本文關鍵詞：上市公司資本結構與產(chǎn)品市場競爭契約理論研究　出處：《燕山大學》2012年博士論文　論文類型：學位論文

  更多相關文章： 契約理論 委托代理 代理成本 資本結構 產(chǎn)品市場競爭 互動關系

【摘要】：現(xiàn)代契約理論，以新古典契約理論與現(xiàn)實不一致的假設條件入手，通過引入信息不對稱、有限理性和不完全競爭假設，由外生轉向內(nèi)生性研究范式。在此背景下的資本結構理論，也由注重稅收、破產(chǎn)因素的現(xiàn)代資本結構理論體系，發(fā)展為以公司契約締結體中股東、經(jīng)理及債權人之間代理沖突為核心的新資本結構理論體系。 資本結構的產(chǎn)品市場競爭理論，作為新體系的一個重要分支，以公司資本結構決策與公司產(chǎn)品市場競爭決策的互動關系為主線，將資本結構的代理沖突問題反映到產(chǎn)品市場，開辟資本結構影響企業(yè)價值的新渠道，成為資本結構契約理論的前沿領域。但目前對該領域的研究，尚需理論基礎的分析和實證檢驗的豐富。有鑒于此，本文致力于這一互動關系的實質，通過理論模型構建及相應的實證分析，試圖對我國上市公司的實際，做出合理的解釋，提供理論指導。 在文獻研究的基礎上，本文指出資本結構與產(chǎn)品市場競爭產(chǎn)生聯(lián)系的契約理論基礎，即以企業(yè)契約屬性為基礎，以股東價值最大化為目標，反映現(xiàn)代契約理論的委托代理和控制權轉移思想，是資本結構代理成本理論在企業(yè)產(chǎn)品市場的延伸。 本文分別從產(chǎn)品市場競爭、資本結構以及代理沖突三個角度考察資本結構與產(chǎn)品市場競爭的互動關系。首先，建立資本結構決策彈性期權模型，新“優(yōu)序”融資理論合理解釋了我國上市公司股權融資偏好行為，線性固定效應回歸結果支持了模型結論，非線性回歸結果則進一步表明，不同行業(yè)產(chǎn)品市場競爭因素對資本結構決策的作用程度不同，是融資彈性和融資成本權衡的結果；其次，延伸產(chǎn)品市場競爭資本結構理論的B-L經(jīng)典模型，建立長期負債需求不確定條件聯(lián)立方程，相應的實證結果表明，長期負債融資能夠強化上市公司價格競爭能力，并通過價格與產(chǎn)量間的正向傳遞關系，同時強化其產(chǎn)量競爭能力，從而成為緩解煤炭行業(yè)過度競爭問題的新思路；最后，兼顧公司股東與債權人以及公司股東與經(jīng)理間兩類沖突，，建立資本結構雙重效應模型，引入交叉項的實證研究表明，資本結構與產(chǎn)品市場競爭及其互動關系都對公司代理成本具有重要影響，互動關系中，公司股權集中度越高，產(chǎn)品市場競爭的激勵效果越弱，產(chǎn)品市場競爭與股權代理成本互補而與負債代理成本替代，結論對我國上市公司治理改革的實踐具有重要理論指導作用。 資本結構與產(chǎn)品市場競爭聯(lián)系的實質是代理沖突，契約沖突理論與轉軌經(jīng)濟制度背景下的我國上市公司實際相聯(lián)系，對企業(yè)行為、行業(yè)及公司治理問題進行了深刻剖析，給出了增加企業(yè)價值及深化市場體制改革的理論指導和政策建議，豐富了資本結構與產(chǎn)品市場競爭領域的研究。
[Abstract]:The modern contract theory starts with the assumption that the neoclassical contract theory is inconsistent with the reality, and introduces the hypothesis of information asymmetry, limited rationality and incomplete competition. From exogenous to endogenous research paradigm, the capital structure theory under this background has also developed from the modern capital structure theory system, which focuses on taxation and bankruptcy factors, to shareholders in the conclusion of corporate contract. The new capital structure theory system with agency conflict between manager and creditor as the core. As an important branch of the new system, the theory of product market competition of capital structure is based on the interactive relationship between corporate capital structure decision and product market competition decision. The agency conflict of capital structure is reflected in the product market, and the new channel of capital structure affecting the value of enterprise is opened up, which becomes the frontier field of capital structure contract theory. In view of this, this article devotes to the essence of this interactive relationship, through the theoretical model construction and the corresponding empirical analysis, attempts to our country listed company's reality. Make reasonable explanation and provide theoretical guidance. On the basis of literature research, this paper points out that capital structure and product market competition produce the contract theory basis, that is, based on the enterprise contract attributes, with shareholder value maximization as the goal. The principal-agent theory and the transfer of control rights, which reflect the modern contract theory, are the extension of the capital structure agency cost theory in the enterprise product market. This paper examines the interaction between capital structure and product market competition from the perspectives of product market competition, capital structure and agency conflict. Firstly, a capital structure decision elastic option model is established. The new "superior order" financing theory reasonably explains the stock financing preference behavior of listed companies in China. The linear fixed effect regression results support the conclusion of the model, and the nonlinear regression results further show that. The competition factors of product market in different industries play a different role in capital structure decision, which is the result of financing elasticity and financing cost tradeoff. Secondly, the B-L classical model of competitive capital structure theory in product market is extended to establish the simultaneous equation of uncertain conditions of long-term debt demand, and the corresponding empirical results show that. Long-term debt financing can strengthen the price competitiveness of listed companies, and through the positive transfer relationship between price and output, at the same time, strengthen their production competitiveness. Therefore, it becomes a new way to alleviate the excessive competition in coal industry. Finally, considering the conflicts between shareholders and creditors, and between shareholders and managers, a dual effect model of capital structure is established. Capital structure and product market competition as well as their interaction have an important impact on the agency cost. In the interactive relationship, the higher the concentration of corporate equity, the weaker the incentive effect of product market competition. The product market competition and equity agency cost complement each other and replace the debt agency cost. The conclusion has an important theoretical guidance function to the practice of listed company governance reform in our country. The essence of the relationship between capital structure and product market competition is agency conflict. The theory of contract conflict is related to the actual situation of listed companies in China under the background of transitional economic system. The problems of industry and corporate governance are deeply analyzed, and the theoretical guidance and policy suggestions for increasing the value of enterprises and deepening the reform of market system are given, which enriches the research on the field of capital structure and product market competition.
【學位授予單位】：燕山大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F832.51;F224

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