本文關(guān)鍵詞：我國上證A股工業(yè)公司資本結(jié)構(gòu)影響因素的實證研究　出處：《廣西師范大學》2015年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 資本結(jié)構(gòu) 靜態(tài)權(quán)衡理論 代理成本理論 優(yōu)序融資理論

【摘要】：資本結(jié)構(gòu)是近年來金融研究領域的重要內(nèi)容之一,國內(nèi)外的研究主要從資本結(jié)構(gòu)與市場價值、公司經(jīng)營績效、公司盈余能力、行業(yè)特征等視角來進行研究。我國股票市場屬于新興市場,其資本結(jié)構(gòu)仍是值得研究的,特別是影響我國上證A股工業(yè)公司資本結(jié)構(gòu)的決定因素。新興市場國家崛起于20世紀八九十年代,新興市場國家的平均個人年收入在中下國家水平,工業(yè)化程度較低,資本市場發(fā)展不完善,股票市場價值在GDP中占很小部分。我國的人均國民收入處于中等國家收入水平,市場機制不完善,股市發(fā)展比較滯后。我國上證A股工業(yè)公司的資本結(jié)構(gòu)與資本結(jié)構(gòu)的三種經(jīng)典理論是否相符是本文研究重點。資本結(jié)構(gòu)是代表企業(yè)各種資金中的債務、普通股和優(yōu)先股各自所占的比例,其主要研究企業(yè)負債資本和所有者權(quán)益資本的比例關(guān)系,是企業(yè)財務管理投資融資戰(zhàn)略的基本問題,是企業(yè)投資融資決策的理論依據(jù),優(yōu)的資本結(jié)構(gòu)是實現(xiàn)企業(yè)價值最大化的根源。我國股票市場的財務杠桿隨盈利能力增加而減小,隨企業(yè)規(guī)模、非債務稅盾和有形資產(chǎn)的增加而增大,同時,成長機會和產(chǎn)品獨特性對其產(chǎn)生一定的影響。工業(yè)企業(yè)在中國經(jīng)濟發(fā)展占有重要的地位,特別是在我國經(jīng)濟社會發(fā)展和經(jīng)濟轉(zhuǎn)型升級中,工業(yè)企業(yè)起著不可替代的作用。我國經(jīng)濟全面深化改革,工業(yè)企業(yè)發(fā)揮著重要作用。但是由于歷史和國家經(jīng)濟體制的原因,極少上市工業(yè)公司資本結(jié)構(gòu)能達到百分百完美,工業(yè)上市公司對資本結(jié)構(gòu)進行有效的調(diào)節(jié)是很必要的。隨著工業(yè)上市公司自身價值的不斷提升,股票市場的逐漸完善,股票投資者需求的不斷增加,對我國工業(yè)上市公司的資本結(jié)構(gòu)進行研究具有重要的現(xiàn)實意義。資本結(jié)構(gòu)理論是上市公司金融財務理論的重要組成部分之一,優(yōu)的資本結(jié)構(gòu)在公司治理問題中占有重要地位。本文根據(jù)我國股票市場和我國工業(yè)上市公司的特點,總結(jié)并借鑒國內(nèi)外資本結(jié)構(gòu)研究成果,從靜態(tài)權(quán)衡理論、代理成本理論和優(yōu)序融資理論三種資本結(jié)構(gòu)理論來研究影響資本結(jié)構(gòu)的因素,以及我國上證A股工業(yè)公司的資本結(jié)構(gòu)與資本結(jié)構(gòu)的三種主要理論是否具有一致性。本文利用我國上證A股2008-2013年的375家工業(yè)公司的2250個面板樣本進行修正的OLS檢驗方法估計,把財務杠桿作為資本結(jié)構(gòu)的被解釋變量,從盈利能力(PROFT)、有形資產(chǎn)(TANGY)、成長機會(GRTH)、公司規(guī)模(LSIZE)、非債務稅盾(NDTS)和產(chǎn)品獨特性(UNIQ)六個因素來考察我國上證A股工業(yè)公司的資本結(jié)構(gòu)。從我國股票市場發(fā)展歷程的角度出發(fā),闡述國內(nèi)外關(guān)于資本結(jié)構(gòu)理論的研究成果,實證檢驗我國工業(yè)上市公司的資本結(jié)構(gòu),進一步檢驗我國上證A股工業(yè)公司的資本結(jié)構(gòu)與資本結(jié)構(gòu)的三種主要理論是否具有一致性。研究結(jié)果表明：我國上證A股工業(yè)公司的融資決策有力驗證了資本結(jié)構(gòu)的三種主要理論,也從中凸現(xiàn)了我國股票市場的資本結(jié)構(gòu)特點。影響資本結(jié)構(gòu)的決定因素當中,盈利能力對工業(yè)上市公司資本結(jié)構(gòu)是較為顯著負相關(guān)的,支持了優(yōu)序融資理論；有形資產(chǎn)和資本結(jié)構(gòu)是顯著正相關(guān)的,支持了靜態(tài)權(quán)衡理論；公司規(guī)模和資本結(jié)構(gòu)是顯著正相關(guān)的,支持了本文資本結(jié)構(gòu)的三種主要理論；成長機會、非債務稅盾二者和資本結(jié)構(gòu)的關(guān)系不明顯,和代理成本理論和優(yōu)序融資理論相符；產(chǎn)品獨特性和資本結(jié)構(gòu)是顯著正相關(guān)的,支持了代理成本理論。股東財富最大化是股票市場優(yōu)化資本結(jié)構(gòu)的目標,股東財富最大化的關(guān)鍵在于平衡收益和風險,評估價值增值過程中相關(guān)利益者之間的利益關(guān)系。合理的融資結(jié)構(gòu)成就優(yōu)的資本結(jié)構(gòu)。我國工業(yè)上市公司強調(diào)公司治理,并遵循市場經(jīng)濟的基本規(guī)則,追求最佳的資本結(jié)構(gòu)。通過上述研究,提出以下建議：公司層面上,注重公司內(nèi)部融資的結(jié)構(gòu),注重償債能力與盈利能力相結(jié)合所獲得的杠桿收益。增強公司盈利能力,加強公司治理,注重債權(quán)融資和股權(quán)融資平衡。債權(quán)人對于公司經(jīng)理人具有一定的制約作用,特別是來自銀行的監(jiān)督和債權(quán)人苛刻的契約。股權(quán)結(jié)構(gòu)對公司治理效率的影響主要體現(xiàn)在股權(quán)結(jié)構(gòu)對質(zhì)量完善上。通過債權(quán)和股權(quán)平衡,在一定程度上降低資本結(jié)構(gòu)成本。制度上,完善我國上市公司的融資環(huán)境,拓寬上市公司的融資渠道,優(yōu)化資本結(jié)構(gòu)。建立完善、有效的多層資本市場,加強對上市公司融資行為的監(jiān)管,對公司信息公開的監(jiān)督,完善信息披露,完善相關(guān)法規(guī)制度。
