本文關(guān)鍵詞：會計盈余質(zhì)量、股權(quán)性質(zhì)與資本結(jié)構(gòu)動態(tài)調(diào)整　出處：《西南交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 會計盈余質(zhì)量 股權(quán)性質(zhì) 資本結(jié)構(gòu)偏離程度 資本結(jié)構(gòu)調(diào)整速度

【摘要】：與資本結(jié)構(gòu)相關(guān)的問題一直是財務(wù)領(lǐng)域探索的熱點,近年來,隨著計量經(jīng)濟(jì)學(xué)的不斷發(fā)展,資本結(jié)構(gòu)研究也從開始的靜態(tài)分析慢慢過渡到如今的動態(tài)分析。動態(tài)權(quán)衡理論認(rèn)為目標(biāo)資本結(jié)構(gòu)的的確確是存在的,但是在實際情況中,這一目標(biāo)總是難以實現(xiàn),其與公司的實際資本結(jié)構(gòu)之間往往是有偏差的。公司雖有心將資本結(jié)構(gòu)調(diào)整至最優(yōu)水平,但是調(diào)整成本的存在往往只能讓公司選擇部分調(diào)整。在對國內(nèi)外文獻(xiàn)梳理分析后發(fā)現(xiàn),資本結(jié)構(gòu)動態(tài)調(diào)整這一領(lǐng)域的研究已經(jīng)取得了非常顯著的成果。但是會計盈余質(zhì)量作為公司制定資本結(jié)構(gòu)決策所依賴的重要信息,前人的研究中卻很少分析它對資本結(jié)構(gòu)動態(tài)調(diào)整的影響。本文以中國上市公司2011-2015年的數(shù)據(jù)為樣本,結(jié)合不同企業(yè)間會計盈余質(zhì)量的差異性,對資本結(jié)構(gòu)動態(tài)調(diào)整進(jìn)行了回歸分析,除此之外,本文還考慮了在不同的股權(quán)性質(zhì)下,會計盈余質(zhì)量對資本結(jié)構(gòu)動態(tài)調(diào)整的影響是不是有所差異。首先用目標(biāo)資本結(jié)構(gòu)擬合模型擬合出最優(yōu)資本結(jié)構(gòu),其次用修正的瓊斯模型得到會計盈余質(zhì)量的度量值,最后再通過資本結(jié)構(gòu)偏離程度模型與部分調(diào)整模型的回歸結(jié)果進(jìn)行詳細(xì)分析,得到以下結(jié)論:會計盈余質(zhì)量與資本結(jié)構(gòu)的偏離程度顯著負(fù)相關(guān),且這種關(guān)系在國有企業(yè)中更加明顯;會計盈余質(zhì)量與資本結(jié)構(gòu)調(diào)整速度顯著正相關(guān),且在國有企業(yè)中這種關(guān)系更為明顯。
[Abstract]:The problems related to capital structure have been a hot topic in the field of finance. In recent years, with the development of econometrics. The study of capital structure has been gradually transferred from static analysis to dynamic analysis. Dynamic tradeoff theory holds that the target capital structure does exist, but in the actual situation. This goal is always difficult to achieve, and there is often a deviation between it and the actual capital structure of the company. Although the company is willing to adjust the capital structure to the optimal level. However, the existence of adjustment costs often only allows companies to choose part of the adjustment. The research on the dynamic adjustment of capital structure has made remarkable achievements, but the quality of accounting earnings is an important information that companies rely on in making capital structure decisions. However, previous studies rarely analyze its impact on the dynamic adjustment of capital structure. This paper takes the data of Chinese listed companies from 2011-2015 as a sample and combines the differences of accounting earnings quality among different enterprises. In addition to the regression analysis of the dynamic adjustment of capital structure, this paper also considers the different nature of equity. The influence of accounting earnings quality on the dynamic adjustment of capital structure is not different. Firstly, the optimal capital structure is fitted with the target capital structure fitting model. Secondly, we use the modified Jones model to get the measurement value of accounting earnings quality, and then analyze the regression results of capital structure deviation degree model and partial adjustment model in detail. The conclusions are as follows: the quality of accounting earnings is negatively correlated with the deviation degree of capital structure, and this relationship is more obvious in state-owned enterprises; The quality of accounting earnings is positively correlated with the speed of capital structure adjustment, and it is more obvious in state-owned enterprises.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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