【摘要】：資本結(jié)構(gòu)是財(cái)務(wù)領(lǐng)域最為重要的問題之一,長(zhǎng)期以來一直是學(xué)術(shù)界研究的熱點(diǎn),對(duì)企業(yè)的風(fēng)險(xiǎn)和報(bào)酬有直接的影響,對(duì)企業(yè)的長(zhǎng)期健康發(fā)展具有重要意義。然而在現(xiàn)代社會(huì)復(fù)雜的內(nèi)外部環(huán)境下,影響企業(yè)資本結(jié)構(gòu)的各種因素?zé)o時(shí)無刻不在發(fā)生著變化,因此企業(yè)的資本結(jié)構(gòu)經(jīng)常處于動(dòng)態(tài)變化中。深入地分析企業(yè)資本結(jié)構(gòu)的動(dòng)態(tài)調(diào)整過程,對(duì)于企業(yè)更好地適應(yīng)不斷變化的內(nèi)外部環(huán)境,進(jìn)行資本結(jié)構(gòu)優(yōu)化,提高企業(yè)的價(jià)值,具有十分重要的戰(zhàn)略意義。 近幾十年來,我國(guó)資本市場(chǎng)發(fā)展迅速,各地區(qū)金融水平都有明顯提高,但是,各地區(qū)還是存在著一定差異,東部地區(qū)金融發(fā)展水平明顯高于中西部。本文結(jié)合這一特殊國(guó)情,從區(qū)域金融發(fā)展的角度來研究資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的過程是否也存在區(qū)域性差異。本文以816家深、滬兩地A股上市公司從2001年至2012年的9792個(gè)面板數(shù)據(jù)為樣本,并將樣本分為東部、中部、西部以及中西部,建立了資本結(jié)構(gòu)偏離程度模型、資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整模型,采用了面板數(shù)據(jù)FE估計(jì)法,面板數(shù)據(jù)RE估計(jì)法,面板數(shù)據(jù)MLE估計(jì)法以及GMM回歸估計(jì)法來進(jìn)行實(shí)證分析。 本文主要研究?jī)?nèi)容緊緊圍繞金融發(fā)展水平與資本結(jié)構(gòu)的關(guān)系展開,主要包括區(qū)域金融發(fā)展水平及變化對(duì)資本結(jié)構(gòu)偏離程度的影響以及區(qū)域金融發(fā)展水平及其變化對(duì)資本結(jié)構(gòu)調(diào)整速度的影響,同時(shí)考慮了負(fù)債水平、產(chǎn)權(quán)性質(zhì)和行業(yè)因素的影響。通過研究得出如下結(jié)論：金融發(fā)展水平與資本結(jié)構(gòu)正相關(guān)；東部地區(qū)資本結(jié)構(gòu)偏離程度大于中西部；東部地區(qū)資本結(jié)構(gòu)調(diào)整速度快于中西部；金融發(fā)展水平及變化與資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整的關(guān)系還會(huì)受到負(fù)債水平、行業(yè)因素的影響,最后從企業(yè)和政府層面給出一些政策建議。
[Abstract]:Capital structure is one of the most important problems in the field of finance. It has been a hot research topic in academic circles for a long time. It has a direct impact on the risk and reward of enterprises and is of great significance to the long-term healthy development of enterprises. However, in the complex internal and external environment of modern society, various factors affecting the capital structure of enterprises are changing all the time, so the capital structure of enterprises is often in dynamic change. It is of great strategic significance for enterprises to better adapt to the changing internal and external environment, to optimize capital structure and to improve the value of enterprises by deeply analyzing the dynamic adjustment process of enterprise capital structure. In recent decades, the capital market of our country has developed rapidly and the financial level of each region has been obviously improved. However, there are some differences between the different regions, and the financial development level of the eastern region is obviously higher than that of the central and western regions. According to this special situation, this paper studies whether there are regional differences in the process of dynamic adjustment of capital structure from the perspective of regional financial development. This paper takes 9792 panel data of 816 companies listed in Shenzhen and Shanghai from 2001 to 2012 as samples, and divides the samples into eastern, central, western and central regions, and establishes the capital structure deviation degree model. The capital structure dynamic adjustment model adopts the panel data FE estimation method, panel data RE estimation method, panel data MLE estimation method and GMM regression estimation method to carry on the empirical analysis. This paper focuses on the relationship between the level of financial development and capital structure. It mainly includes the influence of the level and change of regional finance on the degree of capital structure deviation and the influence of the level of regional financial development and its change on the speed of capital structure adjustment. At the same time, the influence of debt level, property right nature and industry factors are considered. The conclusions are as follows: the level of financial development is positively related to the capital structure, the deviation of capital structure in the eastern region is greater than that in the central and western regions, the speed of capital structure adjustment in the eastern region is faster than that in the central and western regions; The relationship between the level of financial development and the change of capital structure and the dynamic adjustment of capital structure will also be affected by the level of debt and industry factors. Finally, some policy suggestions are given from the level of enterprise and government.
【學(xué)位授予單位】：安徽財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F830.42;F832.7

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