本文關(guān)鍵詞： 經(jīng)濟(jì)發(fā)展方式 公司財(cái)務(wù) 行為選擇　出處：《西南財(cái)經(jīng)大學(xué)》2013年博士論文　論文類型：學(xué)位論文

【摘要】：改革開放30多年中國(guó)經(jīng)濟(jì)以近10%的速度發(fā)展,經(jīng)濟(jì)總量已躍居全球第二,令世界矚目。與此同時(shí),中國(guó)經(jīng)濟(jì)發(fā)展也面臨了新的問題與挑戰(zhàn)：不僅由于美國(guó)金融危機(jī)和接踵而來(lái)的歐洲主權(quán)債務(wù)危機(jī)影響到包括中國(guó)在內(nèi)的全球經(jīng)濟(jì)的發(fā)展,中國(guó)自身經(jīng)濟(jì)發(fā)展方式也存在著一系列不可忽視的問題。隨著我國(guó)經(jīng)濟(jì)總量的擴(kuò)大,經(jīng)濟(jì)要素的稀缺格局發(fā)生了重大變化,土地、礦產(chǎn)、水等自然資源越來(lái)越短缺,資源環(huán)境對(duì)經(jīng)濟(jì)發(fā)展的制約作用越來(lái)越突出。生產(chǎn)要素供求關(guān)系的變化,不僅要求從社會(huì)經(jīng)濟(jì)發(fā)展的動(dòng)力、結(jié)構(gòu)、質(zhì)量、效率、就業(yè)、分配、消費(fèi)、生態(tài)和環(huán)境等方面進(jìn)行調(diào)整,而且要求作為微觀基礎(chǔ)的公司必須適應(yīng)新的變化改變自身的生存與發(fā)展方式,相應(yīng)地在資源利用、能源耗費(fèi)、人力成本、科技創(chuàng)新、市場(chǎng)開發(fā)等方方面面重新作出定位。 這些宏觀層面經(jīng)濟(jì)政策的調(diào)整和微觀公司行為的改變都屬于經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變的一部分。然而,雖然目前很多人從宏觀經(jīng)濟(jì)角度研究經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變,但是鮮有人以公司財(cái)務(wù)行為選擇來(lái)研究經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變。從這個(gè)基本認(rèn)識(shí)出發(fā),本文試圖在系統(tǒng)梳理經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變和公司財(cái)務(wù)選擇行為的基礎(chǔ)上,著重探討公司財(cái)務(wù)行為選擇在宏觀經(jīng)濟(jì)背景下的調(diào)整與改變,實(shí)證檢驗(yàn)我國(guó)宏觀經(jīng)濟(jì)政策對(duì)微觀財(cái)務(wù)行為選擇的影響,并在此基礎(chǔ)上提出相關(guān)政策建議。 本文除導(dǎo)論外共分為五個(gè)部分： 第一部分：文獻(xiàn)綜述。該部分通過對(duì)經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變和財(cái)務(wù)行為理論及其實(shí)證的研究所涉及的相關(guān)內(nèi)容分析,回顧了國(guó)內(nèi)相關(guān)的研究角度。從理論基礎(chǔ)上對(duì)前人提出的思想進(jìn)行回顧,并對(duì)現(xiàn)在學(xué)術(shù)界相關(guān)學(xué)者的觀點(diǎn)進(jìn)行評(píng)述。 第二部分：經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變及其對(duì)公司財(cái)務(wù)行為選擇的影響。本章主要闡述了我國(guó)經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變對(duì)公司財(cái)務(wù)行為選擇的影響因素、利益沖突以及改變路徑等。其中,對(duì)當(dāng)前背景下公司財(cái)務(wù)行為選擇的價(jià)值取向、風(fēng)險(xiǎn)收益以及社會(huì)責(zé)任等均作了理論分析,不僅闡述了影響公司財(cái)務(wù)行為選擇價(jià)值取向的內(nèi)外部因素,討論了公司財(cái)務(wù)行為選擇價(jià)值與經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變間的關(guān)系,還從風(fēng)險(xiǎn)和收益的傳統(tǒng)財(cái)務(wù)角度出發(fā)探討了在經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變過程中公司核心價(jià)值觀的轉(zhuǎn)變對(duì)公司財(cái)務(wù)理念以及財(cái)務(wù)政策的影響,明確了在經(jīng)濟(jì)轉(zhuǎn)型過程中公司財(cái)務(wù)政策與社會(huì)責(zé)任的定位。 第三部分：公司財(cái)務(wù)行為方式：描述性分析。本章主要運(yùn)用描述統(tǒng)計(jì)分析的方法分行業(yè)探討了我國(guó)公司財(cái)務(wù)行為特征。其中,對(duì)于公司的融資行為特征主要通過資產(chǎn)負(fù)債率以及相關(guān)的財(cái)務(wù)指標(biāo)進(jìn)行分析,從中發(fā)現(xiàn)近10年我國(guó)公司的資產(chǎn)負(fù)債率處于逐步上升態(tài)勢(shì),其中房地產(chǎn)行業(yè)的上升趨勢(shì)最為明顯。而對(duì)于公司的投資行為來(lái)說,投資非效率問題仍然是目前面臨的主要問題。 