本文關(guān)鍵詞： 資本結(jié)構(gòu) 決定因素 動態(tài)調(diào)整 融資目標(biāo)　出處：《東北財(cái)經(jīng)大學(xué)》2013年博士論文　論文類型：學(xué)位論文

【摘要】：資本結(jié)構(gòu)是指企業(yè)各種資金來源的構(gòu)成及其比例關(guān)系,企業(yè)通過各種融資方式融資的結(jié)果形成了企業(yè)的資本結(jié)構(gòu)。企業(yè)融資的資金來源主要包括債務(wù)、股權(quán)和混合性證券。資本結(jié)構(gòu)直接決定著公司所利用資本整體風(fēng)險(xiǎn)和融資成本的大小,由此資金來源對公司來講具有重要的意義,并且直接影響著公司的整體價(jià)值與股東的財(cái)富。尤其是在金融危機(jī)發(fā)生之后,各國經(jīng)濟(jì)形勢和金融勢力突變,公司資本結(jié)構(gòu)決策的重要性日益凸顯。 我國資本結(jié)構(gòu)的研究始于國有企業(yè)的高負(fù)債。為降低國有企業(yè)的負(fù)債率,我國政府進(jìn)行了積極的嘗試。例如,1990年上海、深圳證券交易所的相繼成立標(biāo)志著我國證券市場的誕生。經(jīng)過20多年的洗禮和歷練,我國資本市場結(jié)構(gòu)不斷完善,包括主板、中小板、創(chuàng)業(yè)板、代辦股份轉(zhuǎn)讓市場在內(nèi)的多層次市場體系框架已基本形成。截至2011年12月底,我國上市公司共2342家,股權(quán)融資總額達(dá)8972.43億元。但在我國法律體系不完善、制度環(huán)境不理想以及債券市場不發(fā)達(dá)的環(huán)境下,企業(yè)產(chǎn)權(quán)關(guān)系不清楚,企業(yè)運(yùn)行面臨著預(yù)算軟約束和信貸軟約束,缺乏有效的投資者保護(hù)機(jī)制。可見,我國企業(yè)融資的基本環(huán)境離成熟的市場經(jīng)濟(jì)環(huán)境還相距甚遠(yuǎn),這種運(yùn)行環(huán)境的差異導(dǎo)致了西方資本結(jié)構(gòu)理論不能完全適合我國的實(shí)際情況。研究表明,我國上市公司具有較為明顯的股權(quán)融資傾向,并且受利益最大化的驅(qū)使過度追求融資數(shù)量,這不僅阻礙了我國上市公司資本結(jié)構(gòu)達(dá)到最優(yōu),還進(jìn)一步影響了公司長期發(fā)展。 在這一背景下,本文從資本結(jié)構(gòu)相關(guān)理論和研究文獻(xiàn)入手,分析了我國上市公司資本結(jié)構(gòu)的主要特征,并以2012年之前在我國股票市場發(fā)行A股,財(cái)務(wù)報(bào)表以人民幣為計(jì)價(jià)單位的669家上市公司作為研究樣本,采用靜態(tài)面板和動態(tài)面板分析方法實(shí)證分析了上市公司資本結(jié)構(gòu)的影響因素以及上市公司資本結(jié)構(gòu)的動態(tài)調(diào)整,在此基礎(chǔ)上,提出了我國上市公司融資決策的合理目標(biāo)及相關(guān)政策建議,從而在為實(shí)務(wù)界和監(jiān)管當(dāng)局提供決策依據(jù)的同時(shí),也為國內(nèi)學(xué)者的后續(xù)研究提供有益參考和借鑒。 全文分為七章,每章的研究內(nèi)容如下： 第一章,導(dǎo)論。本章在研究背景、研究意義的基礎(chǔ)上,闡明了本文的研究思路和研究方法,最后對本文的研究框架以及創(chuàng)新和不足之處進(jìn)行了介紹。 第二章,相關(guān)理論與文獻(xiàn)綜述。本章從資本結(jié)構(gòu)的相關(guān)理論出發(fā),主要對資本結(jié)構(gòu)的影響因素、資本結(jié)構(gòu)的動態(tài)調(diào)整及融資決策的合理目標(biāo)進(jìn)行較為系統(tǒng)的文獻(xiàn)回顧與評述,為文章后續(xù)的理論以及實(shí)證分析提供了主要依據(jù)。 第三章,我國上市公司資本結(jié)構(gòu)的特征分析。本章首先描述了我國上市公司資本結(jié)構(gòu)的變化趨勢,在此基礎(chǔ)上,對36個(gè)國家(地區(qū))上市公司的資本結(jié)構(gòu)進(jìn)行了比較和分析,并重點(diǎn)對我國上市公司股權(quán)融資傾向的成因進(jìn)行了總結(jié)。 第四章,我國上市公司資本結(jié)構(gòu)決定因素的實(shí)證分析。本章首先對上市公司資本結(jié)構(gòu)的影響因素進(jìn)行了理論上的探討,在此基礎(chǔ)上,提出研究假設(shè),并采用固定效應(yīng)的面板分析方法考察了我國上市公司資本結(jié)構(gòu)的主要影響因素。