【摘要】：隨著中國資本市場的成熟發(fā)展，上市公司因融資偏好導(dǎo)致的問題日益凸顯，國內(nèi)外學(xué)者從不同的角度，分析了上市公司融資偏好的影響因素和形成動機。但是大部分研究都是以股權(quán)結(jié)構(gòu)入手，基于控股股東特征的視角實證研究還比較少。 本文選取控股股東的股權(quán)結(jié)構(gòu)、控股股東對管理層的激勵程度和控股股東特征作為切入點，研究控股股東對公司融資偏好的影響。本文首先對以往關(guān)于公司融資偏好的研究文獻(xiàn)進行了梳理，歸納了國內(nèi)外關(guān)于公司融資偏好的影響因素；接著對上市公司的融資偏好、控股股東等相關(guān)概念做了界定，并提出了上市公司融資偏好的理論基礎(chǔ)；然后根據(jù)本文的立足點，從不同維度建立了三個回歸模型，選取八個變量，利用描述性統(tǒng)計分析、相關(guān)性分析和OLS回歸分析的方法對2010-2012年的研究對象進行了實證分析；根據(jù)實證分析結(jié)果，，得出了本文的研究結(jié)論：控股股東的股權(quán)集中度、控股股東對管理層的激勵程度以及控股股東的兩權(quán)分離度分別與上市公司的股權(quán)融資偏好成顯著正相關(guān)關(guān)系，而國有型控股股東與上市公司的股權(quán)融資偏好成顯著正相關(guān)關(guān)系，非國有控股股東的兩權(quán)分離度與債權(quán)融資偏好成顯著正相關(guān)關(guān)系；最后對全文進行了歸納總結(jié)，并提出了有效的政策建議。 基于此，本文的研究成果將有助于我國制造業(yè)上市公司優(yōu)化資本結(jié)構(gòu)、完善公司治理，最終提升企業(yè)綜合價值。
[Abstract]:With the mature development of Chinese capital market, the problems caused by financing preference of listed companies have become increasingly prominent. From different angles, scholars at home and abroad have analyzed the influencing factors and forming motives of financing preferences of listed companies. However, most of the research is based on equity structure, based on the characteristics of controlling shareholders perspective empirical research is relatively small. This paper selects the ownership structure of the controlling shareholder, the incentive degree of the controlling shareholder to the management and the characteristics of the controlling shareholder as the starting point to study the influence of the controlling shareholder on the financing preference of the company. This paper firstly combs the previous research literature on corporate financing preference, summarizes the influencing factors of corporate financing preference at home and abroad, and then defines the related concepts of listed companies' financing preference, controlling shareholders and so on. Then according to the standpoint of this paper, three regression models are established from different dimensions, eight variables are selected, and the descriptive statistical analysis is used. Correlation analysis and OLS regression analysis are used to analyze the object of study from 2010 to 2012. According to the results of empirical analysis, the conclusion of this paper is as follows: ownership concentration of controlling shareholder. The incentive degree of the controlling shareholder to the management and the degree of separation of the two rights of the controlling shareholder have significant positive correlation with the equity financing preference of the listed company, while the state-owned controlling shareholder has a significant positive correlation with the equity financing preference of the listed company. There is a significant positive correlation between the degree of separation of the two rights of non-state-owned controlling shareholders and the preference of creditor's rights financing. Finally, the paper summarizes the full text and puts forward effective policy recommendations. Based on this, the research results of this paper will be helpful to optimize the capital structure, perfect corporate governance and enhance the comprehensive value of Chinese manufacturing listed companies.
【學(xué)位授予單位】：山東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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