【摘要】：資本結(jié)構(gòu)問題是企業(yè)財務(wù)理論的重要議題之一,資本結(jié)構(gòu)是否合理直接關(guān)系到企業(yè)能否實現(xiàn)價值最大化,關(guān)系到企業(yè)能否獲得可持續(xù)發(fā)展。以MM理論為起點的資本結(jié)構(gòu)理論一直著力于探討最優(yōu)資本結(jié)構(gòu)的存在及決定問題。隨著金融市場的進(jìn)一步復(fù)雜和深化,市場不確定因素逐漸增加,基于動態(tài)視角的資本結(jié)構(gòu)動態(tài)理論逐漸發(fā)展起來。在全球金融危機(jī)頻發(fā)的時代大背景下,金融資本受到了更加嚴(yán)格的監(jiān)管,金融資本的安全和運作效率直接關(guān)系到實體經(jīng)濟(jì)的長遠(yuǎn)發(fā)展。特別是近年來,我國銀行業(yè)掀起了一股上市風(fēng)潮,在資本獲得補(bǔ)充注入的同時,如何進(jìn)行資本結(jié)構(gòu)動態(tài)調(diào)整成為各大上市銀行面臨的亟待解決的現(xiàn)實問題。首當(dāng)其沖的就是兩大問題：一是我國上市銀行如何進(jìn)行資本結(jié)構(gòu)調(diào)整優(yōu)化,這關(guān)系到對資本結(jié)構(gòu)影響因素的探究,只有確定了動態(tài)視角下資本結(jié)構(gòu)是如何決定的,才能有的放矢地進(jìn)行調(diào)整,借以實現(xiàn)價值最大化；二是我國上市銀行的動態(tài)調(diào)整進(jìn)程如何,這關(guān)系到對資本結(jié)構(gòu)調(diào)整速度的研究,只有測度出動態(tài)視角下具體的調(diào)整速度,才能了解我國的現(xiàn)狀,從而有針對性地提出對策。 本文在梳理資本結(jié)構(gòu)理論脈絡(luò)、回顧國內(nèi)外學(xué)者相關(guān)研究的基礎(chǔ)上,以我國上市銀行為研究對象,展開了以下研究：首先,從其融資方式、資本特征和資本結(jié)構(gòu)特征三方面進(jìn)行特征分析,確認(rèn)了本研究存在的現(xiàn)實基礎(chǔ)和實踐價值；其次,對本文的兩大關(guān)注點“影響因素”和“調(diào)整速度”進(jìn)行了理論分析,并結(jié)合特征分析和理論分析的研究成果,提出了三大假設(shè),試圖通過構(gòu)建面板數(shù)據(jù)模型、部分調(diào)整模型和向量自回歸模型對總體的靜態(tài)動態(tài)比較以及分類別比較進(jìn)行實證分析,并對本文選擇的廣義矩估計等方法作了簡單介紹；再次,基于理論假設(shè)和模型方法的選擇,對變量進(jìn)行了操作化篩選,對樣本數(shù)據(jù)進(jìn)行了處理分析,運用statal1.0軟件進(jìn)行了實證檢驗�？傮w估計結(jié)果表明,動態(tài)模型的解釋能力更強(qiáng),其中規(guī)模、盈利性、股權(quán)結(jié)構(gòu)、資本充足性等因素對我國上市銀行資本結(jié)構(gòu)影響較為顯著,且動態(tài)調(diào)整速度較為緩慢；分類別估計結(jié)果表明,不同類別銀行的資本結(jié)構(gòu)影響因素存在些許差異,且對比大型股份制商業(yè)銀行和地方性銀行來說,國有控股商業(yè)銀行的動態(tài)調(diào)整速度相對較慢。因此,不僅各類銀行應(yīng)針對自身情況進(jìn)行資本結(jié)構(gòu)優(yōu)化,監(jiān)管當(dāng)局也應(yīng)深化市場改革、放寬不必要的限制,從而實現(xiàn)資本結(jié)構(gòu)的自由化調(diào)整。
[Abstract]:Capital structure is one of the most important issues in the theory of enterprise finance. Whether the capital structure is reasonable or not is directly related to whether the enterprise can realize the value maximization and whether the enterprise can obtain the sustainable development. The capital structure theory based on MM theory has been focusing on the existence and decision of the optimal capital structure. With the further complexity and deepening of the financial market, the uncertain factors of the market gradually increase, and the dynamic theory of capital structure based on the dynamic perspective is gradually developed. Under the background of frequent global financial crisis, financial capital is subject to more strict supervision. The security and operational efficiency of financial capital are directly related to the long-term development of real economy. Especially in recent years, China's banking industry has set off a wave of listing. While the capital is replenished and injected, how to dynamically adjust the capital structure has become a practical problem to be solved urgently. The first is how to adjust and optimize the capital structure of listed banks in China, which is related to the study of the influencing factors of capital structure, only to determine how the capital structure is determined from the dynamic perspective. The second is how the dynamic adjustment process of listed banks in China is related to the study of the speed of capital structure adjustment, only by measuring the specific adjustment speed under the dynamic perspective. In order to understand the current situation of our country, and thus put forward targeted countermeasures. On the basis of combing the theoretical context of capital structure and reviewing the relevant researches of domestic and foreign scholars, this paper takes the listed banks in China as the research object and carries out the following research: first, from its financing mode, The characteristics of capital and capital structure are analyzed in three aspects, and the realistic foundation and practical value of this study are confirmed. Secondly, the influence factors and adjustment speed of the two major concerns of this paper are analyzed theoretically. Combined with the research results of feature analysis and theoretical analysis, this paper puts forward three hypotheses, and attempts to make empirical analysis on static and dynamic comparison and classification comparison of the whole population by constructing panel data model, partially adjusting model and vector autoregressive model. The generalized moment estimation method selected in this paper is briefly introduced. Thirdly, based on the selection of theoretical assumptions and model methods, the variables are selected and the sample data are processed and analyzed. Using statal1.0 software to carry on the empirical test. The overall estimation results show that the dynamic model has a stronger explanatory power, among which the scale, profitability, equity structure, capital adequacy and other factors have a significant impact on the capital structure of listed banks in China, and the dynamic adjustment speed is relatively slow; The results of subcategory estimation show that there are some differences in the influencing factors of capital structure of different types of banks, and compared with large joint-stock commercial banks and local banks, the dynamic adjustment speed of state-owned holding commercial banks is relatively slow. Therefore, not only should all kinds of banks optimize their capital structure according to their own conditions, but also the supervisory authorities should deepen the market reform and relax unnecessary restrictions so as to realize the liberalization and adjustment of capital structure.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.33;F830.42

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