本文選題：CFO影響力　切入點(diǎn)：資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整　出處：《安徽大學(xué)》2017年碩士論文

【摘要】：早期學(xué)者們對(duì)于資本結(jié)構(gòu)的研究主要基于靜態(tài)資本結(jié)構(gòu)理論,直到上個(gè)世紀(jì)80年代Jalivand和Harris的研究開啟了資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的新篇章。隨后,基于動(dòng)態(tài)調(diào)整的資本結(jié)構(gòu)優(yōu)化問題便成為國(guó)內(nèi)外學(xué)者的研究熱點(diǎn)�，F(xiàn)有研究表明,隨著內(nèi)外部環(huán)境的不斷變化,公司不可避免的會(huì)偏離其目標(biāo)資本結(jié)構(gòu),為了適應(yīng)企業(yè)發(fā)展的需要和提升公司價(jià)值,決策者必然會(huì)對(duì)資本結(jié)構(gòu)進(jìn)行調(diào)整使其盡可能地接近目標(biāo)水平。但是,資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整并不是企業(yè)負(fù)債與權(quán)益資本比例的簡(jiǎn)單調(diào)節(jié),其調(diào)整速度和優(yōu)化行為會(huì)受到內(nèi)外部環(huán)境變化的影響而處于不斷地動(dòng)態(tài)調(diào)整當(dāng)中。當(dāng)前國(guó)內(nèi)外學(xué)者主要從企業(yè)特征、行業(yè)性質(zhì)和宏觀環(huán)境層面研究資本結(jié)構(gòu)調(diào)整的影響因素,產(chǎn)生了豐碩的學(xué)術(shù)成果。然而,這些研究都把管理者視為同質(zhì),忽視了管理者異質(zhì)性對(duì)資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的影響。而作為公司財(cái)務(wù)管理和決策過程中核心人物的CFO,優(yōu)化資本結(jié)構(gòu),提升公司價(jià)值無疑是其工作的重要內(nèi)容。在企業(yè)不斷發(fā)展的過程當(dāng)中,面對(duì)紛繁復(fù)雜的融資決策環(huán)境,CFO的影響力是否會(huì)對(duì)資本結(jié)構(gòu)產(chǎn)生影響呢?本文基于高層梯隊(duì)理論、動(dòng)態(tài)權(quán)衡理論、委托代理理論和人力資本理論,試圖探索CFO影響力與公司資本結(jié)構(gòu)決策之間的關(guān)系,并進(jìn)一步探討大股東持股情況是否會(huì)影響CFO的決策行為。本文共分五個(gè)部分進(jìn)行研究論述。第一部分為緒論,主要闡述了本文的研究背景及意義,梳理了國(guó)內(nèi)外相關(guān)研究現(xiàn)狀,介紹本文的研究思路、方法及創(chuàng)新點(diǎn)。第二部分為相關(guān)概念界定與理論基礎(chǔ),在這一部分中對(duì)CFO影響力、資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整等基本概念做出明確界定并介紹本文研究所基于的理論基礎(chǔ),包括高層梯隊(duì)理論、動(dòng)態(tài)權(quán)衡理論、委托代理理論和人力資本理論。第三部分為理論分析與研究假設(shè),本部分梳理了我國(guó)CFO制度的歷史沿革,對(duì)我國(guó)上市公司資本結(jié)構(gòu)現(xiàn)狀進(jìn)行分析,深入剖析了 CFO影響力與資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的作用機(jī)理,并在此基礎(chǔ)上提出本文的研究假設(shè)。第四部分為實(shí)證研究,以2011-2015年我國(guó)滬深兩市A股上市公司為研究樣本,設(shè)計(jì)變量指標(biāo),創(chuàng)建回歸模型,通過對(duì)選取變量進(jìn)行描述性統(tǒng)計(jì)、相關(guān)性分析以及多元回歸分析來驗(yàn)證提出的研究假設(shè),并進(jìn)一步檢驗(yàn)股權(quán)結(jié)構(gòu)對(duì)CFO優(yōu)化資本決策的影響。第五部分為研究結(jié)論與政策建議,本文研究結(jié)果表明:(1)作為公司最高財(cái)務(wù)負(fù)責(zé)人的CFO,其較強(qiáng)的影響力會(huì)對(duì)資本結(jié)構(gòu)決策產(chǎn)生重要且正面的影響。(2)CFO在組織、專業(yè)、和聲譽(yù)三個(gè)層面上擁有較強(qiáng)的影響力均有利于加快資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的速度、降低資本結(jié)構(gòu)偏離目標(biāo)結(jié)構(gòu)的程度,CFO的所有權(quán)影響力與資本結(jié)構(gòu)決策之間沒有顯著的相關(guān)性。(3)只有當(dāng)不存在絕對(duì)控股股東時(shí),CFO的影響力才會(huì)對(duì)資本結(jié)構(gòu)決策產(chǎn)生顯著影響。這表明CFO的影響力對(duì)資本結(jié)構(gòu)的優(yōu)化是有一定條件的。
[Abstract]:The study of capital structure by early scholars was mainly based on static capital structure theory, until the study of Jalivand and Harris in 1980s opened a new chapter in the dynamic adjustment of capital structure. The problem of capital structure optimization based on dynamic adjustment has become a hot topic for scholars at home and abroad. Existing studies show that with the constant changes of internal and external environment, companies will inevitably deviate from their target capital structure. In order to meet the needs of enterprise development and enhance the value of the company, the decision makers will inevitably adjust the capital structure so that it is as close to the target level as possible. The dynamic adjustment of capital structure is not a simple adjustment of the ratio of enterprise debt to equity capital. The adjustment speed and optimization behavior will be affected by