最后通過實(shí)證檢驗(yàn)進(jìn)一步分析和確定政府管制和公司治理因素對其他影響因素的制約。 第五章,我國上市公司資本結(jié)構(gòu)動態(tài)調(diào)整實(shí)證分析。本章采用系統(tǒng)GMM估計(jì)方法對上市公司資本結(jié)構(gòu)的動態(tài)調(diào)整進(jìn)行了實(shí)證研究。在測算出上市公司資本結(jié)構(gòu)調(diào)整速度的基礎(chǔ)上,通過對啄序理論和惰性理論模型的穩(wěn)健性檢驗(yàn)進(jìn)一步分析和確定我國上市公司資本結(jié)構(gòu)動態(tài)調(diào)整的變化特征。 第六章,我國上市公司資本結(jié)構(gòu)動態(tài)調(diào)整中的融資決策目標(biāo)實(shí)現(xiàn)。本章基于傳統(tǒng)公司金融理論對融資決策目標(biāo)的定義,對我國上市公司資本結(jié)構(gòu)與融資目標(biāo)之間的動態(tài)關(guān)系進(jìn)行了實(shí)證分析,在此基礎(chǔ)上,提出了上市公司融資決策較為合理的目標(biāo),并闡述了該目標(biāo)在我國的合理性和適用性。以上為我國資本結(jié)構(gòu)決策的制定和資本結(jié)構(gòu)的動態(tài)管理提供了重要的借鑒和合理的依據(jù)。 第七章,結(jié)論建議及研究展望。綜合本文研究結(jié)果得出基本結(jié)論,并提出相關(guān)政策建議。最后結(jié)合論文中存在的不足,提出了今后我國上市公司資本結(jié)構(gòu)的研究方向。 經(jīng)過理論分析和實(shí)證檢驗(yàn),本文得到以下幾組研究成果： (1)關(guān)于我國上市公司資本結(jié)構(gòu)特征,本文給出如下解釋： 第一,我國上市公司主要以股權(quán)融資(37.66%)為主,其次分別為內(nèi)部留存融資(18.20%)、商業(yè)信用融資(17.76%)、長期債務(wù)融資(14.64%)和短期債務(wù)融資(11.74%)。這也充分反映了我國上市公司較為明顯的股權(quán)融資傾向。 第二,按照法律體系的分類列出了36個(gè)國家(地區(qū))非金融類上市公司債務(wù)比例的相關(guān)數(shù)據(jù),通過國際比較得出,我國長期債務(wù)比例在36個(gè)國家(地區(qū))中是排名最低的,這說明我國上市公司絕大部分債務(wù)融資來源于短期債務(wù)融資。 第三,我國上市公司股權(quán)融資傾向的主要原因包括股權(quán)融資成本較低、自由現(xiàn)金流對管理層的內(nèi)在激勵(lì)以及債券市場的不發(fā)達(dá)。 (2)關(guān)于我國上市公司資本結(jié)構(gòu)決定因素,本文通過實(shí)證研究得出以下結(jié)論： 第一,公司規(guī)模、資產(chǎn)有形性、行業(yè)杠桿率中值、國有股和國有法人股與杠桿率之間是顯著的正向關(guān)系；盈利性、折舊比例、股票收益率、獨(dú)立董事比例與杠桿率之間是顯著的負(fù)向關(guān)系；而成長性、高管持股比例和董事會規(guī)模與杠桿率之間的關(guān)系并不顯著。 第二,行業(yè)杠桿率中值對杠桿率的影響最為顯著,即目標(biāo)杠桿率對我國上市公司資本結(jié)構(gòu)的影響最為顯著。但政府管制和公司治理因素對上市公司資本結(jié)構(gòu)的調(diào)整速度卻產(chǎn)生了負(fù)面影響,使其調(diào)整速度有所降低。 第三,對于盈利性較高的公司來說,內(nèi)部融資優(yōu)先于債務(wù)融資；而對于盈利性較低的公司來說,資產(chǎn)的有形性是決定債務(wù)融資數(shù)量的一個(gè)非常重要的因素。 第四,高管持股比例過低、獨(dú)立董事制度不健全等都說明了政府應(yīng)推進(jìn)股權(quán)多元化以及進(jìn)一步完善和整合我國上市公司的公司治理機(jī)制,以便建立有效的公司控制權(quán)市場。 (3)關(guān)于我國上市公司資本結(jié)構(gòu)動態(tài)調(diào)整,本文通過實(shí)證研究得出以下結(jié)論： 第一,我國上市公司資本結(jié)構(gòu)的調(diào)整速度為48.55%,這說明上市公司只需要一年就可彌補(bǔ)當(dāng)前實(shí)際杠桿率與目標(biāo)杠桿率之間缺口的一半左右。較快的調(diào)整速度表明我國資本市場的摩擦程度并不比西方有些國家大。 