發(fā)布時(shí)間：2018-04-29 05:23

  本文選題：債權(quán)人保護(hù) + 金融發(fā)展�。� 參考：《重慶大學(xué)》2014年碩士論文

【摘要】：關(guān)于公司資本結(jié)構(gòu)的研究，學(xué)術(shù)界從宏微觀層面進(jìn)行了大量而富有成效的研究。他們從宏觀經(jīng)濟(jì)因素、公司特征因素、財(cái)務(wù)因素、治理因素等方面進(jìn)行了較為深入的分析。近年來，學(xué)術(shù)界也開始從制度背景如市場(chǎng)化程度、金融發(fā)展、產(chǎn)品市場(chǎng)發(fā)育度等方面對(duì)上市公司資本結(jié)構(gòu)的影響和最優(yōu)資本結(jié)構(gòu)的選擇進(jìn)行分析。法律環(huán)境作為制度背景中影響資本結(jié)構(gòu)的重要因素，自然受到國內(nèi)外學(xué)者的廣泛關(guān)注。但從現(xiàn)有的研究成果來看，他們主要從法制環(huán)境抑或是投資者保護(hù)（主要基于股東權(quán)利）對(duì)公司資本結(jié)構(gòu)影響進(jìn)行具體分析。而法律對(duì)債權(quán)人保護(hù)進(jìn)而對(duì)公司資本結(jié)構(gòu)的影響研究則涉及較少。且現(xiàn)有的結(jié)果表明，金融發(fā)展與公司資本結(jié)構(gòu)呈相關(guān)關(guān)系，債權(quán)人保護(hù)與金融發(fā)展呈相關(guān)關(guān)系，但尚無直接證據(jù)證明債權(quán)人保護(hù)與公司資本結(jié)構(gòu)呈相關(guān)關(guān)系。 中國正處于市場(chǎng)化改革的攻堅(jiān)階段，隨著我國法律制度的不斷完善，金融市場(chǎng)化的不斷深入，，公司融資方式和融資決策也在發(fā)生變化，這些變化將對(duì)公司資本結(jié)構(gòu)產(chǎn)生重要影響。因此，本文從制度背景出發(fā)，在研究債權(quán)人保護(hù)對(duì)金融發(fā)展和金融發(fā)展對(duì)公司資本結(jié)構(gòu)的影響的基礎(chǔ)上，分析債權(quán)人保護(hù)對(duì)金融發(fā)展進(jìn)而公司資本結(jié)構(gòu)的影響。 本文首先利用中國30個(gè)省、自治區(qū)和直轄市1995-2012的省級(jí)面板數(shù)據(jù)對(duì)我國各地區(qū)債權(quán)人保護(hù)情況進(jìn)行測(cè)度，結(jié)果發(fā)現(xiàn)，我國各地區(qū)債權(quán)人保護(hù)綜合指數(shù)和債權(quán)人保護(hù)執(zhí)法水平隨時(shí)間的推移在不斷加強(qiáng)，但同一年度內(nèi)債權(quán)人保護(hù)綜合指數(shù)及其執(zhí)法水平在不同地區(qū)存在較大差異。進(jìn)一步我們發(fā)現(xiàn)，債權(quán)人保護(hù)綜合指數(shù)、債權(quán)人保護(hù)立法和債權(quán)人保護(hù)執(zhí)法水平對(duì)金融發(fā)展具有正向影響。其次，我們采用中國滬深兩市1999-2012年A股上市公司的數(shù)據(jù)就我國債權(quán)人保護(hù)和金融發(fā)展對(duì)公司資本結(jié)構(gòu)的影響研究表明，在控制企業(yè)內(nèi)外部因素后，金融發(fā)展對(duì)公司資本結(jié)構(gòu)具有正向影響。進(jìn)而我們研究發(fā)現(xiàn)，在金融發(fā)展較好的地區(qū)，債權(quán)人保護(hù)綜合指數(shù)及其立法水平對(duì)公司資本結(jié)構(gòu)具有負(fù)向影響，債權(quán)人保護(hù)執(zhí)法水平對(duì)公司資本結(jié)構(gòu)具有正向影響。最后，我們根據(jù)本文的研究結(jié)果，提出一些簡單的政策建議。
[Abstract]:On the research of corporate capital structure, academic circles have carried out a lot of fruitful research from macro-micro level. They have carried on the thorough analysis from the macroeconomic factor, the company characteristic factor, the finance factor, the governance factor and so on. In recent years, the academic circles have also begun to analyze the influence of capital structure and the choice of optimal capital structure of listed companies from the aspects of institutional background such as marketization, financial development, product market development and so on. Legal environment, as an important factor influencing capital structure in institutional background, naturally attracts wide attention of scholars at home and abroad. But from the current research results, they mainly from the legal environment or investor protection (mainly based on the rights of shareholders) to analyze the impact of the company's capital structure. However, the research on the impact of the law on creditor protection and on the capital structure of the company is less concerned. The existing results show that financial development and corporate capital structure are correlated, creditor protection and financial development are correlated, but there is no direct evidence to prove that creditor protection and corporate capital structure are correlated. China is in the crucial stage of market-oriented reform. With the continuous improvement of China's legal system and the deepening of financial marketization, corporate financing methods and financing decisions are also changing. These changes will have an important impact on the company's capital structure. Therefore, based on the institutional background, this paper analyzes the impact of creditor protection on financial development and corporate capital structure on the basis of studying the impact of creditor protection on financial development and financial development on corporate capital structure. This paper first uses the provincial panel data of 30 provinces, autonomous regions and municipalities directly under the Central Government to measure the situation of creditor protection in various regions of China. The comprehensive index of creditor protection and the level of enforcement of creditor protection in various regions of China have been strengthened with the passage of time, but the comprehensive index of creditor protection and the level of enforcement of the comprehensive index of creditor protection have great differences in different regions in the same year. Furthermore, we find that the comprehensive index of creditor protection, creditor protection legislation and creditor protection enforcement have a positive impact on financial development. Secondly, using the data of A-share listed companies in China's Shanghai and Shenzhen stock markets from 1999 to 2012, the study on the impact of creditor protection and financial development on the capital structure of the companies shows that, after controlling the internal and external factors of enterprises, Financial development has a positive impact on corporate capital structure. Furthermore, we find that the comprehensive index of creditor protection and its legislative level have a negative impact on the capital structure of the company in the areas where the financial development is better, and the level of creditor protection and enforcement has a positive impact on the capital structure of the company. Finally, according to the research results, we put forward some simple policy recommendations.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832;D922.28

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