本文關(guān)鍵詞： 風(fēng)險 最優(yōu)資本結(jié)構(gòu) 比較 創(chuàng)業(yè)板準(zhǔn)入　出處：《湘潭大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：現(xiàn)代資本結(jié)構(gòu)理論MM模型，基于資本結(jié)構(gòu)不能改變總現(xiàn)金流的假設(shè)，得出資本結(jié)構(gòu)與企業(yè)價值無關(guān)的結(jié)論，后續(xù)發(fā)展則是放寬其假設(shè)前提進行拓展，包括權(quán)衡理論、代理成本理論、信號傳遞理論、優(yōu)序融資理論、公司控制權(quán)理論等，其中前兩者的核心思想是將資本結(jié)構(gòu)歸為現(xiàn)金流問題，而后三者從嚴(yán)格意義上來說不屬于最優(yōu)資本結(jié)構(gòu)的決定理論。從現(xiàn)有的研究文獻來看，甚少有文獻從經(jīng)營風(fēng)險和財務(wù)風(fēng)險兩者的內(nèi)在關(guān)系來研究最優(yōu)資本結(jié)構(gòu)問題。 本文首先對經(jīng)營風(fēng)險與最優(yōu)資本結(jié)構(gòu)的關(guān)系進行了理論分析，得出經(jīng)營風(fēng)險與最優(yōu)資本結(jié)構(gòu)呈負(fù)相關(guān)關(guān)系的結(jié)論，并結(jié)合價格理論分析和政府干預(yù)理論分析，構(gòu)建了最優(yōu)資本結(jié)構(gòu)預(yù)測的理論模型，在此基礎(chǔ)上設(shè)計了研究假設(shè)。 然后以一階滯后動態(tài)調(diào)整模型作為實證模型，采用深證主板與創(chuàng)業(yè)板的非金融公司的數(shù)據(jù)為樣本，以企業(yè)規(guī)模、長期有形資產(chǎn)比例、獲現(xiàn)能力和成長性作為影響最優(yōu)資本結(jié)構(gòu)的企業(yè)風(fēng)險特征變量，以人均國內(nèi)生產(chǎn)總值作為影響最優(yōu)資本結(jié)構(gòu)的宏觀風(fēng)險變量，以凈業(yè)務(wù)資產(chǎn)收益率和存款準(zhǔn)備金率作為宏觀控制變量。實證回歸結(jié)果與假設(shè)基本一致，即經(jīng)營風(fēng)險與資本結(jié)構(gòu)呈負(fù)相關(guān)關(guān)系。據(jù)此，再根據(jù)回歸結(jié)果計算出創(chuàng)業(yè)板與主板的最優(yōu)資本結(jié)構(gòu)，結(jié)果顯示創(chuàng)業(yè)板的最優(yōu)資本結(jié)構(gòu)顯著低于主板，，符合兩個板塊的風(fēng)險特征，進一步印證了經(jīng)營風(fēng)險與最優(yōu)資本結(jié)構(gòu)呈負(fù)相關(guān)關(guān)系，即企業(yè)的風(fēng)險越高，其負(fù)債率應(yīng)該越低。所以，高風(fēng)險行業(yè)應(yīng)該更多采用權(quán)益融資。 最后，根據(jù)上述結(jié)論對創(chuàng)業(yè)板的融資問題作出初步探討。高新技術(shù)企業(yè)屬于高風(fēng)險行業(yè)，而創(chuàng)業(yè)板主要是為了高新技術(shù)企業(yè)提供融資的途徑，所以應(yīng)該適度降低創(chuàng)業(yè)板的準(zhǔn)入制度，為更多的高新技術(shù)企業(yè)解決融資難問題。
[Abstract]:Modern capital structure theory MM model, based on the assumption that capital structure can not change the total cash flow, draw the conclusion that capital structure has nothing to do with enterprise value. Including trade-off theory, agency cost theory, signaling theory, priority financing theory, corporate control theory and so on. The core idea of the first two is to classify capital structure as cash flow problem. The latter three do not belong to the decision theory of the optimal capital structure in the strict sense. There are few literatures to study the optimal capital structure from the internal relationship between operating risk and financial risk. In this paper, the relationship between operational risk and optimal capital structure is analyzed theoretically, and the conclusion is drawn that the relationship between operational risk and optimal capital structure is negative, and combined with price theory analysis and government intervention theory analysis. The theoretical model of optimal capital structure prediction is constructed, and the research hypothesis is designed. Then the first order lag dynamic adjustment model as an empirical model, using Shenzhen main Board and gem data of non-financial companies as a sample, based on the size of the enterprise, long-term tangible assets ratio. The earning ability and growth are the characteristic variables of enterprise risk that influence the optimal capital structure, and the GDP per capita is the macro risk variable that affects the optimal capital structure. The return on net business assets and the reserve requirement ratio are taken as macro control variables. The empirical regression results are basically consistent with the hypothesis, that is, the operating risk is negatively related to the capital structure. According to the regression results, the optimal capital structure of the gem and the main board is calculated. The results show that the optimal capital structure of the gem is significantly lower than that of the main board, which accords with the risk characteristics of the two boards. It further proves that there is a negative correlation between operating risk and optimal capital structure, that is, the higher the risk, the lower the debt ratio. Therefore, the more equity financing should be used in high-risk industries. Finally, according to the above conclusions, the financing of gem is discussed. High-tech enterprises belong to high-risk industries, and gem is mainly for high-tech enterprises to provide financing ways. So we should reduce the access system of gem and solve the financing problem for more high-tech enterprises.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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