發(fā)布時間：2018-01-10 01:21

  本文關(guān)鍵詞：宏觀經(jīng)濟波動對高新技術(shù)上市公司資本結(jié)構(gòu)影響的分析　出處：《云南財經(jīng)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： 資本結(jié)構(gòu) 宏觀經(jīng)濟波動 高新技術(shù)上市公司

【摘要】：2014年以來,由于我國經(jīng)濟下行,造成公司債券違約事件不斷發(fā)生,宏觀經(jīng)濟周期因素對公司資本結(jié)構(gòu)的影響問題及公司資本結(jié)構(gòu)管理問題再一次引人思考。在所有企業(yè)中,高新技術(shù)企業(yè)擁有自己的核心知識產(chǎn)權(quán),是知識密集、技術(shù)密集的經(jīng)濟實體,以持續(xù)的研究投入和開發(fā)為特點,是我國先進生產(chǎn)力的載體。在此背景下,本文以高新技術(shù)上市公司為研究對象,實證分析宏觀經(jīng)濟波動對高新技術(shù)上市公司資本結(jié)構(gòu)的影響。公司資本結(jié)構(gòu)是指不同資本來源的比例關(guān)系。資本來源一般有股東投入的股本和公司對外的債務(wù),由于公司對外的債務(wù)必須到期償還本金和利息,股東投入的股本則是一種資源的流入,只具有剩余索取權(quán)。企業(yè)的任何融資行為都是通過金融市場來完成,金融市場的發(fā)展程度都直接影響著企業(yè)的融資行為。在我國是以銀行為主,債券市場和股票市場為輔的金融市場體系,債券市場和股票市場都還不完善,這也制約著企業(yè)按其目標(biāo)資本結(jié)構(gòu)來配置其負債率。宏觀經(jīng)濟波動對高新技術(shù)上市公司資本結(jié)構(gòu)的影響,有其經(jīng)濟學(xué)意義上的內(nèi)在邏輯。在對宏觀經(jīng)濟環(huán)境和高新技術(shù)上市公司資本結(jié)構(gòu)特征分別做出論述后,本文邏輯地推導(dǎo)出宏觀經(jīng)濟波動是如何一步一步地對高新技術(shù)上市公司資本結(jié)構(gòu)進行影響的,然后利用從2006年——2015年宏觀經(jīng)濟波動比較劇烈的十年數(shù)據(jù),用混合回歸模型做實證分析,得出以下結(jié)論:我國高新技術(shù)上市公司的確呈現(xiàn)低杠桿特征;通過邏輯推導(dǎo)方式說明我國宏觀經(jīng)濟波動如何內(nèi)在地影響我國高新技術(shù)上市公司資本結(jié)構(gòu);驗證了我國宏觀經(jīng)濟波動對高新技術(shù)上市公司資本結(jié)構(gòu)有顯著正相關(guān)關(guān)系。此外:公司規(guī)模和有形資產(chǎn)率正向影響高新技術(shù)上市公司資本結(jié)構(gòu),公司盈利能力反向影響高新技術(shù)上市公司資本結(jié)構(gòu),公司成長性和非債務(wù)稅盾與高新技術(shù)上市公司資本結(jié)構(gòu)無顯著相關(guān)關(guān)系。通過本文對高新技術(shù)企業(yè)資本結(jié)構(gòu)的研究,第一,能充實現(xiàn)有對高新技術(shù)企業(yè)的研究資料;第二,能給全國高新技術(shù)企業(yè)認定管理工作領(lǐng)導(dǎo)小組在制定相關(guān)政策時提供一定的參考;第三,為高新技術(shù)企業(yè)管理者制定財務(wù)政策提供相應(yīng)的參考。在以往的研究中,沒有關(guān)于宏觀經(jīng)濟因素對高新技術(shù)企業(yè)資本結(jié)構(gòu)影響的研究,本文以此為切入點,在高新技術(shù)上市公司資本結(jié)構(gòu)的影響因素中引入宏觀經(jīng)濟波動因素,并得出了符合經(jīng)濟學(xué)邏輯的結(jié)論,這也是本文的創(chuàng)新之處。
[Abstract]:Since 2014, due to the economic downturn in China, corporate bond defaults have occurred continuously. The impact of macroeconomic cycle factors on corporate capital structure and the management of corporate capital structure are once again thought-provoking. In all enterprises, high-tech enterprises have their own core intellectual property rights, which is knowledge-intensive. Technology-intensive economic entities, characterized by sustained research investment and development, are the carrier of China's advanced productive forces. Under this background, this paper takes high-tech listed companies as the research object. Empirical analysis of the impact of macroeconomic fluctuations on the capital structure of high-tech listed companies. Corporate capital structure refers to the proportional relationship between different sources of capital. Capital sources generally include equity invested by shareholders and external debt of the company. Since the company's external debt must be due to repay the principal and interest, the equity invested by shareholders is an inflow of resources, with only residual claim. Any financing behavior of the enterprise is completed through the financial market. The development of the financial market has a direct impact on the financing behavior of enterprises. In China, the bank is the main, the bond market and the stock market are supplemented by the financial market system, the bond market and the stock market are not perfect. This also restricts the enterprises to allocate their debt ratio according to their target capital structure and the impact of macroeconomic fluctuations on the capital structure of high-tech listed companies. It has its internal logic in the sense of economics. After discussing the macroeconomic environment and the capital structure characteristics of high-tech listed companies respectively. This paper logically deduces how the macroeconomic fluctuation affects the capital structure of high-tech listed companies step by step. Then, using ten years' data from 2006 to 2015, we use mixed regression model to make empirical analysis. The following conclusions are drawn: China's high-tech listed companies do show the characteristics of low leverage; Through the way of logical derivation, it explains how the macroeconomic fluctuation of our country affects the capital structure of high-tech listed companies. It is verified that the macroeconomic fluctuation has a significant positive correlation with the capital structure of high-tech listed companies. In addition, the size of the company and the ratio of tangible assets positively affect the capital structure of high-tech listed companies. Corporate profitability has a negative impact on the capital structure of high-tech listed companies. There is no significant correlation between corporate growth and non-debt tax shield and capital structure of high-tech listed companies. To enrich the existing research materials on high-tech enterprises; Second, it can provide a certain reference to the national leading group of high-tech enterprises' identification and management work in the formulation of relevant policies; Third, provides the corresponding reference for the high-tech enterprise manager to formulate the financial policy. In the past research, there is no research about the macroeconomic factor to the high-tech enterprise capital structure influence. This article takes this as the starting point, introduces the macroeconomic fluctuation factor into the influence factor of the capital structure of the high-tech listed company, and draws the conclusion which accords with the economic logic, which is also the innovation of this paper.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51;F123.16

