本文選題：企業(yè)價值 + 競爭優(yōu)勢　； 參考：《湖南大學(xué)》2015年博士論文

【摘要】：企業(yè)所處的競爭環(huán)境和資本結(jié)構(gòu)特征決定了企業(yè)投融資行為及其結(jié)果,進而決定了企業(yè)持續(xù)競爭優(yōu)勢的時效性。而在既有的公司投融資決策和經(jīng)營中,企業(yè)投資動機對企業(yè)投融資決策形成具有重要影響。如果把企業(yè)資本結(jié)構(gòu)及其優(yōu)化策略視為一組變量,那么,企業(yè)的投融資適應(yīng)能力所導(dǎo)致的投資決策與超額收益信息動態(tài)則決定了企業(yè)績效持續(xù)性的效能,而這種轉(zhuǎn)換機會可能會轉(zhuǎn)化為經(jīng)營期權(quán)的選擇,進而影響到企業(yè)建立或擴大其持續(xù)競爭優(yōu)勢。本文通過對現(xiàn)有資本結(jié)構(gòu)優(yōu)化、持續(xù)競爭力、企業(yè)盈余與價值方面的現(xiàn)在文獻的梳理,主要圍繞公司的權(quán)益價值是持續(xù)經(jīng)營價值和轉(zhuǎn)換期權(quán)價值兩部分價值之和這一思想來展開。其中,持續(xù)經(jīng)營價值指公司依賴現(xiàn)有的資源使用方式,持續(xù)利用自身資源(包括技術(shù)、資產(chǎn)以及企業(yè)家才能等)所能創(chuàng)造出來的價值,這部分價值等于未來的期望收益折現(xiàn)到當期的加總。而轉(zhuǎn)換期權(quán)則反映了公司“改變”(包括出售公司、改變公司經(jīng)營戰(zhàn)略以及破產(chǎn)清算等),進而使得總體價值高于持續(xù)經(jīng)營價值的可能性。同時,本文發(fā)現(xiàn)資本結(jié)構(gòu)與持續(xù)競爭優(yōu)勢之間有著緊密的聯(lián)系,且研究的主流趨勢認為持續(xù)競爭優(yōu)勢是產(chǎn)生企業(yè)盈余的一個中間變量。故嘗試將轉(zhuǎn)換期權(quán)的概念具體化到資本結(jié)構(gòu)優(yōu)化上,并將其的價值體現(xiàn)形式與企業(yè)盈余聯(lián)系起來,并對轉(zhuǎn)換期權(quán)添加非線性信息動態(tài)的假設(shè),使研究企業(yè)盈余(轉(zhuǎn)換期權(quán)的價值體現(xiàn))與當期盈余信息之間的非線性關(guān)系成為可能。基于對持續(xù)經(jīng)營價值與轉(zhuǎn)換期權(quán)價值的分析,本文對傳統(tǒng)的線性權(quán)益定價模型進行修正,即分別從兩個方面將非線性效應(yīng)引入到原有的線性模型中:首先,在持續(xù)經(jīng)營的情況下考慮公司邊際成本遞增的效應(yīng),并引入稅收摩擦;其次,將期權(quán)價值加入折現(xiàn)現(xiàn)金流框架,即=+。新的模型刻畫了公司權(quán)益價值關(guān)于其營業(yè)收入的凹性關(guān)系:即公司的權(quán)益價值隨公司營業(yè)收入單調(diào)遞增,而其邊際貢獻卻在遞減�；谥袊鳤股上市公司財務(wù)數(shù)據(jù)的實證結(jié)果表明:就單一行業(yè)而言,定價模型所描述的關(guān)系基本成立;但由于異質(zhì)性的存在,不同行業(yè)的營業(yè)收入與權(quán)益價值之間并不存在同一的非線性協(xié)整關(guān)系�；诋斊谟嗯c后期超額收益的非線性關(guān)系,本文通過非線性的角度詮釋了融資方式選擇問題。本文在超額收益動態(tài)過程中引入持續(xù)非零凈現(xiàn)值投資、當期盈利能力以及公司融資適應(yīng)能力對投資決策的影響,從而構(gòu)建超額收益的非線性信息動態(tài)模型。這一引入資本投資的超額收益動態(tài)模型假定投資決策不僅受到超額盈利能力信號的指引,同時還受到融資適應(yīng)能力的約束,且當期的超額盈利能力反映了經(jīng)濟租的持續(xù)性,從而為未來的超額盈利能力提供了有用的信息,而預(yù)期未來超額盈利能力又會對未來的資本投資產(chǎn)生影響。理論分析表明在將資本投資與融資內(nèi)生化的情形中,未來超額收益與當期超額收益之間呈現(xiàn)非線性信息動態(tài),而不是簡單的線性信息動態(tài)。公司+1收益與期超額收益之間的斜率和曲率受融資適應(yīng)能力的影響,即當企業(yè)僅需要少量融資時,股權(quán)融資優(yōu)于債權(quán)融資;而當融資額較大時,債權(quán)融資則優(yōu)于股權(quán)融資。以中國上市公司為樣本的分組分段線性回歸為本文非線性信息動態(tài)的理論分析提供了支持。
[Abstract]:The competitive environment of enterprises and capital structure determines the characteristics of corporate investment and financing behavior and results, and determine the effectiveness of enterprise's competitive advantage. In the existing investment and financing decision and management, corporate investment motivation on corporate investment and financing decisions has important influence. If the enterprise capital structure and its optimization strategy as a group of variables, then the dynamic enterprise financing ability to adapt to the investment decision and excess return information determines the performance of enterprise efficiency, and this conversion opportunities may be transformed into the option selection, and then affect the enterprise to establish or expand its sustainable competitive advantage. Through sustainable competitiveness to optimize the existing capital structure, corporate earnings and the value of the current literature, mainly around the company's equity value is goingconcern value and conversion period The two part is the value of the value of the right and the idea to expand. The goingconcern value refers to the company to rely on existing resources use, sustainable use of its own resources (including technology, assets and entrepreneur etc.) can create value, this value is equal to the expected income discount to the total. The conversion option reflects the company "change" (including the sale of the company, change the company's