【摘要】：企業(yè)如何保證足夠的發(fā)展資金以及擁有可靠的資金來源是企業(yè)財務(wù)和戰(zhàn)略管理的主要任務(wù),而其中資金來源中該如何確定融資占比,保證低成本融資的同時降低財務(wù)風(fēng)險,是企業(yè)籌資決策的重點內(nèi)容,即決定企業(yè)資本結(jié)構(gòu)。一般企業(yè)在財務(wù)管理以及戰(zhàn)略制定時,會特別關(guān)注自身資本結(jié)構(gòu),因為合理的資本結(jié)構(gòu)關(guān)系到企業(yè)資金成本的高低,進(jìn)而影響企業(yè)發(fā)展壯大以及市場競爭地位,所以無論何種企業(yè)都會把自身資本結(jié)構(gòu)放在一個很重要的戰(zhàn)略地位。國外許多學(xué)者開始從傳統(tǒng)主流理論轉(zhuǎn)向一些新的研究視角來研究企業(yè)的融資問題,如生命周期視角,并取得了一定的進(jìn)展。生命周期假說將企業(yè)比作生命體,成長到不同階段都會表現(xiàn)出不同特征,并且需求也會不同,企業(yè)發(fā)展到不同階段對資金的需求各有不同,并且企業(yè)在各個階段自身盈利能力并不能保證“自給自足”,在企業(yè)資金不足的情況下,只有從企業(yè)外部獲得,因此據(jù)國外學(xué)者的研究,企業(yè)生命周期是資本結(jié)構(gòu)的一個重要影響因素。 一、研究目的 資本是企業(yè)的血液,是企業(yè)經(jīng)濟(jì)活動的重要推動力和持續(xù)推動力。對企業(yè)來說,無論是企業(yè)的創(chuàng)立還是發(fā)展,都需要擁有并保持一定數(shù)額的資本。因此,資本結(jié)構(gòu)在企業(yè)經(jīng)營管理過程中的重要性不言而喻。隨著經(jīng)濟(jì)的發(fā)展和環(huán)境的變化,企業(yè)在融資過程中面臨的機(jī)遇和挑戰(zhàn)也不斷增多,特別是經(jīng)濟(jì)全球化日趨增強(qiáng),企業(yè)所面臨的來自國內(nèi)、國外的市場競爭更加激烈,不斷產(chǎn)生新的資本來源方式,資金來源環(huán)境和渠道也將變的更加廣闊和復(fù)雜。這就要求企業(yè)充分考慮影響資本結(jié)構(gòu)的各項因素,不斷提高企業(yè)資本質(zhì)量。 在當(dāng)前的實務(wù)中,很多企業(yè)還沒有真正重視資本結(jié)構(gòu)的重要性,不能夠合理的安排各種資金來源的比例結(jié)構(gòu),致使企業(yè)不能夠完全的價值最大化。股權(quán)分置問題導(dǎo)致了我國上市工資的融資結(jié)構(gòu)出現(xiàn)變化,如今企業(yè)更注重資本的長期性、系統(tǒng)性和計劃性。企業(yè)生命周期理論恰好為融資策略的制定和實施提供了一個很好的研究視角。在企業(yè)生命周期理論中,企業(yè)分為不同階段,企業(yè)成長到不同階段,其所處的外部競爭環(huán)境以及內(nèi)部治理結(jié)構(gòu)及組織結(jié)構(gòu)的完善程度,都將成為企業(yè)融資決策的重要影響因素。資本結(jié)構(gòu)問題雖然很早就被人們提出和研究,但是由于其研究指標(biāo)混亂,研究角度不同,所以不同學(xué)者得出的結(jié)果也各不相同。另外,對生命周期的研究大多使用的是主觀判斷為主的定性方法,對其與資本結(jié)構(gòu)結(jié)合的研究學(xué)者也為數(shù)不多,所以本文主要以國有控股上市公司為研究對象,采用實證和分析相結(jié)合的研究方法,研究國有控股上市公司資本結(jié)構(gòu)和生命周期之間的關(guān)系,分析資本結(jié)構(gòu)是否具有生命周期特征,從而為國有控股上市公司在不同階段制定合理的資本結(jié)構(gòu)提供一些參考,以提高其發(fā)展能力,實現(xiàn)企業(yè)價值最大化的財務(wù)目標(biāo),更好的服務(wù)國民經(jīng)濟(jì)發(fā)展。 二、研究內(nèi)容 本文在總結(jié)國內(nèi)外資本結(jié)構(gòu)研究的基礎(chǔ)上,選取DeAngelo在研究企業(yè)股利分配時企業(yè)生命周期分類方法,使用企業(yè)留存收益作為企業(yè)生命周期的特征變量對企業(yè)資本結(jié)構(gòu)進(jìn)行解釋,采用多元線性回歸方法,通過描述統(tǒng)計分析以及回歸分析,驗證企業(yè)資本結(jié)構(gòu)是否具有生命周期特征,并且根據(jù)結(jié)論分析每個周期階段不同的原因,從而指導(dǎo)國有控股上市公司根據(jù)自身發(fā)展階段制定適合自身發(fā)展的資本結(jié)構(gòu)水平。 1.理論部分 第一章,主要介紹了本文的選題背景和研究意義,從整體上對本文的研究方法以及研究內(nèi)容進(jìn)行簡單的介紹,并提出了本文的貢獻(xiàn)度,以及研究的不足之處。 第二章,首先對理論基礎(chǔ)進(jìn)行詳細(xì)闡述,主要包括企業(yè)生命周期理論和企業(yè)資本結(jié)構(gòu)理論兩部分,在相關(guān)理論介紹基礎(chǔ)之上對以往文獻(xiàn)進(jìn)行總結(jié)評述。企業(yè)生命周期理論主要從定性和定量兩個角度進(jìn)行理論總結(jié)分析,雖然研究學(xué)者眾多,但是到目前為止,此理論并沒有得到一個權(quán)威的定量方法進(jìn)行分類；企業(yè)資本結(jié)構(gòu)理論部分主要分為早期資本結(jié)構(gòu)觀點和現(xiàn)代資本結(jié)構(gòu)觀點。所有對資本結(jié)構(gòu)影響因素的研究視角大致可以分為三類：1.宏觀經(jīng)濟(jì)因素,如：一國的政治環(huán)境和國家整體經(jīng)濟(jì)增長率等(Rajan和Zingales、Booth、 Wald等)；2.公司的自身屬性特征因素,如：企業(yè)規(guī)模、盈利能力和多元化程度等(Bradley、Bowen、Long和Malitz等人)；3.公司內(nèi)部治理結(jié)構(gòu)因素,如：公司經(jīng)營者的經(jīng)驗和風(fēng)險的控制的完善程度等(Friend、Mehran、Berger等人、Moh'D等)。而本文對資本結(jié)構(gòu)的研究視角是基于企業(yè)生命周期理論。 第三章,以企業(yè)生命周期與資本結(jié)構(gòu)的關(guān)系理論為選擇變量的基礎(chǔ)理論,選取生命周期的特征變量,并從理論上分析每個特征因素對資本結(jié)構(gòu)的影響,在結(jié)合前人研究的基礎(chǔ)上,提出本文的研究假設(shè),本文主要研究國有控股上市企業(yè)資本結(jié)構(gòu)是否具有生命周期特征。 2.實證部分 實證部分主要由第四章和第五章組成,包括選擇的變量計算方法的介紹、回歸模型建立、樣本選擇以及回歸檢驗和最終的檢驗結(jié)果及分析。 第四章,實證設(shè)計。選取2006年的681家國有控股上市公司為樣本,在本章定義并詮釋被解釋變量和解釋變量,并提出檢驗?zāi)Ｐ汀?第五章,實證研究。首先對變量進(jìn)行描述性統(tǒng)計分析,初步探索本文研究的變量如何隨核心解釋變量的變化趨勢。接下來對本文的主要研究變量進(jìn)行相關(guān)性檢驗,得出每個自變量對因變量都有影響,且自變量之間自相關(guān)不顯著,最后對資本結(jié)構(gòu)與生命周期特征變量之間進(jìn)行回歸檢驗,通過結(jié)果分析得到各階段資本結(jié)構(gòu)確實不同,國有控股上市公司的資本結(jié)構(gòu)具有生命周期特征。 3.結(jié)論與啟示部分 第六章為結(jié)論、建議、不足及展望。首先,對本文的研究結(jié)果進(jìn)行總結(jié)分析；其次,針對結(jié)論為國有控股上市公司提出政策建議。最后對以后的研究進(jìn)行展望。 三、本文的主要貢獻(xiàn)、不足及未來研究方向 1.本文主要貢獻(xiàn) (1)本文選取的樣本更具有針對性,如果選取整個上市公司做研究,只能得出資本結(jié)構(gòu)的影響因素,但是將樣本具體化,那么研究得出的結(jié)果會更具有實踐意義。 (2)本文使用的DeAngelo等(2006)利用企業(yè)的留存收益率來度量樣本公司所處生命周期階段,在國內(nèi)較少有學(xué)者使用留存收益對資本結(jié)構(gòu)進(jìn)行解釋研究。 (3)進(jìn)一步對資本結(jié)構(gòu)是否有生命周期特征進(jìn)行驗證。 2.本文研究不足 不可否認(rèn),由于筆者自身理論水平有限,所以本文在研究過程中存在一些局限和不足,比如： (1)本文研究資本結(jié)構(gòu)是否具有生命周期特征,變量難以做出創(chuàng)新性調(diào)整,因而采取了以往研究使用過的變量。本文共選取681家國有控股上市公司的截面數(shù)據(jù)作文研究樣本,也許會有個別樣本在度量時會有偏差。 (2)筆者選取的生命周期代理變量可能存在一定的局限性。 (3)考慮到樣本涉及行業(yè)眾多,筆者沒有在變量研究中加入行業(yè)控制變量。 (4)本文的結(jié)論中企業(yè)成長能力(營業(yè)收入增長率)沒有得到假設(shè)相同的結(jié)論,是否存在其他關(guān)系,或者選取營業(yè)收入增長率是否科學(xué),以及有什么改進(jìn)方法,在進(jìn)一步研究中會繼續(xù)證明。 3.未來研究方向 在本文的最后還提出了未來的研究方向：本文在研究初期,設(shè)想能夠得出國有控股上市企業(yè)每個生命周期資本結(jié)構(gòu)(資產(chǎn)負(fù)債率)的確定比例,但是在考察樣本期間,發(fā)現(xiàn)其可操作難度非常大,或者選擇的樣本可能得不出研究結(jié)果,基于筆者理論與科研水平,最終放棄此設(shè)想,希望在未來的研究中能夠完善此設(shè)想。