the change of internal and external environment, and they will be in the process of dynamic adjustment. At present, scholars at home and abroad are mainly studying the influencing factors of capital structure adjustment from the aspects of enterprise characteristics, industry nature and macro environment. It has produced fruitful academic results. However, these studies all regard managers as homogenous. The influence of the heterogeneity of managers on the dynamic adjustment of capital structure is ignored, and CFO, as the key person in the process of financial management and decision-making, is used to optimize the capital structure. The promotion of corporate value is undoubtedly an important part of its work. In the process of continuous development of enterprises, will the influence of CFO influence on capital structure in the face of complex financing decision-making environment? Based on high-level echelon theory, dynamic tradeoff theory, principal-agent theory and human capital theory, this paper attempts to explore the relationship between CFO influence and corporate capital structure decision. This paper is divided into five parts to discuss. The first part is the introduction, mainly expounds the research background and significance of this paper, combs the domestic and foreign related research status. This paper introduces the research ideas, methods and innovations. The second part is related to the definition of concepts and theoretical basis, in this part of the influence on CFO, The basic concepts such as the dynamic adjustment of capital structure are clearly defined and the theoretical basis of this paper is introduced, including high-level echelon theory, dynamic tradeoff theory, dynamic tradeoff theory and so on. The third part is the theoretical analysis and research hypotheses, this part combs the history of the CFO system of our country, analyzes the present situation of the capital structure of the listed companies in our country. This paper deeply analyzes the mechanism of the dynamic adjustment of CFO influence and capital structure, and puts forward the research hypotheses of this paper. The fourth part is an empirical study, taking the A-share listed companies of Shanghai and Shenzhen stock markets in China from 2011-2015 as the research sample. Design variable index, build regression model, verify the research hypothesis by descriptive statistics, correlation analysis and multiple regression analysis. The fifth part is the conclusion of the research and policy recommendations. The results of this study show that the CFO, as the top financial officer of the company, has a strong influence on the capital structure decision. Having strong influence on the three levels of reputation and reputation is conducive to speeding up the dynamic adjustment of the capital structure. Reducing the degree of capital structure deviation from the target structure: there is no significant correlation between the ownership influence of CFO and the capital structure decision.) only when there is no absolute controlling shareholder can the influence of CFO produce on the capital structure decision. This indicates that the influence of CFO has certain conditions for the optimization of capital structure.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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