本文關(guān)鍵詞：制度的路徑依賴性與上市公司資本結(jié)構(gòu)的動(dòng)態(tài)調(diào)整　出處：《山東財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：我國(guó)的資本市場(chǎng)是在政府相關(guān)制度的推進(jìn)下成立和逐步發(fā)展的，新興加轉(zhuǎn)軌的經(jīng)濟(jì)體制導(dǎo)致中國(guó)市場(chǎng)的經(jīng)濟(jì)具有不確定。在這樣復(fù)雜的經(jīng)濟(jì)體制下，深入了解制度因素是如何影響公司資本結(jié)構(gòu)調(diào)整成為大家關(guān)心的問(wèn)題。本文在借鑒國(guó)內(nèi)外影響資本結(jié)構(gòu)因素的實(shí)證研究的基礎(chǔ)上，對(duì)相關(guān)制度、制度變遷和路徑依賴的概念進(jìn)行了界定和總結(jié)，并根據(jù)其各自具有的特點(diǎn)對(duì)我國(guó)上市公司的融資行為進(jìn)行了回顧和評(píng)價(jià)。在探討資本結(jié)構(gòu)基礎(chǔ)理論、目標(biāo)資本結(jié)構(gòu)的存在性和資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的合理性基礎(chǔ)上，以2006年-2010年山東省A股73家上市公司為樣本，根據(jù)計(jì)量經(jīng)濟(jì)學(xué)中的部分調(diào)整原理建立資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整模型，使用Stata分析軟件的GMM模型進(jìn)行了實(shí)證分析，發(fā)現(xiàn)按照廣義的資本市場(chǎng)劃分的股票市場(chǎng)、債券市場(chǎng)和借貸市場(chǎng)的制度因素對(duì)資本結(jié)構(gòu)調(diào)整具有顯著影響，其中股票市場(chǎng)制度因素和債券市場(chǎng)的制度因素都與財(cái)務(wù)杠桿率呈負(fù)相關(guān)，借貸市場(chǎng)制度因素與財(cái)務(wù)杠桿率正相關(guān)。根據(jù)路徑依賴時(shí)間因素的“滯后”作用，對(duì)制度變量采用滯后一期的數(shù)據(jù)再次檢驗(yàn)發(fā)現(xiàn)，三個(gè)市場(chǎng)制度仍然與資本結(jié)構(gòu)調(diào)整存在顯著影響，其中股票市場(chǎng)制度因素和債券市場(chǎng)的制度因素都與財(cái)務(wù)杠桿率呈正相關(guān)，借貸市場(chǎng)制度因素與財(cái)務(wù)杠桿率負(fù)相關(guān)。另外，在實(shí)證檢驗(yàn)過(guò)程中得出資本結(jié)構(gòu)調(diào)整速度小于1，從而間接證明了路徑依賴中產(chǎn)生的低效率性。最后，，本文根據(jù)前面幾章的分析探討了公司資本結(jié)構(gòu)優(yōu)化的幾點(diǎn)建議，并總結(jié)了本文的研究結(jié)論和研究過(guò)程中存在的不足，并對(duì)后續(xù)研究提出了相關(guān)的建議。
[Abstract]:The capital market of our country is established and developed step by step under the promotion of the relevant government system. The new economic system with the transition leads to the uncertainty of the Chinese market economy. In such a complex economic system. It is of great concern to understand how institutional factors affect the adjustment of corporate capital structure. Based on the empirical research on the factors affecting capital structure at home and abroad, this paper makes an analysis of the relevant institutions. The concepts of institutional change and path dependence are defined and summarized, and the financing behavior of listed companies in China is reviewed and evaluated according to their respective characteristics. The basic theory of capital structure is discussed. On the basis of the existence of the target capital structure and the rationality of the dynamic adjustment of the capital structure, 73 A-share listed companies in Shandong Province from 2006 to 2010 are taken as samples. According to the principle of partial adjustment in econometrics, the dynamic adjustment model of capital structure is established, and the GMM model of Stata analysis software is used to carry out empirical analysis. It is found that the institutional factors of bond market and loan market have significant influence on the adjustment of capital structure in the stock market divided by the generalized capital market. Among them, the institutional factors of stock market and bond market are negatively correlated with the financial leverage ratio, and the institutional factors of the lending market are positively related to the financial leverage ratio. Using the lagging data of institutional variables, it is found that the three market institutions still have significant influence on the adjustment of capital structure. Among them, stock market institutional factors and bond market institutional factors are positively related to financial leverage ratio, lending market institutional factors and financial leverage ratio negative correlation. In the process of empirical testing, the speed of capital structure adjustment is less than 1, which indirectly proves the low efficiency in path dependence. Finally. Based on the analysis of the previous chapters, this paper discusses several suggestions on the optimization of corporate capital structure, summarizes the research conclusions and shortcomings in the research process, and puts forward some relevant suggestions for the follow-up study.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F832.51;F224

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