第二,雖然高杠桿率公司和低杠桿率公司較快地調(diào)整當(dāng)期杠桿率偏離目標(biāo)杠桿率的缺口,但高杠桿率公司和低杠桿率公司的資本結(jié)構(gòu)調(diào)整速度具有非對稱性,由此我們也無法確定我國上市公司較快的杠桿率調(diào)整速度是由杠桿率均值回歸所決定的。 第三,通過對啄序理論和惰性理論模型的進(jìn)一步檢驗(yàn),其結(jié)果更加能夠確定我國上市公司資本結(jié)構(gòu)的動態(tài)調(diào)整比較支持權(quán)衡理論。從對我國上市公司資本結(jié)構(gòu)的影響來看,雖然啄序理論為本文提供了有關(guān)我國上市公司資本結(jié)構(gòu)變化的信息,但該理論很難對上市公司杠桿率的動態(tài)調(diào)整產(chǎn)生一定的說服力,可見啄序理論僅可以歸為廣義權(quán)衡理論中的一個(gè)特例。此外,對惰性理論模型的檢驗(yàn)表明相比國外上市公司,我國上市公司的股價(jià)波動效應(yīng)對杠桿率的影響更加短暫,并且管理層更加積極主動地對杠桿率進(jìn)行調(diào)整。 (4)關(guān)于我國上市公司資本結(jié)構(gòu)動態(tài)調(diào)整中的融資決策目標(biāo)實(shí)現(xiàn),本文給出如下解釋： 本文通過實(shí)證研究得到我國上市公司不斷調(diào)整杠桿率的目標(biāo)是實(shí)現(xiàn)股東利益最大化。在此基礎(chǔ)上,本文在我國資本市場弱有效的特征下,提出了“在股票價(jià)格最大化的條件下(P1),實(shí)現(xiàn)公司長期價(jià)值(V1)的最大化(MaxV1/MaxP1)"目標(biāo)在公司金融領(lǐng)域的適用性,其假設(shè)條件是市場具有預(yù)見性,并且這種預(yù)期是無系統(tǒng)偏見的。根據(jù)本文的邏輯推理,無系統(tǒng)偏見的資本市場有兩種可能：一是該市場不是有效的,但具有較好的預(yù)期能力；二是該市場是有效的,但是一種有效程度不高的資本市場。從某種程度上來說,筆者更同意后者,當(dāng)然相關(guān)的數(shù)據(jù)和實(shí)證支持是本文以后的研究方向之一。 本文的研究主要在以下兩個(gè)方面有所創(chuàng)新： 第一,在經(jīng)驗(yàn)分析的基礎(chǔ)上,本文采用靜態(tài)面板和動態(tài)面板分析方法對我國上市公司資本結(jié)構(gòu)動態(tài)調(diào)整進(jìn)行穩(wěn)健性檢驗(yàn),證明了權(quán)衡理論能夠更好地解釋以上現(xiàn)象,并認(rèn)為從對資本結(jié)構(gòu)的影響角度來看,啄序理論僅是廣義權(quán)衡理論中的一個(gè)特例。同時(shí)在惰性理論的基礎(chǔ)上,采用GMM估計(jì)方法測算出股票價(jià)格非預(yù)期波動對杠桿率的影響,從而為目標(biāo)杠桿率的動態(tài)管理提供有價(jià)值的借鑒。 第二,本文從傳統(tǒng)公司金融理論對公司融資決策目標(biāo)的定義出發(fā),通過對融資決策目標(biāo)與資本結(jié)構(gòu)之間的關(guān)系進(jìn)行實(shí)證研究,進(jìn)一步證實(shí)了我國上市公司具有較為明顯的股權(quán)融資傾向。在此基礎(chǔ)上,通過邏輯推理和理論闡述提出了在我國資本市場弱有效的特征下,上市公司融資決策的合理目標(biāo)(MaxV1/Max P1),并分別從有效資本市場的假設(shè)限制、信息的不對稱和管理層的激勵(lì)機(jī)制三個(gè)方面分析了該目標(biāo)的合理性和適用性。 此外,受研究時(shí)間和篇幅所限,本文主要存在以下兩點(diǎn)不足,以待今后的研究中繼續(xù)深入。 一是在對我國上市公司資本結(jié)構(gòu)決定因素的實(shí)證研究中,由于數(shù)據(jù)的不易獲得,未考慮資本成本、宏觀經(jīng)濟(jì)層面等相關(guān)因素對資本結(jié)構(gòu)的影響。 二是本文僅是從理論層面深入闡述和分析了融資決策目標(biāo)的合理性,缺少對融資決策目標(biāo)合理性的實(shí)證分析和檢驗(yàn)。
