本文關(guān)鍵詞：企業(yè)異質(zhì)性視角下資本結(jié)構(gòu)優(yōu)化調(diào)整研究　出處：《西南民族大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 資本結(jié)構(gòu) 企業(yè)異質(zhì)性 動(dòng)態(tài)調(diào)整模型 動(dòng)態(tài)面板 廣義矩估計(jì)

【摘要】：資本結(jié)構(gòu)，通常是指企業(yè)長期負(fù)債和權(quán)益資本之間的比率及相互關(guān)系，考察的是資產(chǎn)負(fù)債表右邊內(nèi)容中的各項(xiàng)比例關(guān)系。企業(yè)選擇不同的融資方式便會(huì)得到不同的資本結(jié)構(gòu)，因此決定了企業(yè)的產(chǎn)權(quán)歸屬、利益分配及相應(yīng)主體要承受的風(fēng)險(xiǎn)。公司的資本結(jié)構(gòu)與公司價(jià)值最大化目標(biāo)有著密切的聯(lián)系，它是公司金融決策的一個(gè)重要內(nèi)容。資本結(jié)構(gòu)的意義在于合理安排債券資本比例可以降低企業(yè)的綜合資本成本率、獲得財(cái)務(wù)杠桿利益，進(jìn)而增加公司的價(jià)值。1958年問世的MM理論認(rèn)為任一企業(yè)的市場(chǎng)價(jià)值與它的資本結(jié)構(gòu)無關(guān)，也就是說，資產(chǎn)負(fù)債表中右邊的負(fù)債與所有者權(quán)益比率完全不受左邊資產(chǎn)內(nèi)容和結(jié)構(gòu)的影響。但是，由于MM理論有著嚴(yán)格的假設(shè)前提，引起了后續(xù)許多學(xué)者在MM理論的基礎(chǔ)上進(jìn)行拓展研究，以期得到關(guān)于資本結(jié)構(gòu)理論新的發(fā)現(xiàn)，對(duì)于資本結(jié)構(gòu)理論的研究，主要目的就是為了尋找到適合當(dāng)前企業(yè)發(fā)展的最優(yōu)資本結(jié)構(gòu)。 由于當(dāng)前企業(yè)的生存環(huán)境變得愈加復(fù)雜并且充滿不確定因素，企業(yè)的生存和發(fā)展受到越來越多的挑戰(zhàn)和威脅。通過深入研究企業(yè)異質(zhì)性特征對(duì)資本結(jié)構(gòu)的影響有助于金融經(jīng)濟(jì)學(xué)家和公司管理者更加清晰的了解中國上市公司在面臨越來越復(fù)雜的資本市場(chǎng)所采取的融資方式以及我國上市公司資本結(jié)構(gòu)存在的問題，并證明西方主流的現(xiàn)代資本結(jié)構(gòu)理論是否適用于我國上市公司。 本文首先從資本結(jié)構(gòu)的概念和基本理論著手，對(duì)資本結(jié)構(gòu)理論的發(fā)展及相關(guān)研究成果進(jìn)行分析和總結(jié)，并系統(tǒng)地梳理出企業(yè)異質(zhì)性特征對(duì)資本結(jié)構(gòu)的作用機(jī)制。在實(shí)證研究方面，本文利用中國上市企業(yè)的動(dòng)態(tài)面板季度數(shù)據(jù)，在部分調(diào)整模型的基礎(chǔ)上進(jìn)行修正建立了資本結(jié)構(gòu)優(yōu)化調(diào)整模型，并采用系統(tǒng)廣義矩估計(jì)法（SYSGMM估計(jì)）對(duì)資本結(jié)構(gòu)影響因素進(jìn)行了實(shí)證檢驗(yàn)。結(jié)果發(fā)現(xiàn)中國上市公司資本結(jié)構(gòu)與公司規(guī)模、成長性、資產(chǎn)有形性呈正相關(guān)關(guān)系，而與公司盈利能力呈負(fù)相關(guān)關(guān)系。本文的研究結(jié)論與以往大部分的學(xué)者的研究結(jié)論相一致，因此，本文的研究結(jié)果具有一定的解釋力和參考意義。研究結(jié)果發(fā)現(xiàn)我國上市公司資本結(jié)構(gòu)存在較高的調(diào)整成本，并且從另一角度證明了我國上市公司資本結(jié)構(gòu)在一定程度上遵循了西方資本結(jié)構(gòu)理論，但也表現(xiàn)出其特有的性質(zhì)，比如，一定程度上支持了以非對(duì)稱信息理論為基礎(chǔ)的代理成本理論及信號(hào)傳遞理論、權(quán)衡理論。但由于我國存在嚴(yán)重的“股權(quán)融資偏好”，導(dǎo)致優(yōu)序融資理論在我國的適用性不強(qiáng)。
[Abstract]:Capital structure usually refers to the ratio and relationship between long-term liabilities and equity capital of an enterprise. Enterprises choose different financing methods will get different capital structure, so it determines the ownership of the property rights of enterprises. The capital structure of the company is closely related to the goal of maximizing the value of the company. It is an important part of corporate financial decision-making. The significance of capital structure is that reasonable arrangement of bond capital ratio can reduce the comprehensive capital cost rate of enterprises and obtain financial leverage benefits. In 1958, MM theory thought that the market value of any enterprise had nothing to do with its capital structure, that is to say. The ratio of liabilities to owners' equity on the right side of the balance sheet is completely independent of the content and structure of the assets on the left. However, the MM theory has strict assumptions. Many subsequent scholars on the basis of MM theory to expand the research, in order to obtain new findings on the theory of capital structure, for the study of capital structure theory. The main purpose is to find the optimal capital structure suitable for the current enterprise development. As the living environment of enterprises becomes more and more complex and full of uncertainties. The survival and development of enterprises are facing more and more challenges and threats. It is helpful for financial economists and corporate managers to understand Chinese listed companies more clearly through in-depth study of the influence of heterogeneity on capital structure. In the face of more and more complex capital market financing methods and the capital structure of listed companies in China exist problems. It also proves whether the western mainstream modern capital structure theory is applicable to Chinese listed companies. This paper begins with the concept and basic theory of capital structure, analyzes and summarizes the development of capital structure theory and related research results. And systematically comb out the heterogeneity characteristics of the role of the mechanism of capital structure. In the empirical study, this paper uses the dynamic panel quarterly data of listed companies in China. On the basis of partial adjustment model, the capital structure optimization adjustment model is established. The paper uses the system generalized moment estimation (SYSGMM) to test the influencing factors of capital structure. The results show that the capital structure of listed companies in China is related to the size and growth of the listed companies. There is a positive correlation between the tangible property of assets and the profitability of the company. The conclusion of this paper is consistent with the previous conclusions of most scholars, so. The results of this paper have a certain explanatory power and reference significance. The research results show that the capital structure of listed companies in China has a high adjustment cost. And from another point of view, the capital structure of listed companies in China to a certain extent follows the western capital structure theory, but also shows its unique properties, such as. To some extent, it supports the agency cost theory and signal transmission theory based on asymmetric information theory, and trade-off theory, but because of the serious "equity financing preference" in China. As a result, priority financing theory is not applicable in our country.
【學(xué)位授予單位】：西南民族大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.5

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