本文關(guān)鍵詞：利率市場化對上市公司資本結(jié)構(gòu)的影響研究　出處：《陜西科技大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 利率市場化 資本結(jié)構(gòu) 動態(tài)調(diào)整 產(chǎn)權(quán)性質(zhì)

【摘要】：資本結(jié)構(gòu)作為“財務(wù)理論的主流”之一,一直備受關(guān)注。資本結(jié)構(gòu)受到宏觀制度因素與企業(yè)自身特質(zhì)的共同影響,而利率市場化改革作為宏觀貨幣政策的一項重要舉措,直接影響企業(yè)的融資環(huán)境與融資決策。利率市場化改革從1996年拉開帷幕,到2015年央行徹底放開了對金融機(jī)構(gòu)的利率管制,取得了實質(zhì)性成果。利率市場化在不斷推進(jìn)的過程中,對上市公司資本結(jié)構(gòu)的影響日益凸顯,不僅表現(xiàn)在靜態(tài)的債務(wù)規(guī)模上,也表現(xiàn)在動態(tài)的資本結(jié)構(gòu)調(diào)整速度上。由于我國“金融雙軌制”以及政府干預(yù)企業(yè)的特殊背景,利率市場化改革對不同產(chǎn)權(quán)性質(zhì)的上市公司影響效應(yīng)存在差異。本文選取1996-2015年利率市場化改革進(jìn)行時的20年間,滬深A(yù)股2481家上市公司的非平衡面板數(shù)據(jù),研究利率市場化對上市公司資本結(jié)構(gòu)的影響效應(yīng)。首先,分別從靜態(tài)和動態(tài)角度構(gòu)建了資本結(jié)構(gòu)多元回歸模型,為充分分析與測度我國利率市場化改革現(xiàn)狀,以歐拉數(shù)指數(shù)函數(shù)和模糊綜合評價法等方法構(gòu)建了利率市場化指標(biāo)體系;其次,以利率市場化指數(shù)為核心解釋變量,用固定效應(yīng)和OLS實證研究利率市場化對不同產(chǎn)權(quán)性質(zhì)的上市公司負(fù)債比率與資本結(jié)構(gòu)調(diào)整速度的影響情況。為保證實證結(jié)果的穩(wěn)健性,還采用一系列替代變量進(jìn)行穩(wěn)健性檢驗。實證結(jié)果表明:(1)利率市場化改革顯著促進(jìn)了上市公司資本結(jié)構(gòu)調(diào)整的速度。隨著利率市場化改革的深入推進(jìn),資本結(jié)構(gòu)調(diào)整速度在不斷加快。(2)相比國有企業(yè),非國有企業(yè)隨著利率市場化程度的提高其資本結(jié)構(gòu)調(diào)整速度更快。(3)不同產(chǎn)權(quán)性質(zhì)企業(yè)在利率市場化改革過程中所受影響不同,國有企業(yè)負(fù)債率隨利率市場化呈顯著下降趨勢,而非國有企業(yè)則逐漸上升。最后,根據(jù)實證結(jié)果,本文從利率市場化進(jìn)一步改革完善、金融體制跟進(jìn)創(chuàng)新、企業(yè)適應(yīng)經(jīng)濟(jì)環(huán)境合理選擇融資以及國有企業(yè)改制等角度提出了針對性建議,旨在改善我國資本市場環(huán)境,緩解企業(yè)融資約束問題,從而提高資本利用率。研究主要價值表現(xiàn)在:采用更為平滑的歐拉數(shù)指數(shù)函數(shù)與模糊綜合評價法構(gòu)建我國利率市場化指數(shù),優(yōu)化利率市場化進(jìn)程的定量度量方法;動態(tài)與靜態(tài)模型相結(jié)合比較全面地研究利率市場化對資本結(jié)構(gòu)的影響方式與影響程度;從“金融雙軌制”背景出發(fā),綜合考察宏觀經(jīng)濟(jì)環(huán)境與企業(yè)自身產(chǎn)權(quán)性質(zhì)等特征對資本結(jié)構(gòu)的影響,較為全面細(xì)致地反映我國資本市場的實情。研究方法豐富了量化利率市場化進(jìn)程的理論體系,對同類研究具有一定參考價值;研究結(jié)果可以為深化利率市場化改革、完善金融市場體制提供依據(jù)。
[Abstract]:As one of the mainstream of financial theory, capital structure is always concerned. The capital structure is influenced by macro institutional factors and enterprises' own characteristics. As an important measure of macro-monetary policy, market-oriented interest rate reform has a direct impact on the financing environment and financing decisions of enterprises. Interest rate marketization reform began in 1996. In 2015, the central bank completely liberalized the interest rate control of financial institutions, and achieved substantial results. In the process of continuous promotion of interest rate liberalization, the impact on the capital structure of listed companies has become increasingly prominent. Not only in the static debt scale, but also in the dynamic speed of capital structure adjustment, because of the "two-track financial system" and the special background of government intervention in enterprises. The effect of interest rate marketization on listed companies with different property rights is different. This paper selects the 20 years of interest rate marketization reform from 1996 to 2015. The non-equilibrium panel data of 2481 listed companies of Shanghai and Shenzhen A shares to study the effect of interest rate marketization on the capital structure of listed companies. In order to fully analyze and measure the current situation of China's interest rate marketization reform, this paper constructs the multiple regression model of capital structure from the static and dynamic angles. The index system of interest rate marketization is constructed by means of Euler number exponential function and fuzzy comprehensive evaluation method. Secondly, take the interest rate marketization index as the core explanatory variable. Using fixed effect and OLS to study the influence of interest rate marketization on debt ratio and capital structure adjustment speed of listed companies with different property rights. The empirical results show that the market-oriented interest rate reform has significantly promoted the speed of capital structure adjustment of listed companies. The speed of the adjustment of capital structure is speeding up continuously) compared with state-owned enterprises. With the increase of interest rate marketization, non-state-owned enterprises have different influences on the reform of interest rate marketization in the process of interest rate marketization. The debt ratio of state-owned enterprises decreases significantly with the marketization of interest rate, while that of non-state-owned enterprises increases gradually. Finally, according to the empirical results, this paper further reforms and perfects from the interest rate marketization, and the financial system follows up and innovates. In order to improve the capital market environment of our country and alleviate the problem of financing constraints, the paper puts forward some suggestions from the angle of reasonable choice of financing and reform of state-owned enterprises in order to improve the capital market environment of our country. So as to improve the utilization of capital. The main value of the study is: the use of a smoother Euler number index function and fuzzy comprehensive evaluation method to construct China's interest rate marketization index. Optimizing the quantitative measurement method of interest rate marketization process; Combining the dynamic and static models, the paper comprehensively studies the influence of interest rate marketization on the capital structure. Based on the background of "financial dual track system", this paper comprehensively investigates the influence of macroeconomic environment and the nature of enterprise's own property right on the capital structure. The research method enriches the theoretical system of the process of quantitative interest rate marketization and has certain reference value for the similar research. The results can provide the basis for deepening the reform of interest rate marketization and perfecting the financial market system.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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