發(fā)布時(shí)間：2018-05-12 23:01

  本文選題：資本結(jié)構(gòu) + 動(dòng)態(tài)調(diào)整�。� 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：企業(yè)資本結(jié)構(gòu)對(duì)企業(yè)的價(jià)值具有較大的影響作用,對(duì)資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整速度方面的研究可揭示我國(guó)企業(yè)在資本結(jié)構(gòu)調(diào)整過程中主要考慮的因素,并進(jìn)一步可對(duì)我國(guó)資本市場(chǎng)的建設(shè)具有重要的啟發(fā)意義。自2007年爆發(fā)的全球金融危機(jī)至今仍對(duì)全球經(jīng)濟(jì)產(chǎn)生著重大影響,我國(guó)經(jīng)濟(jì)在全球化的沖擊中也陷入低谷。通過研究危機(jī)對(duì)我國(guó)企業(yè)資本結(jié)構(gòu)調(diào)整速度的影響,可以對(duì)如何使我國(guó)企業(yè)在資本調(diào)整中盡量避免危機(jī)的影響提供一定的政策建議。本文選取2003-2011年間我國(guó)730家A股上市的企業(yè)作為分析樣本,從危機(jī)對(duì)企業(yè)資本結(jié)構(gòu)目標(biāo)值的靜態(tài)影響和對(duì)動(dòng)態(tài)調(diào)整機(jī)制的影響兩個(gè)角度展開分析,展開金融危機(jī)對(duì)我國(guó)企業(yè)資本結(jié)構(gòu)調(diào)整速度的實(shí)證研究。 本文首次將資本結(jié)構(gòu)的調(diào)整過程區(qū)分為向上調(diào)整、向下調(diào)整,分析研究其不同的調(diào)整機(jī)制,并將機(jī)制納入研究模型中。此外,本文在靜態(tài)模型中加入企業(yè)微觀層面的決定因素、宏觀及制度層面的決定因素,在動(dòng)態(tài)模型中分別加入企業(yè)融資成本途徑、貨幣供應(yīng)量途徑和可貸資金途徑進(jìn)行回歸。最后,在本文的研究中,通過對(duì)我國(guó)企業(yè)按出口依賴度進(jìn)行分類,并對(duì)不同類別的企業(yè)進(jìn)行回歸研究危機(jī)的影響程度。研究結(jié)果表明：(1)總資產(chǎn)負(fù)債率的調(diào)整速度整體上低于有息負(fù)債比率的調(diào)整速度,金融危機(jī)對(duì)我國(guó)企業(yè)的資本結(jié)構(gòu)調(diào)整速度造成顯著的負(fù)影響,并且通過融資成本和可貸資金途徑,危機(jī)對(duì)有息負(fù)債比率調(diào)整速度的影響程度比總資產(chǎn)負(fù)債率更大；(2)在危機(jī)中,企業(yè)在權(quán)益融資方面受到更大的制約,在調(diào)整資本結(jié)構(gòu)的過程中對(duì)債務(wù)成本的敏感性降低；(3)金融危機(jī)使企業(yè)上調(diào)和下調(diào)資本結(jié)構(gòu)的調(diào)整成本上升,且對(duì)企業(yè)資本結(jié)構(gòu)上調(diào)速度的影響程度大于下調(diào)速度的影響程度；(3)在金融危機(jī)前,企業(yè)資本結(jié)構(gòu)的上調(diào)速度整體上快于下調(diào)的調(diào)整速度,而在金融危機(jī)后,資本結(jié)構(gòu)整體上上調(diào)調(diào)整速度低于下調(diào)調(diào)整速度,表明企業(yè)在危機(jī)中表現(xiàn)出辜朝明(2008)所謂的“資產(chǎn)負(fù)債表衰退”的特點(diǎn)；(4)金融危機(jī)對(duì)資本結(jié)構(gòu)調(diào)整速度的影響程度與企業(yè)對(duì)出口的依賴程度呈正相關(guān)。 最后,本文根據(jù)研究結(jié)果提出相應(yīng)的政策建議。建議政策在應(yīng)對(duì)危機(jī)的過程中應(yīng)加快對(duì)受危機(jī)直接影響的企業(yè),即出口的部分在經(jīng)營(yíng)上和融資上的扶持力度,降低資本市場(chǎng)的信息不對(duì)稱程度,降低企業(yè)的資本結(jié)構(gòu)調(diào)整成本,促進(jìn)資本市場(chǎng)健康有效地發(fā)展。
[Abstract]:The capital structure of enterprises has a great influence on the value of enterprises. The study on the speed of the dynamic adjustment of capital structure can reveal the main factors that Chinese enterprises consider in the process of capital structure adjustment. And further can have important enlightening significance to the construction of our country's capital market. Since the global financial crisis broke out in 2007, it still has a great impact on the global economy, and China's economy has also fallen into a low point in the impact of globalization. By studying the impact of the crisis on the speed of capital structure adjustment in our country, we can provide some policy suggestions on how to avoid the impact of the crisis in the capital adjustment of our country's enterprises. In this paper, 730 A-share listed enterprises in China from 2003 to 2011 are selected as samples to analyze the static impact of the crisis on the target value of corporate capital structure and the impact on the dynamic adjustment mechanism. An empirical study on the speed of capital structure adjustment of Chinese enterprises by the financial crisis is carried out. In this paper, the adjustment process of capital structure is divided into upward adjustment and downward adjustment for the first time. In addition, this paper adds determinants of micro level, macro level and system level to static model, and adds financing cost approach, money supply approach and loanable capital path to regression in dynamic model. Finally, in the research of this paper, by classifying the Chinese enterprises according to the degree of dependence on exports, and studying the impact of the crisis on the different types of enterprises. The results show that the adjustment speed of total asset-liability ratio is generally lower than that of interest-bearing debt ratio, and the financial crisis has a significant negative impact on the speed of capital structure adjustment of Chinese enterprises. And by means of financing cost and loanable funds, the impact of the crisis on the adjustment speed of interest-bearing debt ratio is greater than that of total asset-liability ratio. Sensitivity to the cost of debt in the process of adjusting the Capital structure the financial crisis has increased the adjustment costs of the upward and downward adjustment of the capital structure of enterprises. Before the financial crisis, the upward adjustment rate of enterprise capital structure was generally faster than the downward adjustment speed, but after the financial crisis, The overall upward adjustment rate of capital structure is lower than the downward adjustment speed. It shows that enterprises showed the characteristics of so-called "balance sheet recession" in the crisis. (4) the influence of the financial crisis on the speed of capital structure adjustment is positively correlated with the degree of dependence of enterprises on exports. Finally, according to the research results, this paper puts forward the corresponding policy recommendations. It is suggested that the policy should speed up the support of enterprises directly affected by the crisis, that is, the part of exports in operation and financing, reduce the degree of information asymmetry in the capital market, and reduce the cost of capital structure adjustment. To promote the healthy and effective development of the capital market.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F275

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本文編號(hào)：1880520