business strategy and bankruptcy liquidation etc.), which makes the overall value higher than the possibility of continuing value. At the same time, the paper found that there is close relation between capital structure and competitive advantage, and the research trend that sustainable competitive advantage is an intermediate variable of enterprise surplus. Therefore the conversion option will try to optimize the capital structure, which embodies the value form and enterprise surplus relation To add, and nonlinear dynamic information hypothesis on the conversion option, so the study of earnings (conversion option value) and the nonlinear relationship between the current earnings information possible. Analysis of the goingconcern value and conversion option value based on the linear pricing model of the traditional correction, namely from two aspects the nonlinear effect is introduced into the linear model in the original: firstly, considering the effect of increasing marginal cost of the company in the case of continuing operations, and the introduction of tax friction; secondly, the option value added discounted cash flow framework, namely =+. new model characterizes the relationship between the concavity of the corporate equity value on the operating income of the company is: the value of rights and interests with the company's operating income is increasing, but the marginal contribution is in decline. China A shares listed company financial data empirical results show that: Based on a single line The relationship between industry, pricing model described the basic establishment; but because of the heterogeneity, there is no nonlinear cointegration relationship between the different sectors of the same operating income and equity value. The nonlinear relationship between current earnings and excess returns based on the latter, this paper explains the financing way through non linear point selection problem in this article. The excess return in the dynamic process of introducing continuous non zero net present value of investment, the current profitability and corporate financing ability to adapt to the impact of investment decisions, the nonlinear dynamic model of information in order to build excess returns. The introduction of capital investment return dynamic model assumes that the investment decision is not only affected by the excess profitability signal guidance, but also by financing adaptation capacity constraints, and the current excess profitability reflects the persistent economic rent, which can force the excess profits for the future Provides useful information, and the expected future excess profitability would influence future capital investment. Theoretical analysis shows that in the case of capital investment and financing in biochemistry, future excess returns and excess returns the current nonlinear dynamic information, and is not a simple linear information dynamic between the company income and +1. During the period of excess returns by financing the ability to adapt to the slope and curvature effect, when the enterprise only need a small amount of financing, equity financing is better than equity financing; and when a large amount of financing, debt financing is better than equity financing. To China listed companies as a sample grouping of piecewise linear regression provides support for the theoretical analysis of nonlinear dynamic information.

【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2015
【分類號】：F275

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