本文關(guān)鍵詞： 無(wú)形資產(chǎn) 商譽(yù) 開(kāi)發(fā)支出 資本結(jié)構(gòu)　出處：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著人們對(duì)商譽(yù)、技術(shù)開(kāi)發(fā)等無(wú)形資產(chǎn)給公司價(jià)值帶來(lái)的影響日益重視,上市公司對(duì)無(wú)形資產(chǎn)投資的步伐正在逐步加快；另一方面,上市公司在特定內(nèi)、外部金融條件下所形成的資本結(jié)構(gòu),成為上市公司正常生產(chǎn)和經(jīng)營(yíng)活動(dòng)的資本基礎(chǔ)。但是,在上市公司無(wú)形資產(chǎn)的不斷形成過(guò)程中,是否會(huì)影響到上市公司資本結(jié)構(gòu)的改變以及影響的程度還是一個(gè)未知的問(wèn)題。對(duì)這一系列問(wèn)題的研究,有助于人們提高對(duì)無(wú)形資產(chǎn)價(jià)值的認(rèn)識(shí),有利于銀行等金融機(jī)構(gòu)改變重實(shí)物資產(chǎn)抵押、輕無(wú)形資產(chǎn)價(jià)值抵押的貸款傾向,同時(shí)可以改善金融服務(wù)環(huán)境,優(yōu)化公司資本結(jié)構(gòu)。 本文擬定將上市公司無(wú)形資產(chǎn)的整體投資作為研究對(duì)象,重點(diǎn)考察上市公司無(wú)形資產(chǎn)整體投資對(duì)公司資本結(jié)構(gòu)的相關(guān)性影響。首先,本文系統(tǒng)回顧并分析以往國(guó)內(nèi)外學(xué)者對(duì)相關(guān)問(wèn)題的研究成果,然后在平衡面板數(shù)據(jù)、截面數(shù)據(jù)分析的基礎(chǔ)上,利用多元線性回歸模型實(shí)證檢驗(yàn)從2002-2011年在我國(guó)A股711家(7110樣本)上市公司在注重?zé)o形資產(chǎn)整體投資(無(wú)形資產(chǎn)、商譽(yù)、開(kāi)發(fā)支出三個(gè)解釋變量)的同時(shí),對(duì)上市公司資本結(jié)構(gòu)是否會(huì)產(chǎn)生影響及影響的程度。 本文進(jìn)行實(shí)證研究結(jié)果發(fā)現(xiàn)：1.我國(guó)上市公司無(wú)形資產(chǎn)整體投資中(無(wú)形資產(chǎn))與公司資本結(jié)構(gòu)呈顯著負(fù)相關(guān)關(guān)系；說(shuō)明如果上市公司無(wú)形資產(chǎn)所占比例過(guò)多,那么此公司的資產(chǎn)負(fù)債率會(huì)減小。2.我國(guó)上市公司無(wú)形資產(chǎn)整體投資中(商譽(yù))與公司資本結(jié)構(gòu)呈顯著負(fù)相關(guān)關(guān)系；表明在上市公司的資產(chǎn)中,如果商譽(yù)所占比重過(guò)多,那么此公司的資產(chǎn)負(fù)債率會(huì)變少。3.我國(guó)上市公司無(wú)形資產(chǎn)整體投資中(開(kāi)發(fā)支出)與公司資本結(jié)構(gòu)正相關(guān),但不顯著。4.為了研究的具體化,本文把研究期間內(nèi)所有上市公司樣本數(shù)據(jù)分為不同行業(yè)進(jìn)行逐一實(shí)證研究,結(jié)果發(fā)現(xiàn)我國(guó)不同行業(yè)的上市公司無(wú)形資產(chǎn)整體投資中(無(wú)形資產(chǎn))對(duì)資本結(jié)構(gòu)的影響比較復(fù)雜,結(jié)果也各不相同。 本文針對(duì)上述實(shí)證回歸結(jié)果,做出了相關(guān)的解釋和分析。首先認(rèn)為導(dǎo)致上市公司無(wú)形資產(chǎn)整體投資中(無(wú)形資產(chǎn)、商譽(yù))與資本結(jié)構(gòu)顯著負(fù)相關(guān)關(guān)系,最主要原因是目前我國(guó)商業(yè)銀行等金融機(jī)構(gòu)在注重獲取貸款利潤(rùn)的同時(shí),也比較防范對(duì)貸款風(fēng)險(xiǎn)的控制,一般都會(huì)需要上市公司提供以固定資產(chǎn)形式作為抵押擔(dān)保品,但如果上市公司資產(chǎn)中有過(guò)多的類似于知識(shí)產(chǎn)權(quán)、商譽(yù)等無(wú)形資產(chǎn)作為抵押物,不會(huì)增加公司的負(fù)債融資�，F(xiàn)在對(duì)于類似無(wú)形資產(chǎn)作為抵押擔(dān)保物,我國(guó)商業(yè)銀行金融機(jī)構(gòu)還沒(méi)有得到普遍認(rèn)可,所以不利于上市公司優(yōu)化資本結(jié)構(gòu),從而影響到公司的治理和價(jià)值的提升。另一個(gè)原因是如果上市公司無(wú)形資產(chǎn)投資過(guò)多,勢(shì)必影響到公司價(jià)值的增加,使得公司具有較多的留存收益,我國(guó)上市公司在進(jìn)行融資過(guò)程中,一般會(huì)受到融資優(yōu)序理論和融資偏好的影響,一般公司開(kāi)始會(huì)選擇內(nèi)源融資獲取公司內(nèi)部的自有資金,然后進(jìn)行股權(quán)融資,最后是債務(wù)融資。這樣情況的出現(xiàn)同樣會(huì)導(dǎo)致公司資本結(jié)構(gòu)發(fā)生改變。其次,我國(guó)上市公司無(wú)形資產(chǎn)整體投資(開(kāi)發(fā)支出)的資本轉(zhuǎn)化為無(wú)形資產(chǎn)價(jià)值具有不確定性,開(kāi)發(fā)研究的成功率比較低,能給公司未來(lái)帶來(lái)的價(jià)值也同樣具有不確定性,由于這些諸多不確定性因素存在,致使上市公司能否獲得負(fù)債融資的結(jié)果也是未知的,所以開(kāi)發(fā)支出同資本結(jié)構(gòu)的相關(guān)性不顯著。最后,不同行業(yè)的上市公司,在行業(yè)自身特點(diǎn)上存在明顯差異性,資產(chǎn)結(jié)構(gòu)的組成也有所區(qū)別,無(wú)形資產(chǎn)對(duì)公司的價(jià)值影響程度也不一樣,所以造成了不同行業(yè)的無(wú)形資產(chǎn)對(duì)公司資本結(jié)構(gòu)的影響不同。 最后,本文根據(jù)實(shí)證結(jié)果產(chǎn)生的原因,對(duì)上市公司如何進(jìn)一步加強(qiáng)無(wú)形資產(chǎn)管理以及如何優(yōu)化上市公司資本結(jié)構(gòu),提出了相關(guān)性的政策建議。
[Abstract]:Along with the people to pay more attention to goodwill, intangible assets and technology development brings to the value of the company, the listed company of the intangible assets is gradually accelerated the pace of investment; on the other hand, the listed companies in particular, capital structure formed by the external financial conditions, has become the capital of listed companies based on the normal production and business activities. But and in the intangible assets of Listed Companies in the continuous forming process, whether it will affect the change of capital structure of listed companies and the extent of impact or an unknown problem. A series of issues of this research, help people to improve the understanding of the value of intangible assets, heavy physical assets change to mortgage banks and other financial institutions light, the value of intangible assets mortgage loan tendency, but also can improve the environment for financial services, optimize the company's capital structure.
