發(fā)布時間：2018-01-24 00:41

  本文關鍵詞： 不完美市場 上市公司 資本結構 大股東 區(qū)域經濟 政府干預　出處：《浙江師范大學》2014年碩士論文　論文類型：學位論文

【摘要】：作為奠定現代公司金融理論最重要基礎的MM資本結構理論,自誕生以來,伴隨資本結構研究的不斷發(fā)展和完善,使公司如何選擇資本結構這個問題成為學術界一直討論的焦點。本文在系統回顧國內外關于資本結構理論、資本結構影響因素的相關研究文獻基礎上,采用理論與實證相結合的分析方法對基于我國不完美市場條件下的上市公司資本結構展開研究。 理論分析方面,本文通過對現有資本結構理論進行梳理和歸納,并基于股權分置改革后上市公司整體發(fā)展趨勢以及資本結構現狀,同時結合我國存在的一些特有的市場摩擦,在上市公司資本結構影響因素模型的構建中不僅考慮到公司規(guī)模、盈利能力、成長性、資產有形性、產品要素競爭能力、稅收、通貨膨脹、經濟等因素,而且重點對一大股東高度持股、區(qū)域經濟不平衡、政府干預三方面不完美條件深度剖析,盡可能全面反映中國市場所面對的不完美情況。通過理論分析發(fā)現：對于資本結構的研究,我國借鑒國外發(fā)達國家的研究成果,雖然考慮到我國“一股獨大”的特有國情,但是制度背景的不同所帶來的我國與其他國家的差異不僅僅體現在控股股東上,還有區(qū)域問題和政企關系等問題。更何況如今控股股東對上市公司的掏空行為與股權分置改革前相比已經改變,雖然2005年的股權分置改革旨在從宏微觀方面全面改善中國的資本市場,但是股改后的新型隱蔽式掏空行為逐漸凸顯和嚴重,其對上市公司投融資決策等方面的影響也不容忽視。 實證研究方面,本文采用資產負債率作為被解釋變量來表示上市公司資本結構,并選取2005-2012年共8年被出具標準無保留意見的我國972家上市公司的面板數據,構建影響上市公司資本結構選擇的因素模型。但是有別于以往研究的是,在引入區(qū)域經濟差異指標和政府市場化指數的同時,對總樣本按照股權集中度、區(qū)域經濟、政府干預強度進行分組對比進行描述性統計和回歸分析。研究發(fā)現：1.股權集中程度不同,上市公司資本結構的選擇也不同而且差異顯著：相對分散的股權對上市公司資本結構的選擇具有正向的積極作用；而股權一旦集中達到控制,則對上市公司資本結構的選擇的影響會發(fā)生質的變化,導致顯著負相關,但是并非隨著控制程度的提高而增強。2.區(qū)域經濟發(fā)展的不平衡對上市公司資本結構選擇的影響存在差異且部分顯著；3.政府干預對上市公司資本結構的選擇具有顯著的正相關,而且不同干預強度下的影響方向一致。
[Abstract]:As the most important foundation of modern corporate finance theory, MM capital structure theory has been developed and perfected with the development of capital structure research since its birth. How to choose the capital structure of the company has been the focus of the academic community. This paper systematically reviews the theory of capital structure at home and abroad, capital structure influencing factors on the basis of relevant research literature. This paper studies the capital structure of listed companies based on the imperfect market conditions in China. On the theoretical analysis, this paper combs and summarizes the existing capital structure theory, and based on the overall development trend and capital structure of listed companies after the split share structure reform. At the same time, combined with some unique market frictions in China, not only consider the size of the company, profitability, growth, asset tangibility in the construction of the capital structure factors model of listed companies. The competitiveness of product elements, tax, inflation, economy and other factors, and the focus on a large shareholder high shareholding, regional economic imbalance, government intervention in three aspects of imperfect conditions in-depth analysis. Through theoretical analysis, we find that we can learn from the research results of foreign developed countries for the study of capital structure. Although taking into account the unique national conditions of China, the differences between China and other countries caused by different institutional backgrounds are not only reflected in the controlling shareholders. There are also regional issues and issues such as the relationship between government and enterprises. Moreover, the hollowing behavior of controlling shareholders on listed companies has changed compared with the pre-reform of split share structure. Although the reform of split share structure in 2005 aims to improve China's capital market in macro and micro aspects, the new hidden tunneling behavior after stock reform has become increasingly prominent and serious. Its influence on the investment and financing decisions of listed companies can not be ignored. In the empirical research, this paper uses the asset-liability ratio as the explanatory variable to represent the capital structure of listed companies. The panel data of 972 listed companies in China from 2005 to 2012 were selected. This paper constructs a model of factors that influence the choice of capital structure of listed companies. But what is different from previous studies is the introduction of regional economic difference index and government marketization index, while the total sample is based on the degree of equity concentration. Regional economy, the intensity of government intervention is compared with descriptive statistics and regression analysis. The study found that the degree of ownership concentration is different. The choice of capital structure of listed companies is also different and the differences are significant: the relatively dispersed equity has a positive effect on the choice of capital structure of listed companies; Once the equity control is centralized, the impact on the choice of capital structure of listed companies will change qualitatively, leading to a significant negative correlation. However, the influence of the imbalance of regional economic development on the choice of capital structure of listed companies is different and partly significant. 3. Government intervention has significant positive correlation to the choice of capital structure of listed companies, and the influence direction of different intervention intensity is the same.
【學位授予單位】：浙江師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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本文編號：1458682