第四部分：公司財(cái)務(wù)行為選擇：實(shí)證分析。本章基于最優(yōu)資本結(jié)構(gòu)以及最優(yōu)投資模型進(jìn)行模型設(shè)計(jì),運(yùn)用實(shí)證研究方法,分析了我國(guó)宏觀經(jīng)濟(jì)因素對(duì)于公司投融資主要財(cái)務(wù)行為選擇的影響。從中發(fā)現(xiàn),經(jīng)濟(jì)周期對(duì)各行業(yè)公司的投融資影響普遍顯著,而貨幣供應(yīng)量、稅收以及利率的影響則與行業(yè)相關(guān)。對(duì)公司財(cái)務(wù)行為解釋力最小的是我國(guó)的信貸規(guī)模。 第五部分：研究結(jié)論與啟示。本章對(duì)全文的研究進(jìn)行了歸納,梳理出主要結(jié)論,為我國(guó)的宏觀政策提出建議,并探討了研究的局限性以及后續(xù)研究的方向。 本文所涉及的是一個(gè)戰(zhàn)略性、前瞻性和現(xiàn)實(shí)性都很強(qiáng)的研究領(lǐng)域,也是一個(gè)跨學(xué)科交叉的新的研究領(lǐng)域。本文試圖在以下方面形成自己的特色,并實(shí)現(xiàn)創(chuàng)新。 第一,從研究視角看。已有公司財(cái)務(wù)研究大多基于微觀的視角和傳統(tǒng)的分析框架,雖然也注重對(duì)宏觀經(jīng)濟(jì)環(huán)境的分析考量,但多囿于表象的理論推演層面。本文著力在“宏觀經(jīng)濟(jì)環(huán)境”與“公司財(cái)務(wù)行為”的“契合點(diǎn)”上下功夫,將公司財(cái)務(wù)行為選擇置入經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變的大背景下,探討經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變下公司財(cái)務(wù)行為的模式、價(jià)值取向和特征,這無(wú)疑為本研究、也為后續(xù)研究者提供了一個(gè)新的研究視角和分析框架。 第二,從研究設(shè)計(jì)看。本文構(gòu)建了基于宏觀經(jīng)濟(jì)因素來(lái)研究公司財(cái)務(wù)行為的動(dòng)態(tài)投融資模型,并發(fā)現(xiàn)了影響公司財(cái)務(wù)行為的主要宏觀經(jīng)濟(jì)指標(biāo),凸顯了重要的政策價(jià)值和決策基礎(chǔ)。同時(shí),本文構(gòu)建的模型在引入宏觀層面和微觀層面因素的基礎(chǔ)上,采用了動(dòng)態(tài)面板數(shù)據(jù)進(jìn)行模型估計(jì),不僅考慮宏觀經(jīng)濟(jì)政策因素對(duì)公司投融資行為的直接影響,還考慮其對(duì)投融資行為速率變動(dòng)的間接影響。尤其是,本文在對(duì)模型進(jìn)行實(shí)證檢驗(yàn)時(shí),把“行業(yè)特征”作為影響公司財(cái)務(wù)行為的重要因素加以考量,有利于揭示行業(yè)特征變量導(dǎo)致的資本結(jié)構(gòu)和投資非效率問題。 第三,從研究發(fā)現(xiàn)看。本文提出了一些具有較強(qiáng)政策意義的觀點(diǎn)或結(jié)論,其中最主要的有三點(diǎn)：(1)在我國(guó)經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變的背景下,宏觀經(jīng)濟(jì)因素是影響公司財(cái)務(wù)行為選擇的的重要考量,不僅決定了公司外部的資本供給,還影響公司財(cái)務(wù)行為選擇的價(jià)值取向以及違約風(fēng)險(xiǎn)等。(2)轉(zhuǎn)變經(jīng)濟(jì)發(fā)展方式的關(guān)鍵,在于引導(dǎo)公司進(jìn)行不同的財(cái)務(wù)行為選擇,對(duì)于不同的行業(yè)應(yīng)當(dāng)區(qū)別對(duì)待,通過制定相應(yīng)的經(jīng)濟(jì)政策,改變公司外部環(huán)境約束,優(yōu)化公司財(cái)務(wù)行為,進(jìn)而促進(jìn)或?qū)崿F(xiàn)公司轉(zhuǎn)型；(3)轉(zhuǎn)變經(jīng)濟(jì)發(fā)展方式的著力點(diǎn),在于不斷增強(qiáng)公司適應(yīng)市場(chǎng)經(jīng)濟(jì)發(fā)展的要求創(chuàng)新能力,而不是單純依靠減稅政策給公司讓渡利益。 同時(shí),本文的實(shí)證分析發(fā)現(xiàn)：(1)公司的資產(chǎn)負(fù)債率普遍表現(xiàn)出順周期的特征。在經(jīng)濟(jì)上升周期,公司的資產(chǎn)負(fù)債率會(huì)顯著增加,而在下降周期,公司的資產(chǎn)負(fù)債率會(huì)相應(yīng)降低,且資產(chǎn)負(fù)債率的變動(dòng)速率會(huì)隨著經(jīng)濟(jì)周期的持續(xù)上升而加快。(2)貨幣政策會(huì)對(duì)一些產(chǎn)業(yè)的資產(chǎn)負(fù)債率,如第二產(chǎn)業(yè)中的采掘業(yè)等,產(chǎn)生較大影響,并且還會(huì)加大資本結(jié)構(gòu)變動(dòng)的速率。此外寬松的貨幣政策與投資過度也具有顯著關(guān)系。上述觀點(diǎn)或發(fā)現(xiàn),對(duì)于優(yōu)化公司財(cái)務(wù)行為選擇、促進(jìn)經(jīng)濟(jì)發(fā)展方式轉(zhuǎn)變都具有比較重要的指導(dǎo)意義或參考價(jià)值。
