本文選題：國有控股上市公司 + 資本結構　； 參考：《河北經貿大學》2017年碩士論文

【摘要】：企業(yè)不同的資本結構往往會形成不同的治理結構,并帶來不同的治理效果。國有控股上市公司因控股股東的政府屬性或政府背景,形成了公司特有的股權結構、資本結構,成為影響公司治理結構和治理水平的重要因素。長期以來,國有控股企業(yè)績效不佳,與國有控股企業(yè)特殊的股權結構、資本結構有著密切的因果關系。結合國有控股企業(yè)的特殊股權結構背景,研究國有控股企業(yè)的資本結構特點、影響因素,探討資本結構改進的方法與條件,對改善國有控股公司的治理水平和經營業(yè)績非常重要。本文利用41家國有控股上市企業(yè)2007-2015年間的財務指標,以資產負債率作為被解釋變量,以國有股持股比例、盈利能力等因素作為解釋變量。利用面板數(shù)據(jù)對資本結構的影響因素進行靜態(tài)檢驗,接著采用廣義距估計方法(GMM方法)對資本結構進行動態(tài)研究。研究發(fā)現(xiàn),國有股持股比例和資本結構顯著負相關,即國有股比例越高,企業(yè)負債水平越低;其他解釋變量與資產負債率的關系是:盈利能力、流動性、非債務稅盾與資產負債率顯著負相關;相反,資產有形性、公司規(guī)模與資產負債率表現(xiàn)出顯著正相關。論文由五部分組成。(1)引言。主要介紹了本文研究背景、意義、核心概念以及國內外對資本結構的研究綜述。簡要梳理了本文的研究方法、框架結構以及創(chuàng)新點。(2)資本結構相關理論概述。包括MM理論、權衡理論、代理成本理論、控制權理論等。(3)描述性統(tǒng)計分析。以樣本公司的財務數(shù)據(jù)為依據(jù),對國有控股上市公司的融資渠道、融資結構現(xiàn)狀進行了統(tǒng)計分析,指出了國有控股企業(yè)資本結構存在的問題并對存在的問題進行了分析。(4)實證檢驗。以41家國國有控股上市公司的相關數(shù)據(jù)當作樣本,從靜態(tài)和動態(tài)兩個方面來進行建模分析。和靜態(tài)固定效應模型進行對比,動態(tài)模型的大部分參數(shù)估計值都和預期相吻合,并且具有較高的顯著性水平。(5)結論與建議。對國有控股上市公司資本結構整體情況及影響因素進行歸納,并就如何完善資本結構提出了建議。
[Abstract]:Different capital structures often form different governance structures and bring different governance effects. State-owned holding listed companies have formed the company's unique ownership structure because of the government property or government background of controlling shareholders. The capital structure has become an important factor affecting the corporate governance structure and governance level. For a long time, state control has been controlled by state control. It has a close causal relationship with the special ownership structure and capital structure of the state-owned holding enterprises. Combining the special ownership structure background of the state-owned holding enterprises, this paper studies the characteristics of the capital structure of the state-owned holding enterprises and the influencing factors, and probes into the methods and conditions for the improvement of the capital structure, so as to improve the governing water of the state holding companies. In this paper, we use the financial indicators of the holding listed companies in 41 countries for 2007-2015 years, taking the asset liability ratio as the explanatory variable, taking the proportion of the state-owned shares and profitability as explanatory variables. The static test of the factors of the capital structure by the panel data is used, and then the generalized distance estimation is adopted. The study found that the share ratio of the state-owned shares and the capital structure are negatively related, that is, the higher the proportion of the state-owned shares, the lower the level of the debt, the relationship between the other explanatory variables and the asset liability ratio is that the profitability, liquidity, the non debt tax shield and the assets and liabilities rates are negatively correlated; on the contrary, the relationship between the GMM and the asset liability ratio is negatively related to the asset and liability ratio. There is a significant positive correlation between the size of the company and the ratio of assets and liabilities. The thesis is composed of five parts. (1) introduction. It mainly introduces the background, significance, core concept and the research summary of capital structure at home and abroad. It briefly combs the research method, frame structure and innovation point of this paper. (2) the related theory of capital structure. It includes MM theory, trade-off theory, agency cost theory, control right theory and so on. (3) descriptive statistical analysis. Based on the financial data of Sample Firms, this paper makes a statistical analysis on the financing channels of state-owned listed companies and the present situation of financing structure, points out the existing problems of capital structure of state-owned stock control enterprises and advances the existing problems. Analysis. (4) empirical test. Taking the related data of 41 state owned listed companies as samples, modeling analysis from two aspects of static and dynamic. Compared with static fixed effect model, most of the parameters of the dynamic model are consistent with expectations, and have higher significant level. (5) conclusion and construction. The overall situation and influencing factors of capital structure of state holding listed companies are summarized, and suggestions on how to improve the capital structure are put forward.

【學位授予單位】：河北經貿大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

【相似文獻】

相關期刊論文 前10條

1 金健文;目標資本結構的確定探析[J];華東經濟管理;2002年04期

2 鄧智明;淺析資本結構的影響因素[J];時代財會;2003年08期

3 李曜;上市公司的雙層資本結構——加拿大的經驗及對我國的啟示[J];證券市場導報;2003年06期

4 鄒芳莉,洪正;最優(yōu)資本結構還是有效資本結構?[J];河北經貿大學學報;2004年01期

5 吳可夫;資本與資本結構的影響因素[J];企業(yè)經濟;2004年01期

6 李志國;;試論我國中小企業(yè)資本結構的現(xiàn)狀及其優(yōu)化[J];常州工學院學報;2006年03期

7 楊楓;;資本結構經典文獻簡介——稅收與公司資本結構關系研究[J];北方經濟;2006年20期

8 呂娜;;試析資本結構的評價及優(yōu)化[J];理論界;2006年12期

9 趙勇;薛軍;;遼寧國有資本結構調整對策研究[J];合作經濟與科技;2007年02期

10 陽玉香;;資本結構的行業(yè)模式:來自中國上市公司的經驗證據(jù)[J];商場現(xiàn)代化;2007年18期

相關會議論文 前10條

1 吳尚宗;;企業(yè)整體資本結構評級和優(yōu)化問題研究[A];中國會計學會2006年學術年會論文集（下冊）[C];2006年

2 王培欣;李文華;向廷勛;;我國上市公司終極控制權與資本結構關系的實證研究[A];中國會計學會高等工科院校分會2010年學術年會論文集[C];2010年

3 楊慧輝;;“中小企業(yè)板”對改善中小企業(yè)資本結構的實證分析[A];中國會計學會高等工科院校分會2005年學術年會暨第十二屆年會論文集[C];2005年

4 范蕊;;貨幣政策、企業(yè)性質和資本結構[A];中國會計學會2012年學術年會論文集[C];2012年

5 侯金旺;侯衛(wèi)強;;揭開資本結構之迷[A];第三屆海峽兩岸會計學術研討會論文集[C];2011年

6 納鵬杰;納超洪;;產品市場、資本結構與公司戰(zhàn)略[A];中國會計學會2006年學術年會論文集（下冊）[C];2006年

7 李小軍;王平心;;終極控制權、股權結構與資本結構[A];中國會計學會高等工科院校分會2007年學術年會暨第十四屆年會論文集[C];2007年

8 趙自強;熊筱燕;易秋e，

本文編號：1800263