[Abstract]:Capital structure is an important part of financial research in recent years. Research at home and abroad mainly focuses on capital structure and market value, company performance, company earning capacity and industry characteristics. China's stock market belongs to the emerging market, its capital structure is still worth studying, especially the determinant factors that affect the capital structure of China's Shanghai A - share Industrial Company. The emerging market countries emerged in 80s and 90s twentieth Century. The average annual personal income of the emerging market countries is at the level of the middle and lower countries. The industrialization degree is low, the capital market development is not perfect, and the stock market value occupies a small part in GDP. The per capita national income of our country is in the middle level of income, the market mechanism is imperfect and the development of the stock market is lagging behind. Whether the capital structure of the A - share Industrial Company is consistent with the three classical theories of capital structure is the key point of this paper. The capital structure is a variety of funds on behalf of the enterprise in debt, common and preferred shares of their respective proportion, which focuses on corporate debt capital and equity capital ratio, is the basic problem of financial management of enterprise investment and financing strategy, is the theoretical basis of enterprise investment and financing decision, capital structure optimization is the root of realization the maximum value of the enterprise. The financial leverage of China's stock market decreases with the increase of profitability, and increases with the increase of enterprise scale, non debt tax shield and tangible assets. Meanwhile, growth opportunities and product uniqueness have a certain impact on China's stock market. Industrial enterprises play an important role in China's economic development. Especially in the economic and social development and economic transformation and upgrading, industrial enterprises play an irreplaceable role. Industrial enterprises play an important role in the comprehensive reform of China's economy. However, due to the historical and national economic system, few listed industrial companies can achieve 100% capital structure. Therefore, it is very necessary for industrial listed companies to adjust their capital structure effectively. With the continuous improvement of the value of industrial listed companies, the gradual improvement of stock market and the increasing demand of stock investors, it is of great practical significance to study the capital structure of China's industrial listed companies. The capital structure theory is one of the important parts of the financial financial theory of the listed companies, and the excellent capital structure plays an important role in the problem of corporate governance. According to the characteristics of China's stock market and China's industrial listed companies, and summarize the research results from domestic and foreign capital structure, to study the influencing factors of capital structure from the static trade-off theory, agency cost theory and the pecking order theory of three kinds of capital structure theory, whether the three main theory and the capital structure of China's Shanghai A shares the industrial company and the capital structure is consistent. The 2250 panel sample of 375 industrial companies based in China Shanghai A shares of 2008-2013 OLS test method to estimate the financial leverage of capital structure as the explanatory variable, the profitability of tangible assets (PROFT), (TANGY), growth opportunities (GRTH), the size of the company (LSIZE), non