本文選題：地理距離 + 市場擇機理論��； 參考：《上海師范大學(xué)》2017年碩士論文

【摘要】：隨著我國資本市場的建設(shè)逐步趨于完善,A股市場上,上市公司數(shù)量的增多,權(quán)益證券和固定收益證券發(fā)行規(guī)模逐步擴大,金融市場活躍度達到空前的繁榮。在這種背景之下,研究空間成本對上市公司杠桿的擇機調(diào)整行為的影響,無論是對上市公司的融資決策還是對資本市場的建設(shè)都具有重要意義。我們選定地理距離作為空間成本代理變量。而企業(yè)的地理位置具有不可改變的特性,因此企業(yè)在擇機調(diào)整杠桿率時只能通過改變原有的行為偏好去降低這種固有稟賦導(dǎo)致的融資成本的上升。針對該課題,本文首先對相關(guān)理論及實證研究成果進行了梳理和分析,然后對地理距離在企業(yè)杠桿率擇機調(diào)整行為中的影響進行比較分析,并進一步設(shè)定logistic模型進行相關(guān)的實證研究分析。本文采用1606只A股非ST股票上市公司從2009年第1季度至2015年第4季度的共5萬條的大樣本數(shù)據(jù),檢驗上市公司距離金融中心的距離與其擇機調(diào)整杠桿行為之間的關(guān)系。通過若干組對比分析,我們發(fā)現(xiàn):上市公司距離金融中心的遠近能夠影響其杠桿調(diào)整偏好的選擇,并且隨著地理距離的增大,企業(yè)越來越傾向于采用擴張型財務(wù)調(diào)整行為。但相對于發(fā)行股票融資,地理距離更加鼓勵企業(yè)通過發(fā)行債券進行擴張或融資。進一步地,當(dāng)企業(yè)杠桿率偏高時,地理距離變量在企業(yè)擇機調(diào)整杠桿率的模型中不再顯著;當(dāng)企業(yè)杠桿偏低時,地理距離鼓勵企業(yè)通過債券發(fā)行行為調(diào)整杠桿率。最后,我們還發(fā)現(xiàn),距離金融中心較遠的上市企業(yè)調(diào)整財務(wù)杠桿時存在著“調(diào)整粘性”,即會在市場向好時充分利用市場時機調(diào)高其自身杠桿率;而在市場衰退時,如果沒有更好的選擇,企業(yè)更愿意維持現(xiàn)狀。
[Abstract]:With the development of capital market in China, the number of listed companies increases, the issuance scale of equity securities and fixed income securities expands gradually, and the activity of financial market reaches unprecedented prosperity. Under this background, it is of great significance to study the influence of space cost on the timing adjustment of leverage of listed companies, not only to the financing decision of listed companies but also to the construction of capital market. We select geographical distance as the spatial cost agent variable. The geographical location of the enterprise has the characteristics of immutability, so the enterprise can only change the original behavior preference to reduce the increase of the financing cost caused by the inherent endowment when it chooses to adjust the leverage ratio. In view of this topic, this paper firstly combs and analyzes the related theories and empirical research results, and then compares and analyzes the influence of geographical distance in the enterprise leverage ratio adjustment behavior. And further set up the logistic model to carry on the relevant empirical research analysis. Based on the large sample data of 1606 A-share non-ST listed companies from the first quarter of 2009 to the fourth quarter of 2015, this paper examines the relationship between the distance between the listed companies' distance from the financial center and their opportunistic adjustment of leverage. Through several comparative analyses, we find that the distance of listed companies from financial center can influence their choice of leverage adjustment preference, and with the increase of geographical distance, enterprises tend to adopt expansionary financial adjustment behavior. But geographical distance encourages companies to expand or raise money by issuing bonds rather than issuing equity financing. Further, when the corporate leverage ratio is high, the geographic distance variable is no longer significant in the model of the enterprise choosing to adjust the leverage ratio; when the corporate leverage is low, geographical distance encourages the enterprise to adjust the leverage ratio through the bond issuance behavior. Finally, we also find that listed companies farther away from the financial center have "adjustment stickiness" in adjusting their financial leverage, that is, they will make full use of the market to increase their leverage ratio when the market is good, and when the market is in recession, If there is no better choice, companies are more willing to maintain the status quo.
【學(xué)位授予單位】：上海師范大學(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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