發(fā)布時間：2018-04-24 09:28

  本文選題：股票流動性 + 公司資本結構　； 參考：《南京航空航天大學》2013年碩士論文

【摘要】：公司的資本結構一直是學術界研究的熱點問題。隨著資本市場的發(fā)展，許多學者發(fā)現(xiàn)公司資本結構與股票流動性之間存在著密切的聯(lián)系。一方面，股票流動性影響公司股權融資成本，進而引起公司融資結構的調整，最后作用于公司的財務杠桿；另一方面，公司資本結構影響投資者對股票投資價值預測，進而引起市場交易行為的變化，最后作用于股票的流動性。本文在前人研究的基礎上，把公司資本結構與股票流動性結合起來，深入探討了兩者之間的關系。 本文首先總結了公司資本結構與股票流動性的影響因素，并通過對各類指標的比較，選取了有效價差、有效流速、弱流動性三個流動性指標來衡量股票的流動性，選取了短期資產(chǎn)負債率、長期資產(chǎn)負債率及總資產(chǎn)負債率來衡量公司的資本結構。其次分析了公司資本結構與股票流動性之間的相互影響機制，指出資本結構與流動性之間存在著雙向的交互影響關系。最后，為了避免內(nèi)生性問題及更準確的考察公司資本結構與股票流動性之間的關系，本文分別采用單方程法和系統(tǒng)估計法來構建實證模型進行檢驗，，并驗證了中國股權分置改革和股權再融資制度對公司資本結構與股票流動性這兩者關系的影響。 單方程估計法構建的模型結果表明，在控制了其他相關變量的前提下，股票的流動性對公司資本結構有著負向的影響，同時，在控制了其他相關變量的前提下，公司的資本結構對股票的流動性也有著負向的影響。系統(tǒng)估計法構建的模型結果表明，公司的資本結構與股票的流動性之間存在著負向的雙向交互關系。同時，本文的研究還發(fā)現(xiàn)股權分置改革后股票流動性對公司資本結構的負向影響更大，與不滿足股權再融資條件的公司相比，滿足股權再融資條件公司的股票流動性對公司資本結構的負向影響更強。
[Abstract]:The capital structure of the company has been a hot issue in academic research. With the development of capital market, many scholars find that there is a close relationship between capital structure and stock liquidity. On the one hand, stock liquidity affects the cost of equity financing, which leads to the adjustment of corporate financing structure, and finally acts on the financial leverage of the company; on the other hand, the capital structure of the company affects investors' prediction of the value of stock investment. And then cause the change of the market trading behavior, and finally affect the liquidity of the stock. On the basis of previous studies, this paper combines corporate capital structure with stock liquidity, and probes into the relationship between them. This paper first summarizes the influencing factors of corporate capital structure and stock liquidity, and through the comparison of various indicators, selects three liquidity indicators: effective price difference, effective velocity, weak liquidity to measure stock liquidity. The short-term asset-liability ratio, long-term asset-liability ratio and total asset-liability ratio are selected to measure the capital structure of the company. Secondly, the paper analyzes the interaction mechanism between capital structure and stock liquidity, and points out that there is a two-way interaction between capital structure and stock liquidity. Finally, in order to avoid the endogenous problem and investigate the relationship between corporate capital structure and stock liquidity more accurately, this paper uses single equation method and system estimation method to construct empirical model to test. The relationship between the capital structure and the stock liquidity of the company is verified by the split share structure reform and the equity refinancing system in China. The results of the model constructed by single equation estimation method show that the liquidity of stock has a negative effect on the capital structure of the company under the premise of controlling the other related variables, and at the same time, under the premise of controlling the other related variables, the liquidity of the stock has a negative effect on the capital structure of the company. The capital structure of the company also has a negative impact on the liquidity of the stock. The results of the model constructed by the system estimation method show that there is a negative two-way interaction between the capital structure of the company and the liquidity of the stock. At the same time, the paper also finds that stock liquidity has a more negative impact on the capital structure of the company after the split share structure reform, compared with the companies that do not meet the equity refinancing conditions. To meet the equity refinancing conditions, the stock liquidity has a stronger negative impact on the capital structure of the company.
【學位授予單位】：南京航空航天大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F276.6

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本文編號：1796083