[Abstract]:How to guarantee the sufficient development fund and the reliable source of financing is the main task of the enterprise's financial and strategic management, and in which, how to determine the proportion of the financing, to guarantee the low-cost financing and to reduce the financial risk, is the key content of the enterprise's financing decision-making, That is, the capital structure of the enterprise is determined. In that case of financial management and the development of the strategy, the general enterprise will pay special attention to the self-capital structure, because the reasonable capital structure is related to the high and low of the capital cost of the enterprise, thus affecting the development of the enterprise and the market competition. So whatever kind of business will put its own capital structure in a very important strategic position. Many foreign scholars have begun to study the financing problems of enterprises from the traditional mainstream theory to some new research perspective, such as the life-cycle angle of view, and have made some progress. The life cycle hypothesis compares the enterprise to a living body, and the growth to the different stages will show different characteristics, and the demand will also be different. The demand of the enterprise from the development of the enterprise to the different stages is different, and the profit ability of the enterprise in various stages can not guarantee the "self-sufficiency", When the enterprise is underfunded, only from the outside of the enterprise, therefore, according to the research of foreign scholars, the enterprise life cycle is an important factor of the capital structure. I. Study The purpose capital is the blood of the enterprise, it is the important driving force and the continuous of the enterprise's economic activity The driving force. For the enterprise, both the establishment and the development of the enterprise need to own and maintain a certain amount Capital structure, therefore, the importance of capital structure in the process of enterprise management and management is not With the development of the economy and the change of the environment, the opportunities and challenges faced by the enterprise in the financing process are increasing, especially the economic globalization is becoming more and more, the market competition from the domestic and the foreign countries is more intense, and the new capital is continuously generated The source mode, the source of funds and the channel will also become more extensive And complex. This requires the enterprise to take full consideration of the factors that affect the capital structure and continuously improve the enterprise resource. In the current practice, many enterprises do not really pay attention to the importance of the capital structure, and the proportion structure of various sources of funds can not be reasonably arranged, so that the enterprises can not be completely The value is maximized. The share-split problem has led to the change of the financing structure of the listed wages in our country, and now the enterprise pays more attention to the long-term capital of the capital, and the system The enterprise life cycle theory provides a good basis for the development and implementation of the financing strategy In the theory of enterprise life cycle, the enterprise is divided into different stages, and the enterprise grows to different stages. The external competition environment and the perfection of the internal governance structure and the organizational structure will