹性过小，企业筹资中倾向于股权融资。反其观之，上市公司能够长久运营、健康发展，也与资本结构的合理程度密不可分。加之我国到目前为止上市公司的运转和制度与发达国家同等企业的水平相距甚远，就此看来，开展对我国上市公司其资本结构现状及问题的分析研究，对我国资本市场的进一步发展和公司本身的提升有极大的助益。2一、上市公司格力电器资本结构概述（一）上市公司的含义我国公司法规定：上市公司是指具有资格发行股票的一类股份有限公司，且该公司股票可以上市流通，在国家批准的专门进行证券交易的交易场所挂牌交易。事实上,上市公司往往是众多股份制公司之中比较有实力的一种,加之该类公司借助挂牌上市,能让其发行的股票在更大的范围内进行交易,因此在融合资金方面的优势得天独厚,对于公司的成长空间也更宽广,自身的市场竞争力更强。（二）资本结构的含义上市公司必然需要独立的财务核算,资本结构就是财务结构的进一步细分,是企业内各种形式资本的价值和彼此间的权重比例。上市公司的生存发展与营运资金密不可分,不同筹资方式的选择意味着企业的资本结构也不尽相同。广义上的资本结构涵盖以下比例关系:债务资金与权益资金、留存资金与外部筹资、流动负债与长期负债,下面就从以上方面对格力电器资本结构的具体情况进行分析解读。（三）格力电器资本结构分析1、债务资金与权益资金分析格力电器的营运资金包括债务资金与权益资金，债务资金是格力电器以举债的形式向债权人借入,到期还本付息的资金；权益资金是格力电器所有者投入与用利用股票发行的形式所获得的资金。以下统计出格力电器2013-2016年度的债务资金与权益资金的具体金额，见表1：表1格力电器2013-2016年债务资金与权益