[Abstract]:Capital structure refers to the composition and proportion of financing, enterprises through various financing ways in the form of the capital structure of the enterprise. The enterprise financing sources of funds including debt, equity and hybrid securities. The capital structure directly determines the company overall use of capital risk and financing cost of the size of the source of funds has the vital significance to the company, and has a direct impact on the overall value and shareholder wealth. Especially after the financial crisis, world economic situation and financial forces mutation, importance of the decision of corporate capital structure has become increasingly prominent.
The research of capital structure in our country began in the high debt of state-owned enterprises. In order to reduce the debt ratio of state-owned enterprises, actively try to our government. For example, in Shanghai in 1990, the Shenzhen stock exchange have been established which marks the birth of China's securities market. After the baptism and experience of 20 years, the structure of China's capital market continues perfect, including the board, small board, the gem, the framework of a multi-level market system for the transfer of shares, the market has been basically formed. At the end of December 2011, China's total of 2342 listed companies, total equity financing amounted to 897 billion 243 million yuan. But in the imperfect legal system of our country, the system of environment as well as the bond market is not developed under the environment of enterprise property rights are not clear, the enterprise operation face soft budget constraints and credit constraints, the lack of effective protection mechanisms. Therefore, the basic environment of enterprise financing in our country from a Mature market economy is also far, this difference in operation environment causes the actual situation of western capital structure theory can not be completely suitable for our country. The research shows that Chinese listed companies have more obvious tendency of equity financing, and maximize the benefits driven by excessive pursuit of the number of financing, which not only hinder the capital structure China's listed companies to achieve optimal, further affect the company's long-term development.