[Abstract]:30 years of reform and opening up Chinese economic development at the rate of 10%, total economic output has ranked second in the world, has attracted the attention of the world. At the same time, Chinese economic development is also facing new problems and challenges: not only because of the financial crisis in the United States and of the European sovereign debt crisis affecting Chinese, including the development of the global economy, its economic China the development also exist a series of problems can not be ignored. With the expansion of China's economy, great changes have taken place in the pattern of land scarcity, economic factors, mineral, water and other natural resources increasingly shortage of resources and environmental constraints on the role of economic development more and more prominent. The relation between supply and demand of production factors, not only the requirements from the power of social and economic development, structure, quality, efficiency, employment, distribution, consumption, ecological and environmental aspects of adjustment, but also to seek as a micro Foundation The company must adapt itself to the new changes, change its way of existence and development, and relocate its resources in terms of resource utilization, energy consumption, labor cost, technological innovation and market development.
The adjustment of these macro economic policies and micro behavior changes are part of the transformation of economic development mode. However, although many people change the current research from a macroeconomic perspective of economic development, but few people in the company's financial behavior to study the transformation of economic development mode. Starting from this basic concept, this article tries to the basic financial system combing the choice behavior of the transformation of economic development pattern and the company, focuses on the company's financial behavior adjustment and changes in the macroeconomic context, empirical test of the effect of China's macro economic policy of micro financial behavior, and on this basis, puts forward relevant policy suggestions.
In addition to the introduction, this article is divided into five parts:
The first part: literature review. This part through the analysis of relevant content on the transformation of the mode of economic development and financial behavior theory and empirical involved, reviewed the related research angle. Review of predecessors from the theory on the basis of the theory, and evaluates present academic views of relevant scholars.