become the weight of the enterprise's financing decision-making. In order to influence the factors, the capital structure problem has long been proposed and studied by the people, but because of the confusion of the research index and the different research angle, the result of the different scholars In addition, most of the research on the life cycle is the qualitative method based on the subjective judgment, and the research scholars in combination with the capital structure are few, so this paper mainly takes the state-controlled listed company as the research object, and adopts the combination of the demonstration and the analysis. The paper studies the relationship between the capital structure and the life cycle of the state-controlled listed company, and analyzes whether the capital structure has a life-cycle character, so as to provide some reference for the state-controlled listed company to make a reasonable capital structure at different stages, so as to improve the capital structure. The development capability of the enterprise is the financial target of maximizing the value of the enterprise, and the better service country The development of the people's economy. Secondly, on the basis of summarizing the research of capital structure at home and abroad, this paper chooses DeAngelo to study the enterprise life cycle classification method in the research of the enterprise's dividend distribution, and uses the retained earnings of the enterprise as the characteristic variable of the enterprise life cycle to the enterprise. The paper explains whether the capital structure of the enterprise has a life-cycle characteristic through the statistical analysis and the regression analysis by using the multi-element linear regression method, and according to the conclusion, The reason that the period is different, so as to guide the state-owned controlling listed company to formulate the appropriate self-development stage according to its own development stage the development of capital 1. In the first part of the theory part, the background and significance of the subject selection are introduced, the research methods and the contents of this paper are introduced in the whole, and the article is put forward. In the second chapter, the theoretical basis is described in detail, which mainly includes the enterprise life cycle theory and the enterprise capital structure theory. On the basis of the summary of the past literature, the enterprise life cycle theory is based on the theoretical summary and analysis of both the qualitative and quantitative angles, although the research scholars are numerous, so far, the theory has not The classification of an authoritative quantitative method is obtained; the theoretical part of the enterprise's capital structure is divided into the early stage The view of capital structure and the view of modern capital structure. All the factors that affect the capital structure The perspective of the study can be divided into three categories:1. Macroeconomic factors, such as the political environment of a country and the overall economic growth rate of the country (Rajan and Zingales) , Booth, Wald, etc.);2. Self-attribute factors of the company, such as the size of the enterprise, the profitability and the degree of diversification (Bradley, Bowen, L. ong and Malitz et al.);3. Internal governance structure factors, such as the degree of sophistication of the company's operator's experience and risk (Friend, Mehran, B Erger et al., Moh'D, etc.). The research angle is based on the enterprise life cycle theory. The third chapter, based on the relationship between the enterprise life cycle and the capital structure, selects the basic theory of the variable, selects the characteristic variable of the life cycle, and theoretically analyzes the effect of each characteristic factor on the capital structure, On the basis of human research, this paper puts forward the research hypothesis