Under this background, this paper from the theory of capital structure and research literature, analyzed the main characteristics of the capital structure of Chinese listed companies, and the issuance of A shares in China's stock market in 2012 before the financial statements to RMB denominated 669 listed companies as the research sample, using static panel and dynamic panel the empirical analysis method analyzes the influence of the capital structure of listed companies and the factors of dynamic adjustment of capital structure of listed companies, on the basis of this, put forward the reasonable target of financing decisions of listed companies and the relevant policy recommendations, in order to provide basis for decision making for both practitioners and regulatory authorities, but also provide a useful reference for the follow-up study scholars at home and abroad.
The full text is divided into seven chapters, and the contents of each chapter are as follows:
The first chapter is introduction. Based on the background and significance of the research, this chapter illustrates the research ideas and research methods of this paper. Finally, it introduces the research framework, innovations and shortcomings of this chapter.
The second chapter, the related theory and literature review. This chapter from the relevant theory of the capital structure of the main influencing factors on the capital structure, the reasonable target of dynamic adjustment of capital structure and financing decision to review systematically the literature, provides the main basis for the subsequent theoretical and empirical analysis.
The third chapter, analysis the characteristics of capital structure of Listed Companies in China. This chapter first describes the changing trend of the capital structure of Chinese listed companies, on the basis of 36 countries (regions) the capital structure of listed companies are analyzed and compared, and focus on the preference of equity financing of Listed Companies in China the causes of summary.
The fourth chapter, empirical analysis on the determinants of capital structure of Listed Companies in China. Firstly, the influence factors of the capital structure of listed companies are discussed, on this basis, we put forward the research hypotheses, and analyzed the main influence factors of capital structure in our country, the fixed effect panel finally. Through the further analysis of empirical test and determination of government regulation and corporate governance factors on other factors.
The fifth chapter, empirical analysis of the dynamic adjustment of capital structure of Listed Companies in China. This chapter uses the system GMM estimation method of dynamic adjustment of capital structure of listed companies by empirical research. Based on the calculation of the adjusting speed of capital structure of listed companies, based on the model theory of pecking order theory and the idler robustness test further analysis and determine changes the characteristics of dynamic adjustment of capital structure of Listed Companies in China.
The sixth chapter, the financing decision of dynamic adjustment of capital structure of Chinese Listed Companies in this chapter. The traditional finance theory based on financing target definition, the dynamic relationship between the capital structure and the financing target of Listed Companies in China by empirical analysis, based on this, puts forward the reasonable financing decision of listed companies the target, and the target in our country. The rationality and applicability of the above provide important reference and reasonable basis for dynamic management and decision making of our capital structure and capital structure.
The seventh chapter, conclusions and suggestions, and research prospects. Based on the results of this study, we draw the basic conclusions and put forward relevant policy recommendations. Finally, combined with the shortcomings in this paper, we put forward the direction of future research on capital structure of Listed Companies in China.
Through theoretical analysis and empirical test, this paper obtains the following groups of research results:
(1) on the characteristics of the capital structure of the listed companies in China, the following explanation is given in this paper.
First, China's listed companies mainly in equity financing (37.66%), followed by internal financing financing (18.20%), (17.76%) commercial credit financing, long-term debt financing and short-term debt financing (14.64%) (11.74%). This fully reflects China's listed companies more obvious preference of equity financing.
Second, according to the classification of the legal system of the listed 36 countries (regions) the relevant data of non-financial listed companies debt ratio, through international comparison, the proportion of long-term debt in China in 36 countries (regions) in the lowest ranking, which indicates that the listed companies most sources of debt financing on short-term debt financing.
Third, the main reasons for equity financing in China's listed companies include the low cost of equity financing, the intrinsic incentive of free cash flow to management, and the underdevelopment of bond market.
(2) on the determinants of the capital structure of Listed Companies in China, the following conclusions are drawn through empirical research.
First, the company size, Asset Tangibility, industry median leverage ratio, between state-owned shares and state-owned legal person shares and leverage is significant positive relationship; profit, depreciation ratio, stock returns between the proportion of independent directors and the leverage ratio is a significant negative correlation; and the growth of executive shareholding and board of directors between size and leverage is not significant.