The second part: the effect of changing the mode of economic development and the company's financial behavior. This chapter mainly expounds the transformation of China's economic development pattern influence factors on the choice of corporate financial behavior, the conflict of interest and change the path. Among them, the value orientation of current financial background, selection, risk benefit and social responsibility all the theoretical analysis not only explains the influence of corporate financial behavior selection of internal and external factors of value orientation, discusses the relationship between value and transformation of the mode of economic development between the company's financial behavior, also discussed the influence of Companies in the process of transformation of economic development mode in the transformation of the core values of corporate finance and financial policy from the concept the risks and benefits of the traditional financial point of view, clearly positioning the company's financial policy and social responsibility in the process of economic transformation.
The third part: corporate finance behavior: a descriptive analysis method. This chapter mainly uses the descriptive statistical analysis of the industry characteristics of the financial behavior of our company. Among them, the characteristics of the financing behaviors of companies through asset liability ratio and related financial indexes analysis, found in China in the past 10 years the company's assets and liabilities the rate is gradually rising trend, the upward trend of the real estate industry is the most obvious. But for the company's investment behavior, investment efficiency problem is still the main problem at present.
The fourth part: the choice of corporate financial behavior: an empirical analysis. In this chapter, the optimal capital structure and optimal investment model based on model design, the use of empirical research methods, analysis of the macroeconomic factors of China's impact on corporate investment behavior. The main financial financing choice from the economic cycle of the industry generally significant investment company's influence financing, money supply, interest rate and tax effects are associated with the industry. The company's financial behavior explanation is the smallest in China credit scale.
The fifth part: research conclusions and inspiration. This chapter summarizes the whole research, and summarizes the main conclusions, and puts forward suggestions for our macroeconomic policy, and discusses the limitations of the research and the direction of future research.
This paper is a strategic, forward-looking and realistic research field. It is also a new research field which is interdisciplinary. This paper attempts to form its own characteristics and achieve innovation in the following aspects.
First, from the perspective of research. Research has been mostly company financial micro perspective and the traditional analysis framework based on the analysis, although pay attention to the macroscopic economic environment considerations, but limited representation of the theory level. This article focuses on the macroeconomic environment and the company's financial behavior "of the" meeting point ". Kung Fu, will be the company's financial behavior transformation background in the mode of economic development, to explore the transformation of the mode of economic development under the company's financial behavior pattern, value orientation and characteristics, this is undoubtedly for the research, but also for the subsequent researchers provided a new research perspective and analytical framework.
Second, from the research design. This paper constructs a dynamic study on corporate financial behavior based on macroeconomic factors of the investment and financing model, and found the main macroeconomic indicators affecting the company's financial behavior, highlighting the important value of policy and decision basis. At the same time, the model constructed in this paper based on the introduction of factors of macro level and micro level on the dynamic panel data estimation model, considering not only the direct impact of macroeconomic policy factors on the company's investment behavior, but also consider the indirect influence on the investment and financing behavior of rate changes. Especially, based on the empirical test of the model, the characteristics of the industry "as an important factor affecting the company's financial behavior to be considered, it is helpful to reveal the characteristics of the industry variables leads to capital structure and non efficiency investment.
Third, look at the findings from the research. This paper puts forward some policy implications with a strong opinion or conclusion, one of the most important three points: (1) in the transformation of China's economic development pattern under the background of macro economic factors affecting the company's financial behavior important considerations, not only determines the company's external capital supply, choice of value orientation also affect the company's financial behavior and default risk. (2) the key to change the mode of economic development, the financial behavior of different choices is to guide the company to different industries should be treated differently, through formulating economic policies, changes in external environment constraints, optimize the company's financial behavior, and to promote or achieve the transformation of the company; (3) to change the mode of economic development, and constantly enhance the company is to meet the requirement of market economy development innovation ability, and not rely solely on the tax administration Policy gives the company the benefit.
At the same time, the empirical analysis found that: (1) the company's assets and liabilities generally showed cyclical characteristics. In a rising cycle of the economy, the company's asset liability ratio will increase significantly, while the decline in the period, the company's asset liability ratio will be reduced, the rate of change and the rate of assets and liabilities will be increased with duration the rise of the economic cycle. (2) the monetary policy of the industry rate of assets and liabilities, such as the second industry in the mining industry, have a greater impact, and will increase the rate of change of capital structure. In addition the monetary policy easing over and investment also has a significant relationship. The ideas or discoveries, to optimize the company's financial behavior selection, promotion has important guiding significance and reference value to change the mode of economic development.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類號(hào)】：F120.3;F279.23

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