發(fā)布時間：2018-02-24 17:12

  本文關(guān)鍵詞： 無形資產(chǎn) 商譽 開發(fā)支出 資本結(jié)構(gòu)　出處：《東北財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著人們對商譽、技術(shù)開發(fā)等無形資產(chǎn)給公司價值帶來的影響日益重視,上市公司對無形資產(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)營活動的資本基礎(chǔ)。但是,在上市公司無形資產(chǎn)的不斷形成過程中,是否會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未知的問題。對這一系列問題的研究,有助于人們提高對無形資產(chǎn)價值的認(rèn)識,有利于銀行等金融機構(gòu)改變重實物資產(chǎn)抵押、輕無形資產(chǎn)價值抵押的貸款傾向,同時可以改善金融服務(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形資產(chǎn)的整體投資作為研究對象,重點考察上市公司無形資產(chǎn)整體投資對公司資本結(jié)構(gòu)的相關(guān)性影響。首先,本文系統(tǒng)回顧并分析以往國內(nèi)外學(xué)者對相關(guān)問題的研究成果,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證檢驗從2002-2011年在我國A股711家(7110樣本)上市公司在注重?zé)o形資產(chǎn)整體投資(無形資產(chǎn)、商譽、開發(fā)支出三個解釋變量)的同時,對上市公司資本結(jié)構(gòu)是否會產(chǎn)生影響及影響的程度。 本文進行實證研究結(jié)果發(fā)現(xiàn)：1.我國上市公司無形資產(chǎn)整體投資中(無形資產(chǎn))與公司資本結(jié)構(gòu)呈顯著負(fù)相關(guān)關(guān)系；說明如果上市公司無形資產(chǎn)所占比例過多,那么此公司的資產(chǎn)負(fù)債率會減小。2.我國上市公司無形資產(chǎn)整體投資中(商譽)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,如果商譽所占比重過多,那么此公司的資產(chǎn)負(fù)債率會變少。3.我國上市公司無形資產(chǎn)整體投資中(開發(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)進行逐一實證研究,結(jié)果發(fā)現(xiàn)我國不同行業(yè)的上市公司無形資產(chǎn)整體投資中(無形資產(chǎn))對資本結(jié)構(gòu)的影響比較復(fù)雜,結(jié)果也各不相同。 本文針對上述實證回歸結(jié)果,做出了相關(guān)的解釋和分析。首先認(rèn)為導(dǎo)致上市公司無形資產(chǎn)整體投資中(無形資產(chǎn)、商譽)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商業(yè)銀行等金融機構(gòu)在注重獲取貸款利潤的同時,也比較防范對貸款風(fēng)險的控制,一般都會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)中有過多的類似于知識產(chǎn)權(quán)、商譽等無形資產(chǎn)作為抵押物,不會增加公司的負(fù)債融資�，F(xiàn)在對于類似無形資產(chǎn)作為抵押擔(dān)保物,我國商業(yè)銀行金融機構(gòu)還沒有得到普遍認(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值的提升。另一個原因是如果上市公司無形資產(chǎn)投資過多,勢必影響到公司價值的增加,使得公司具有較多的留存收益,我國上市公司在進行融資過程中,一般會受到融資優(yōu)序理論和融資偏好的影響,一般公司開始會選擇內(nèi)源融資獲取公司內(nèi)部的自有資金,然后進行股權(quán)融資,最后是債務(wù)融資。這樣情況的出現(xiàn)同樣會導(dǎo)致公司資本結(jié)構(gòu)發(fā)生改變。其次,我國上市公司無形資產(chǎn)整體投資(開發(fā)支出)的資本轉(zhuǎn)化為無形資產(chǎn)價值具有不確定性,開發(fā)研究的成功率比較低,能給公司未來帶來的價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,無形資產(chǎn)對公司的價值影響程度也不一樣,所以造成了不同行業(yè)的無形資產(chǎn)對公司資本結(jié)構(gòu)的影響不同。 最后,本文根據(jù)實證結(jié)果產(chǎn)生的原因,對上市公司如何進一步加強無形資產(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】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 陳維云,張宗益;對資本結(jié)構(gòu)財務(wù)影響因素的實證研究[J];財經(jīng)理論與實踐;2002年01期

2 肖作平;對我國上市公司債務(wù)期限結(jié)構(gòu)影響因素的分析[J];經(jīng)濟科學(xué);2005年03期

3 袁衛(wèi)秋;上市公司債務(wù)期限結(jié)構(gòu)的實證研究——來自汽車制造業(yè)的證據(jù)[J];經(jīng)濟評論;2005年03期

4 陸正飛;企業(yè)適度負(fù)債的理論分析與實證研究[J];經(jīng)濟研究;1996年02期

5 李壽喜;;產(chǎn)權(quán)、代理成本和代理效率[J];經(jīng)濟研究;2007年01期

6 黎玉琴;;我國上市公司無形資產(chǎn)與經(jīng)營業(yè)績關(guān)系的實證分析[J];技術(shù)經(jīng)濟與管理研究;2006年03期

7 陳立泰;林川;;政府在產(chǎn)學(xué)研聯(lián)盟中的角色及行為研究[J];科技管理研究;2009年07期

8 閻達五,耿建新;論國有企業(yè)過度負(fù)債的成因與對策[J];會計研究;1996年08期

9 薛云奎,王志臺;R&D的重要性及其信息披露方式的改進[J];會計研究;2001年03期

10 薛云奎,王志臺;無形資產(chǎn)信息披露及其價值相關(guān)性研究——來自上海股市的經(jīng)驗證據(jù)[J];會計研究;2001年11期

，

本文編號：1531045