【摘要】：近年來,隨著我國(guó)經(jīng)濟(jì)結(jié)構(gòu)調(diào)整,我國(guó)上市公司對(duì)市場(chǎng)進(jìn)行了適應(yīng)性調(diào)整。隨著對(duì)資本結(jié)構(gòu)研究從不同角度、不同維度的逐步深入和全面豐富,對(duì)資本結(jié)構(gòu)理論的應(yīng)用范疇也越來越廣泛。權(quán)衡理論認(rèn)為,上市公司普遍存在著目標(biāo)資本結(jié)構(gòu),但基于對(duì)調(diào)整風(fēng)險(xiǎn)、成本等因素的考量,公司做出向目標(biāo)資本結(jié)構(gòu)調(diào)整的決策往往都只是局部調(diào)整,這種決策后果就導(dǎo)致資本結(jié)構(gòu)較高頻率處于偏離其目標(biāo)值的波動(dòng)狀態(tài)。公司資本結(jié)構(gòu)朝目標(biāo)值動(dòng)態(tài)調(diào)整的這一過程實(shí)際上是各種影響成分綜合作用的結(jié)果,包括公司自身層面特質(zhì)因素,也包括行業(yè)特征因素和宏觀經(jīng)濟(jì)政策等因素。隨著中國(guó)經(jīng)濟(jì)脫虛向?qū)?上市公司作為承載實(shí)體經(jīng)濟(jì)發(fā)展的重要載體也不斷地在推動(dòng)市場(chǎng)的發(fā)展。我國(guó)有不同于發(fā)達(dá)國(guó)家的市場(chǎng)特征,因此對(duì)我國(guó)企業(yè)資本結(jié)構(gòu)調(diào)整的研究,有助于為企業(yè)結(jié)構(gòu)優(yōu)化提供參考,為市場(chǎng)發(fā)展提供依據(jù)。本文采用局部動(dòng)態(tài)調(diào)整模型,以2005-2015年我國(guó)A股市場(chǎng)1792家制造業(yè)細(xì)分領(lǐng)域數(shù)據(jù)為樣本,結(jié)合客戶集中度這個(gè)外部利益相關(guān)者微觀特質(zhì)作為代理變量,考察其對(duì)上市公司資本結(jié)構(gòu)調(diào)整的偏離度和調(diào)整速度的作用效果。本文首先分析、確定目標(biāo)資本結(jié)構(gòu)的存在性,對(duì)最優(yōu)資本結(jié)構(gòu)進(jìn)行擬合,然后結(jié)合資本結(jié)影響因素進(jìn)行剖析,在此基礎(chǔ)上實(shí)證檢驗(yàn)、測(cè)算資本結(jié)構(gòu)調(diào)整的偏離度和調(diào)整速度,解釋公司普遍存在的資本結(jié)構(gòu)調(diào)整行為并分析效果。通過構(gòu)建的測(cè)算模型,考察外部利益相關(guān)者客戶集中度這個(gè)特殊影響因素對(duì)調(diào)整偏離度和調(diào)整速度的具體影響,并引入景氣指數(shù)Hg等指標(biāo)探求經(jīng)濟(jì)周期這個(gè)宏觀因素對(duì)資本結(jié)構(gòu)的作用效果。最后,本文根據(jù)客戶集中度差異化,深度解析各個(gè)經(jīng)濟(jì)周期階段下資本結(jié)構(gòu)調(diào)整的偏離度和調(diào)整速度。實(shí)證結(jié)果表明:(1)上市公司的客戶集中度越高,其資本結(jié)構(gòu)偏離度越小,調(diào)整速度越快;(2)經(jīng)濟(jì)越景氣,企業(yè)資本結(jié)構(gòu)偏離度越低,資本結(jié)構(gòu)調(diào)整速度越快;(3)經(jīng)濟(jì)越景氣、客戶集中度越高,資本結(jié)構(gòu)調(diào)整速度越快。
[Abstract]:In recent years, with the adjustment of China's economic structure, listed companies in China have made adaptive adjustments to the market. With the study of capital structure from different angles and the gradual deepening and enrichment of different dimensions, the application category of capital structure theory is becoming more and more extensive. According to the tradeoff theory, there is a general target capital structure in listed companies, but based on the consideration of adjustment risk, cost and other factors, the decision to adjust the target capital structure is often only local adjustment, which leads to the high frequency of capital structure in a fluctuating state that deviates from its target value. The process of dynamic adjustment of corporate capital structure to the target value is actually the result of the comprehensive effect of various influencing components, including the specific factors at the level of the company itself, as well as the factors such as industry characteristics and macroeconomic policies. With the development of Chinese economy, listed companies, as an important carrier to carry the development of real economy, are constantly promoting the development of the market. China has different market characteristics from developed countries, so the study of the adjustment of enterprise capital structure in China is helpful to provide reference for the optimization of enterprise structure and the basis for market development. In this paper, the local dynamic adjustment model is used to investigate the effect of local dynamic adjustment model on the deviation degree and adjustment speed of capital structure adjustment of listed companies, taking the data of 1792 manufacturing segments in China's A-share market from 2005 to 2015 as samples and combining the micro-characteristics of external stakeholders, such as customer concentration, as agency variables. This paper first analyzes and determines the existence of the target capital structure, fits the optimal capital structure, and then analyzes the influencing factors of the capital structure. On this basis, it calculates the deviation degree and adjustment speed of the capital structure adjustment, explains the common capital structure adjustment behavior of the company and analyzes the effect. Through the calculation model, this paper investigates the specific influence of the customer concentration of external stakeholders on the adjustment deviation and adjustment speed, and introduces the weather index Hg to explore the effect of the macro factor of economic cycle on the capital structure. Finally, according to the difference of customer concentration, this paper deeply analyzes the deviation degree and adjustment speed of capital structure adjustment in each economic cycle. The empirical results show that: (1) the higher the customer concentration of listed companies is, the smaller the deviation degree of capital structure is, the faster the adjustment speed is; (2) the more prosperous the economy is, the lower the deviation degree of capital structure is, the faster the adjustment speed of capital structure is; (3) the more prosperous the economy is, the higher the customer concentration is, the faster the adjustment speed of capital structure is.
【學(xué)位授予單位】：華中農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F425;F832.51

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