發(fā)布時間：2018-06-14 15:34

  本文選題：財(cái)政政策 + 資本結(jié)構(gòu)��； 參考：《廈門大學(xué)》2014年碩士論文

【摘要】：資本結(jié)構(gòu)決策對企業(yè)有著至關(guān)重要的意義,長久以來,學(xué)術(shù)界一直試圖來解開“資本結(jié)構(gòu)之謎”。資本結(jié)構(gòu)理論自提出以來經(jīng)歷了傳統(tǒng)資本結(jié)構(gòu)理論,現(xiàn)代資本結(jié)構(gòu)理論和新資本結(jié)構(gòu)理論的發(fā)展。關(guān)于資本結(jié)構(gòu)各項(xiàng)理論的實(shí)證檢驗(yàn)也隨之大量展開,其中一大研究方向就是資本結(jié)構(gòu)影響因素的實(shí)證研究。目前,資本結(jié)構(gòu)影響因素的相關(guān)研究正逐漸從微觀走向宏觀,從早期考察微觀企業(yè)特征對資本結(jié)構(gòu)的影響轉(zhuǎn)向考察宏觀經(jīng)濟(jì)政策對資本結(jié)構(gòu)的影響。從研究方法上來看,也從靜態(tài)走向動態(tài),產(chǎn)生了一系列關(guān)于資本結(jié)構(gòu)動態(tài)調(diào)整的研究。而本文正是著眼于宏觀經(jīng)濟(jì)政策中的財(cái)政政策,應(yīng)用資本結(jié)構(gòu)的動態(tài)調(diào)整模型,來考察財(cái)政政策對于企業(yè)動態(tài)資本結(jié)構(gòu)的影響。這不僅能幫助我們更好地理解企業(yè)的財(cái)務(wù)行為,而且也能對政府宏觀經(jīng)濟(jì)政策的調(diào)控效果進(jìn)行檢驗(yàn),為政府經(jīng)濟(jì)政策的制定提供參考。 本文以624家我國滬深A(yù)股上市公司為樣本,選用其在2003-2012年間的資本結(jié)構(gòu)及相關(guān)財(cái)務(wù)數(shù)據(jù),并結(jié)合我國在此期間的企業(yè)所得稅和政府支出數(shù)據(jù),應(yīng)用資本結(jié)構(gòu)的部分調(diào)整模型進(jìn)行實(shí)證檢驗(yàn)。本文以企業(yè)季度平均資產(chǎn)負(fù)債率和行業(yè)年度平均資產(chǎn)負(fù)債率作為目標(biāo)資本結(jié)構(gòu)的替代變量。實(shí)證結(jié)果表明：財(cái)政政策確實(shí)會對企業(yè)目標(biāo)資本結(jié)構(gòu)產(chǎn)生影響。企業(yè)所得稅稅率的下降使企業(yè)的季度平均資產(chǎn)負(fù)債率顯著降低。而財(cái)政支出規(guī)模的擴(kuò)大則會使企業(yè)的季度平均資產(chǎn)負(fù)債率和行業(yè)年度平均資產(chǎn)負(fù)債率顯著提高。同時,企業(yè)的資本結(jié)構(gòu)存在均值反轉(zhuǎn),并且財(cái)政政策會影響企業(yè)資本結(jié)構(gòu)向其季度平均資產(chǎn)負(fù)債率和行業(yè)年度平均資產(chǎn)負(fù)債率調(diào)整的速度。全國企業(yè)所得稅收入增長的加快,會顯著降低企業(yè)資本結(jié)構(gòu)向其行業(yè)年度平均資產(chǎn)負(fù)債率調(diào)整的速度；而財(cái)政支出增長的加快,則會同時顯著提高企業(yè)的資本結(jié)構(gòu)向其季度平均資產(chǎn)負(fù)債率和行業(yè)年度平均資產(chǎn)負(fù)債率調(diào)整的速度。另外,本文的實(shí)證結(jié)果還發(fā)現(xiàn),企業(yè)規(guī)模、盈利能力、成長性、有形資產(chǎn)的抵押價值、非債務(wù)稅盾、破產(chǎn)風(fēng)險和行業(yè)因素也對企業(yè)資本結(jié)構(gòu)及其調(diào)整速度有顯著影響。
[Abstract]:Capital structure decision is very important to enterprises. For a long time, academic circles have been trying to solve the mystery of capital structure. The capital structure theory has experienced the development of the traditional capital structure theory, the modern capital structure theory and the new capital structure theory since it was put forward. The empirical tests on the capital structure theories are also carried out, and one of the major research directions is the empirical research on the influencing factors of capital structure. At present, the related research on the influencing factors of capital structure is gradually moving from micro to macro, from the early study of the influence of micro enterprise characteristics on capital structure to the study of the influence of macroeconomic policies on capital structure. From the point of view of research methods, a series of studies on the dynamic adjustment of capital structure have emerged from static to dynamic. This paper focuses on the fiscal policy in macroeconomic policy and applies the dynamic adjustment model of capital structure to investigate the impact of fiscal policy on the dynamic capital structure of enterprises. This can not only help us understand the financial behavior of enterprises better, but also test the effect of government macroeconomic policy, and provide reference for the formulation of government economic policy. This paper takes 624 Shanghai and Shenzhen A-share listed companies as samples, selects its capital structure and related financial data from 2003 to 2012, and combines the enterprise income tax and government expenditure data of China during this period. Using the capital structure adjustment model to carry on the empirical test. In this paper, the quarterly average asset-liability ratio and the annual average asset-liability ratio of the industry are taken as the alternative variables of the target capital structure. The empirical results show that fiscal policy does have an impact on the target capital structure of enterprises. The decline in corporate income tax rates has significantly reduced the quarterly average asset-liability ratio. The expansion of fiscal expenditure will make the quarterly average asset-liability ratio and industry average asset-liability ratio significantly higher. At the same time, the capital structure of the enterprise has the mean reversal, and the fiscal policy will affect the speed of the adjustment of the capital structure to its quarterly average asset-liability ratio and the industry annual average asset-liability ratio. The acceleration of income growth in the national enterprise income tax will significantly reduce the rate of adjustment of the capital structure of enterprises to the annual average asset-liability ratio of their industries, while the growth of fiscal expenditure will accelerate, At the same time, it will significantly improve the speed of the adjustment of the capital structure to the quarterly average asset-liability ratio and the industry average asset-liability ratio. In addition, the empirical results show that firm size, profitability, growth, mortgage value of tangible assets, non-debt tax shield, bankruptcy risk and industry factors also have a significant impact on the capital structure and its adjustment speed.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F812.0;F275

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本文編號：2017946