Second, the industry median leverage ratio of the leverage ratio is the most significant, namely target leverage ratio influence on capital structure of Listed Companies in China is the most significant. But the speed of adjustment of government regulation and corporate governance factors on the capital structure of listed companies have a negative impact, the adjustment speed decreased.
Third, for a profitable company, internal financing is prior to debt financing, and for low profit companies, the corporeal nature of assets is a very important factor determining the number of debt financing.
Fourth, the low proportion of executive shareholdings and the imperfect independent director system indicate that the government should promote the diversification of equity and further improve and integrate the corporate governance mechanism of Chinese listed companies, so as to establish effective market of corporate control.
(3) on the dynamic adjustment of the capital structure of the listed companies in China, the following conclusions are drawn through the empirical study.
First, the speed of adjustment of capital structure of Chinese listed companies is 48.55%, which shows that the listed companies need only a year can make up half of the current actual leverage and leverage the gap between the target. Faster adjustment shows that the degree of friction in the capital market of our country is not the West party in some countries.
Second, although the high leverage and low leverage, quickly adjust the current leverage ratio deviates from the target leverage gap, but high leverage and low leverage the company's capital structure adjustment speed is asymmetric, so we can not determine the listed companies in China is relatively fast speed of adjustment by leverage leverage the rate of mean reversion of the decision.
Third, through further tests on the model the pecking order theory and inert theory, its result is able to determine the dynamic adjustment of capital structure of Listed Companies in China is to support the trade-off theory. From the view of influence on the capital structure of Listed Companies in China, although the pecking order theory for this paper has provided the capital structure of Chinese listed companies change information but the theory is hard to have some force on the dynamic adjustment of leverage of listed companies, only visible pecking order theory can be classified as a special case of generalized trade-off theory. In addition, the inspection of inertia of theoretical model show that compared to foreign listed companies, stock price fluctuation effect of China's listed companies on the impact of leverage ratio is more short the management, and actively adjust the leverage ratio.
(4) on the realization of the financing decision goal in the dynamic adjustment of the capital structure of Listed Companies in China, the following explanation is given in this paper.
In this paper, through the empirical study of Listed Companies in China continue to adjust leverage goal is to maximize the interests of shareholders. Based on this, this article in China's capital market weak effective feature, put forward "in the stock price to maximize the condition (P1), to achieve the company's long-term value maximization ((V1) MaxV1/MaxP1)" the applicability in the field of corporate finance, the market assumption is predictable, and this is expected to system without prejudice. According to the logic of this article, no systematic biases in the capital market there are two possibilities: one is the market is not efficient, but has better forecast ability; two the market is effective, but a low level of capital market. To some extent, I agree with the latter more, of course related data and empirical support is one of the research direction of this later.
The research in this paper is mainly innovative in the following two aspects:
First, on the base of empirical analysis, this paper adopts static panel and dynamic panel analysis method of dynamic capital structure of Listed Companies in China to adjust the robustness test, proved that the trade-off theory can better explain the above phenomenon, and that the impact on the capital structure point of view, the pecking order theory is only a special case of generalized trade-off theory in at the same time. Based on the theory of inertia estimation method, calculate the stock price volatility on non expected leverage by GMM, so as to provide some valuable reference for the dynamic management of target leverage.
Second, this article from the traditional corporate finance theory definition of corporate finance decision-making target, through empirical research on the relationship between the goal of financing decision and capital structure, further confirmed that Chinese listed companies have more obvious tendency of equity financing. On this basis, through logical reasoning and explanation of the theory proposed in the characteristic of weak effective I China's capital market, the reasonable target of the financing decision of listed companies (MaxV1/Max P1), and from the assumption of effective capital market, three party incentive mechanism of information asymmetry and management analysis. The goal of rationality and applicability.
In addition, due to the limitation of time and length of study, the following two shortcomings are found in this paper, which will continue to be further studied in future research.
First, in the empirical research on the determinants of capital structure of Chinese listed companies, because of the difficulty of obtaining data, we did not consider the impact of capital costs, macroeconomic level and other related factors on capital structure.
Two is this article is only from the theoretical level of in-depth exposition and division.

【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275

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