本文選題：資本結(jié)構(gòu)　切入點：再融資政策　出處：《東北師范大學》2014年碩士論文　論文類型：學位論文

【摘要】：本文研究了股票再融資政策對資本結(jié)構(gòu)的影響。由于我國上市公司并不能僅根據(jù)自身發(fā)展的需要自由的進行股權(quán)融資，而是受到了宏觀再融資政策的嚴格管制，只有達到了增發(fā)配股要求的公司才能通過股權(quán)融資調(diào)整資本結(jié)構(gòu)，因此，本文將從股票市場再融資政策這個角度來研究上市公司資本結(jié)構(gòu)。 首先，本文對國內(nèi)外資本結(jié)構(gòu)理論進行了回顧，按照資本結(jié)構(gòu)理論的研究脈絡梳理了該理論的發(fā)展過程與不同層面對資本結(jié)構(gòu)研究的結(jié)論。接著介紹了配股與增發(fā)政策從1993年至今的變化階段以及相對應的具體政策要求，并根據(jù)變更區(qū)間設定了虛擬變量。然后基于前人對于資本結(jié)構(gòu)影響因素的實證研究，，對本文的指標選取的依據(jù)進行了詳細的說明，并依此構(gòu)建了一個實證模型，用股票再融資政策變更區(qū)間的虛擬變量以及其他控制變量來實證檢驗影響資本結(jié)構(gòu)的因素。最終，通過實證分析檢驗結(jié)果證明：股票市場再融資政策在我國的確是上市公司資本結(jié)構(gòu)的顯著影響因素；控制變量公司規(guī)模、固定資產(chǎn)比例、收益的波動性以及市場時機與資本結(jié)構(gòu)呈顯著正向關系；公司的成長性和盈利能力兩個指標與資本結(jié)構(gòu)呈顯著負向關系；公司的所有權(quán)性質(zhì)對資本結(jié)構(gòu)不具有顯著影響。 基于回歸結(jié)果，文章得出以下結(jié)論，股票市場再融資政策是上市公司資本結(jié)構(gòu)的重要影響因素。具體來說就是，不同時期政策的變換對于上市公司的融資行為有顯著的影響，基于這個結(jié)果，再融資政策的制定在發(fā)揮宏觀調(diào)控作用的同時還要注重資本市場的資源配置效率。
[Abstract]:This paper studies the influence of the stock refinancing policy on the capital structure. Because the listed companies in our country can not only carry out equity financing freely according to their own development needs, but also subject to the strict control of the macro refinancing policy. Only those companies that meet the requirement of issuing additional shares can adjust their capital structure through equity financing. Therefore, this paper will study the capital structure of listed companies from the perspective of the refinancing policy of the stock market. Firstly, this paper reviews the theory of capital structure at home and abroad. According to the research context of capital structure theory, this paper combs the development process of capital structure theory and the conclusions of capital structure research from different levels. Then it introduces the changing stage of the policy of rights issue and issuance from 1993 to now and the corresponding specific policy requirements. Then based on the previous empirical research on the influencing factors of capital structure, the basis of the selection of indicators in this paper is explained in detail, and an empirical model is constructed according to this. Using the fictitious variable of stock refinancing policy to change the range and other control variables to empirically test the factors that affect the capital structure. The results of empirical analysis prove that the refinancing policy of stock market is a significant influence factor of capital structure of listed companies in China, controlling variable company size and fixed assets ratio. There is a significant positive relationship between the volatility of income and market timing and capital structure, the negative relationship between the growth and profitability of the company and the capital structure, and the ownership of the company does not have a significant impact on the capital structure. Based on the regression results, the paper draws the following conclusions: the refinancing policy of the stock market is an important factor affecting the capital structure of listed companies. Specifically, the change of policies in different periods has a significant impact on the financing behavior of listed companies. Based on this result, the formulation of refinancing policy should pay attention to the resource allocation efficiency of capital market.
【學位授予單位】：東北師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F832.51

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