本文選題：資本結(jié)構(gòu) + 調(diào)整速度��； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：與西方主要發(fā)達國家,我國地域遼闊,而且地區(qū)間發(fā)展極不平衡,而作為中西部地區(qū)的企業(yè),從融資規(guī)模到融資條件都和東部發(fā)達省份的企業(yè)存在巨大的差異,所以我們預(yù)期這些地區(qū)差異會影響不同地區(qū)企業(yè)融資的成本和難易程度,從而影響其資本結(jié)構(gòu)的調(diào)整速度。因此,本文主要基于我國的地區(qū)差異視角,研究我國上市公司的資本結(jié)構(gòu)調(diào)整速度的影響因素問題,屬于資本結(jié)構(gòu)動態(tài)調(diào)整理論研究的范疇。 文章分別回顧和總結(jié)了經(jīng)典的資本結(jié)構(gòu)傳統(tǒng)理論,以及國內(nèi)外對于資本結(jié)構(gòu)動態(tài)調(diào)整的理論和實證研究現(xiàn)狀,并在現(xiàn)有文獻研究成果的基礎(chǔ)上,提出了以往人們在研究資本結(jié)構(gòu)動態(tài)調(diào)整問題上對地區(qū)因素所忽略的因素；之后,我們從我國金融行業(yè)的地區(qū)分割、地區(qū)間貨幣資金配置水平、金融發(fā)展水平、地區(qū)間資金流動和政府干預(yù)這五個方面論述了地區(qū)差異對企業(yè)資本結(jié)構(gòu)調(diào)整速度的影響因素和影響機制。我們認為地區(qū)分割是導(dǎo)致不同地區(qū)的企業(yè)融資難易程度差異的前提,而一個地區(qū)貨幣資金越多、金融發(fā)展水平越高、資金流入越多、政府干預(yù)越強,則企業(yè)融資的成本和難度更低,則資本結(jié)構(gòu)的調(diào)整速度也就越快。 然后,我們針對理論分析部分進行了一系列的實證檢驗。首先我們通過非參數(shù)檢驗的方法,證明了地區(qū)間企業(yè)資本結(jié)構(gòu)水平的差異,這是我們進行后續(xù)動態(tài)調(diào)整差異的基礎(chǔ)前提；其次,我們通過靜態(tài)比較的方法得出,東部、東北、中部和西部四大地區(qū)之間的調(diào)整速度存在差異,而東部和東北調(diào)整較快分別為16.7%和15.7%,西部和中部較慢為14.5%和13.6%；最后我們又建立了包含地區(qū)因素的動態(tài)調(diào)整模型,驗證了地區(qū)因素對調(diào)整速度的影響,結(jié)果發(fā)現(xiàn)貨幣資金配置水平、貨幣資金流動和政府干預(yù)程度對企業(yè)資本結(jié)構(gòu)的調(diào)整速度有顯著影響,但是金融發(fā)展水平的影響不顯著。 最后我們提出政策建議,企業(yè)、投資者和監(jiān)管者應(yīng)該從地區(qū)差異的角度來理解不同企業(yè)資本結(jié)構(gòu)調(diào)整速度的差異,從而正確的識別企業(yè)的價值和財務(wù)風(fēng)險。另外政府應(yīng)該對不同地區(qū)實行差異化的政策,和改變商業(yè)銀行現(xiàn)有的機構(gòu)設(shè)置體系,來平衡東部和中西部地區(qū)的金融資源,來使不同地區(qū)的企業(yè)獲得更為公平的融資環(huán)境。
[Abstract]:Compared with the major developed countries in the West, our country has a vast territory, and the development among regions is extremely unbalanced. As enterprises in the central and western regions, there are huge differences between the financing scale and financing conditions between the enterprises in the eastern developed provinces and those in the eastern developed provinces.Therefore, we expect that these regional differences will affect the cost and ease of corporate financing in different regions, thus affecting the speed of capital structure adjustment.Therefore, based on the perspective of regional differences in China, this paper studies the factors affecting the speed of capital structure adjustment of listed companies in China, which belongs to the category of the theory of dynamic adjustment of capital structure.This paper reviews and summarizes the classical traditional theory of capital structure, and the current situation of theoretical and empirical research on the dynamic adjustment of capital structure at home and abroad.The paper puts forward the factors that have been neglected by people in studying the dynamic adjustment of capital structure in the past. After that, we divide the financial industry from the region, the level of money allocation among regions, the level of financial development.The paper discusses the influence factors and mechanism of regional differences on the speed of capital structure adjustment in the five aspects of inter-regional capital flow and government intervention.We believe that regional segmentation is the premise leading to differences in the degree of financing difficulty of enterprises in different regions. The more money a region has, the higher the level of financial development, the more capital flows in, and the stronger the government intervention.The lower the cost and difficulty of financing, the faster the adjustment of capital structure.Then, we carry out a series of empirical tests on the theoretical analysis part.First of all, we prove the difference of capital structure level between regions through non-parametric test, which is the basic premise for us to carry out the dynamic adjustment of the differences. Secondly, we draw a conclusion by static comparison, eastern, northeast,There are differences in the speed of adjustment between the four major regions in the central and western regions, while the adjustment rates in the east and the northeast are 16.7and 15.7respectively, while the slow adjustment rates in the west and central regions are 14.5percent and 13.60.Finally, we have established a dynamic adjustment model that includes regional factors.The results show that the level of money allocation, the flow of money and the degree of government intervention have significant influence on the adjustment speed of enterprise capital structure, but the influence of financial development level is not significant.Finally, we suggest that enterprises, investors and regulators should understand the differences in the speed of capital structure adjustment in different enterprises from the perspective of regional differences, so as to correctly identify the value and financial risk of enterprises.In addition, the government should implement the policy of differentiation in different regions, and change the existing institutional setting system of commercial banks to balance the financial resources in the east and the central and western regions, so as to make the enterprises in different regions obtain a fairer financing environment.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5;F275

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