【參考文獻】

相關(guān)期刊論文 前10條

1 沈紅波;廖冠民;曹軍;;金融發(fā)展、產(chǎn)權(quán)性質(zhì)與上市公司擔(dān)保融資[J];中國工業(yè)經(jīng)濟;2011年06期

2 蘇冬蔚;曾海艦;;宏觀經(jīng)濟因素、企業(yè)家信心與公司融資選擇[J];金融研究;2011年04期

3 饒品貴;姜國華;;貨幣政策波動、銀行信貸與會計穩(wěn)健性[J];金融研究;2011年03期

4 何國華;劉林濤;常鑫鑫;;中國金融結(jié)構(gòu)與企業(yè)自主創(chuàng)新的關(guān)系研究[J];技術(shù)經(jīng)濟;2011年03期

5 王正位;王思敏;朱武祥;;股票市場融資管制與公司最優(yōu)資本結(jié)構(gòu)[J];管理世界;2011年02期

6 孔慶輝;;宏觀經(jīng)濟波動、周期型行業(yè)和資本結(jié)構(gòu)選擇[J];北京理工大學(xué)學(xué)報(社會科學(xué)版);2010年06期

7 石曉軍;張順明;;經(jīng)濟周期中商業(yè)信用與銀行借款替代行為研究[J];管理科學(xué)學(xué)報;2010年12期

8 邵新建;巫和懋;覃家琦;王道平;;中國IPO市場周期:基于投資者情緒與政府擇時發(fā)行的分析[J];金融研究;2010年11期

9 王躍堂;王亮亮;彭洋;;產(chǎn)權(quán)性質(zhì)、債務(wù)稅盾與資本結(jié)構(gòu)[J];經(jīng)濟研究;2010年09期

10 蘇冬蔚;曾海艦;;宏觀經(jīng)濟因素與公司資本結(jié)構(gòu)變動[J];經(jīng)濟研究;2009年12期

相關(guān)博士學(xué)位論文 前1條

1 肖作平;中國上市公司資本結(jié)構(gòu)影響因素研究[D];廈門大學(xué);2004年

，

本文編號：1403309