This paper proposed the overall investment of intangible assets of listed companies as the research object, focuses on the relationship between the overall investment of intangible assets of listed companies on corporate capital structure. Firstly, analysis and Research on issues related to the previous scholars at home and abroad this thesis systematically reviews, and then in the balanced panel data, based on the analysis of data, using multiple linear regression model from the 2002-2011 years in China A shares 711 (7110 samples) of Listed Companies in the whole investment focus on intangible assets (intangible assets, goodwill, development expenditures three explanatory variables) at the same time, whether the capital structure of listed companies will have an impact and influence.
This paper carries on the empirical research results show that the overall investment of 1. listed companies in intangible assets (intangible assets) has negative correlation with the capital structure of the company; if the intangible assets of listed companies accounted for too much, then the company's asset liability ratio will reduce the overall investment of listed company.2. intangible assets (goodwill) was a significant negative correlation with the capital structure of the company; that in the listed company's assets, goodwill if the proportion of the overall investment too much, then the company's asset liability ratio will be less.3. of Listed Companies in China intangible assets (development expenditure) is positively related with the capital structure of the company, but not significant for specific.4. the study, based on the period of all listed companies sample data is divided into different industries by empirical research, the results showed that different industries of our country listed companies overall intangible assets The impact of investment (intangible assets) on capital structure is complex and the results are different.
According to the above empirical regression results, explain and analysis. First of all that lead to the overall investment in intangible assets of listed companies (intangible assets, goodwill) and a significant negative correlation between capital structure, the main reason is that China's commercial banks and other financial institutions to obtain loans profit at the same time, also for prevention and control the risk of the loan, usually requires listed companies to provide fixed assets as collateral, but if the assets of listed companies have a lot similar to intellectual property, goodwill and other intangible assets as collateral, will increase the company's debt financing. Now for similar intangible assets as collateral, the financial institutions of our country the commercial bank has not been universally recognized, so it is not conducive to optimizing the capital structure of listed companies, which affect the company's governance and the value of another lift. The reason is that if the intangible assets of listed companies is bound to affect the investment, increase the value of the company, making the company has retained earnings of Listed Companies in China in the process of financing, the general will be affected by the pecking order theory and financing preference, generally companies began to choose internal financing from internal funds then, equity financing, debt financing is the last. This situation could also lead the company capital structure changes. Secondly, the overall investment of China's listed companies' intangible assets (development expenditures) the capital into the value of intangible assets with uncertainty, research and development success rate is relatively low, can bring value to the company's future the same is uncertain, because of the existence of these uncertain factors, the listed companies can get debt financing results is unknown, so open No significant correlation between expenditure and capital structure. Finally, the listed companies in different industries, there are obvious differences in the industry's own characteristics, composition of assets structure also has the difference, influence of intangible assets on the firm's value is not the same, so the impact of different industries, the intangible assets of the company's capital structure is different.
Finally, according to the reasons of the empirical results, this paper puts forward relevant policy recommendations on how to further strengthen the management of intangible assets and how to optimize the capital structure of listed companies.

【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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