本文選題：資產(chǎn)專用性 + 資本結(jié)構(gòu)��； 參考：《廣東財(cái)經(jīng)大學(xué)》2015年碩士論文

【摘要】：企業(yè)資本結(jié)構(gòu)對企業(yè)價值具有深刻影響。不同行業(yè)的企業(yè)以及同一企業(yè)在不同階段都有自身發(fā)展特點(diǎn),企業(yè)要實(shí)現(xiàn)快速健康發(fā)展,需要制定不同的融資策略。傳統(tǒng)理論對資本結(jié)構(gòu)的研究都是基于資產(chǎn)同質(zhì)性假設(shè),認(rèn)為資產(chǎn)是可以隨時相互替代。但是隨著科學(xué)技術(shù)的發(fā)展,企業(yè)通過不斷地研發(fā)獲取新技術(shù)、新產(chǎn)品以取得或維持其在市場上的優(yōu)勢競爭地位,企業(yè)內(nèi)部資產(chǎn)不再滿足傳統(tǒng)理論中同質(zhì)性假設(shè)。因此以交易成本經(jīng)濟(jì)學(xué)中的資產(chǎn)專用性為切入點(diǎn)對企業(yè)資本結(jié)構(gòu)進(jìn)行研究具有重要的理論意義和現(xiàn)實(shí)意義。文章通過對大量文獻(xiàn)進(jìn)行整理分析,發(fā)現(xiàn)學(xué)術(shù)界對資產(chǎn)專用性和資本結(jié)構(gòu)關(guān)系有不同看法。國外多數(shù)學(xué)者認(rèn)為兩者之間是負(fù)相關(guān)關(guān)系,而國內(nèi)學(xué)者認(rèn)為兩者間呈正相關(guān)和負(fù)相關(guān)的情況各占一半。本文選取了我國醫(yī)藥行業(yè)上市公司2011年-2013年間整理過后的財(cái)務(wù)數(shù)據(jù)作為樣本,將專用性長期資產(chǎn)比例、銷售費(fèi)用率、研發(fā)費(fèi)用率作為資產(chǎn)專用性指標(biāo),資產(chǎn)規(guī)模、盈利能力、資產(chǎn)增長率、財(cái)務(wù)費(fèi)用率、流動比率、有形資產(chǎn)比率作為控制變量,對資產(chǎn)專用性和資本結(jié)構(gòu)關(guān)系進(jìn)行實(shí)證。計(jì)量分析結(jié)果發(fā)現(xiàn),資產(chǎn)專用性與資本結(jié)構(gòu)之間呈負(fù)相關(guān)關(guān)系,與交易成本經(jīng)濟(jì)學(xué)結(jié)論一致。此外,實(shí)證結(jié)果還具有我國企業(yè)的特點(diǎn),即專用性長期資產(chǎn)比例并未與企業(yè)資產(chǎn)負(fù)債率呈明顯負(fù)相關(guān)關(guān)系。最后,根據(jù)理論分析和實(shí)證分析結(jié)果,對我國醫(yī)藥企業(yè)和相關(guān)政府部門提出政策建議,包括引導(dǎo)企業(yè)進(jìn)行專用性資產(chǎn)投資、政府進(jìn)行金融市場化改革等,以促使我國醫(yī)藥行業(yè)實(shí)現(xiàn)穩(wěn)定快速發(fā)展,提高行業(yè)競爭力。
[Abstract]:Enterprise capital structure has profound influence on enterprise value. Enterprises in different industries and the same enterprises have their own development characteristics in different stages. To achieve rapid and healthy development, enterprises need to formulate different financing strategies. The study of capital structure in traditional theory is based on the assumption of homogeneity of assets, which holds that assets can be replaced by each other at any time. However, with the development of science and technology, enterprises acquire new technologies and new products to obtain or maintain their competitive position in the market, and the internal assets of enterprises no longer meet the homogeneity hypothesis in traditional theory. Therefore, it is of great theoretical and practical significance to study the capital structure of enterprises from the perspective of asset specificity in transaction cost economics. Through the analysis of a large number of literatures, it is found that the academic circles have different views on the relationship between asset specificity and capital structure. Most foreign scholars believe that there is a negative correlation between the two, while domestic scholars believe that the positive correlation and negative correlation between the two accounts for each half. This paper selects the financial data collected from 2011 to 2013 of the listed companies in the pharmaceutical industry as samples, taking the ratio of special-purpose long-term assets, sales expense rate, R & D expense rate as asset specificity index, asset scale, profitability, etc. Asset growth rate, financial expense ratio, current ratio and tangible asset ratio are used as control variables to demonstrate the relationship between asset specificity and capital structure. The results of econometric analysis show that there is a negative correlation between asset specificity and capital structure, which is consistent with the conclusion of transaction cost economics. In addition, the empirical results also have the characteristics of Chinese enterprises, that is, the proportion of specific long-term assets is not negatively related to the ratio of assets to liabilities. Finally, according to the results of theoretical analysis and empirical analysis, the paper puts forward policy recommendations to Chinese pharmaceutical enterprises and related government departments, including guiding enterprises to invest in special assets, and the government to carry out financial market-oriented reform. In order to promote China's pharmaceutical industry to achieve stable and rapid development, improve the competitiveness of the industry.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F406.7;F426.72

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本文編號：2117570