of this paper, and the main research of this paper is to study the state-owned holding capital knot of city enterprise 2. The empirical part of the empirical part is mainly composed of the fourth and the fifth chapter, including the introduction of the selected variable calculation method and the establishment of the regression model. Sample selection and regression The fourth chapter, the empirical design, selects 681 state-owned controlling listed companies in 2006 as samples, in this chapter Define and interpret the explained changes In chapter five, a descriptive statistical analysis is carried out on the variables. In this paper, we first explore how the variables studied in this paper will explain the variation trend of the variable with the core. Then, the main study variables in this paper are checked, and the effect of each independent variable on the dependent variable is obtained, and the self-correlation between the independent variables is not significant. and finally, a regression test is carried out between the capital structure and the life cycle characteristic variable, and the capital structure of each stage is obtained through the result analysis On the other hand, the state-owned holding company The Capital Structure of the City Company has the Characteristics of the Life Cycle 3. The conclusion, suggestion, deficiency and prospect of Chapter 6 of the conclusion and the enlightenment. Make a summary analysis; second, for knots The paper put forward the policy suggestion for the state-owned controlling listed company, and finally to be carried out in the future The main contribution, deficiency and future research direction of this paper are as follows: (1) The sample selected in this paper is more specific, such as The whole listed company is selected for research, and the capital contribution can only be made The effect factor of this structure, but the sample is concretized, then the result of the study will be more practical. (2) DeAngelo et al. (2006) used herein measures the sample using the retained rate of return of the enterprise. At the stage of the life cycle of the Company, a few scholars in the country use the retention and collection profit-to-capital structure Explain the study. (3) further verify the life cycle characteristics of the capital structure. There is no denying that, since the author's own theory level is limited, this article is in the process of the study some limitations and deficiencies, such as: (1) the present invention The paper studies whether the capital structure has a life-cycle character, and the variable is difficult to make an innovative adjustment, thus taking the variables used in the past research. In this paper, a total of 681 state-owned listed companies are selected to study the cross-section data composition of the listed companies In this case, there may be a deviation from the individual samples at the time of the measurement. (2) The life-cycle generation selected by the author (3) The author has not added the industrial control variable to the variable study. (4) The growth capacity of the enterprise (the growth rate of operating income) is not assumed to be the same in the conclusion of this paper. Conclusions, presence or absence of other relationships, or whether or not the growth rate of operating income is scientific, and what is the improvement method, will continue to be demonstrated in further studies.3. The future direction of research in this paper also puts forward the future research direction In the early stage of the study, it is envisaged that the proportion of the capital structure (asset-liability ratio) of each life-cycle capital structure of the state-owned controlled-listed enterprise can be obtained, but it is found that it is very difficult to operate during the investigation of the sample.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F276.1;F832.51;F224

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