the debt tax shield (NDTS) and unique products (UNIQ) six factors to study the capital structure of China's Shanghai A shares of industrial companies. From the perspective of the development of our stock market angle, elaborated the domestic and international research results about the theory of capital structure, empirical analysis of capital structure of China's industrial listed companies, to further examine the three main physical capital structure and capital structure of China's Shanghai A shares of industrial companies on the consistency of. The research results show that: the financing decision of Shanghai A share Industrial Company has verified three main theories of capital structure, and also highlights the capital structure characteristics of China's stock market. The influence factors of capital structure decisions, profitability is negatively related to capital structure of industrial listed companies, support the pecking order theory; tangible assets and capital structure is positively related to the support of the static trade-off theory; corporate scale and capital structure is positively related to the three main theoretical support the capital structure; growth opportunity, non debt tax shield two and capital structure is not obvious, and consistent with the agency cost theory and pecking order theory; product uniqueness and capital structure is positively related to the support of the theory of agency cost. The maximization of shareholder wealth is the goal of optimizing capital structure in stock market. The key to maximize shareholder wealth is to balance income and risk, and to evaluate the interest relationship between stakeholders in the process of value added. A reasonable capital structure makes an excellent capital structure. China's industrial listed companies emphasize corporate governance and follow the basic rules of the market economy and pursue the best capital structure. Based on the above research, we put forward the following suggestions: at the company level, we should pay attention to the structure of internal financing, and pay attention to the lever revenue obtained by combining solvency and profitability. Strengthen the company's profitability, strengthen corporate governance, pay attention to debt financing and equity financing balance. The creditor has a certain constraint on the manager of the company, especially from the supervision of the bank and the hard contract of the creditor. The influence of the ownership structure on the efficiency of corporate governance is mainly reflected in the quality improvement of the ownership structure. The cost of capital structure is reduced to a certain extent through the balance of creditor's rights and equity. On the system, we should improve the financing environment of Listed Companies in our country, broaden the financing channels of listed companies and optimize the capital structure. We should establish a sound and effective multi-level capital market, strengthen the supervision of listed companies' financing behavior, supervise the company's information disclosure, improve information disclosure and improve related regulations and regulations.
【學位授予單位】：廣西師范大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F406.7;F425

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