本文關鍵詞： 資本結構動態(tài)調整 企業(yè)性質 控制層級 調整速度 調整路徑　出處：《首都經濟貿易大學》2014年碩士論文　論文類型：學位論文

【摘要】：資本結構問題一直以來都是理財學的核心問題，也是一個關于資源配置的效率問題。大量的實證研究表明，企業(yè)在進行融資決策選擇中不僅要考慮到靜態(tài)的資本結構，更要關注其動態(tài)調整。資本結構動態(tài)調整理論認為，企業(yè)目標資本結構的選擇因企業(yè)內外部環(huán)境的變化而成為一個動態(tài)調整的過程。企業(yè)往往因信息不對稱、融資約束等眾多限制使得其實際資本結構偏離目標資本結構，由于調整成本的存在，企業(yè)又需要在不斷變化的環(huán)境中不斷地去調整自身的資本結構以使其達到目標狀態(tài)。那么，中國上市公司的資本結構是不是也在進行著動態(tài)調整？不同性質的上市公司，特別是不同政府控制層級的國有上市公司在動態(tài)調整速度和調整路徑上又有哪些差異？這些問題都有待于理論分析和實證檢驗，本文將對此進行進一步的探索。 本文回顧和梳理了資本結構動態(tài)調整的相關理論和文獻，分析了中國的制度背景，在此基礎上運用實證研究方法，利用資本結構部分動態(tài)調整模型，通過研究2007-2012年滬深上市公司的樣本數據，實證檢驗了國有上市公司與非國有上市公司，特別是不同政府控制層級的國有上市公司在資本結構動態(tài)調整速度和調整路徑方面的差異，并得出以下主要結論：（1）在企業(yè)性質與資本結構動態(tài)調整速度方面，非國有上市公司比國有上市公司的動態(tài)調整速度快。從政府控制層級方面看，部分驗證了政府控制層級越高，，企業(yè)的調整速度越快的假設，主要體現(xiàn)在國務院級、省級、市級政府及部門控制的上市公司的調整速度方面。（2）在企業(yè)性質與資本結構調整路徑方面，非國有企業(yè)更傾向于利用商業(yè)信用路徑，國有企業(yè)與長期負債調整路徑正相關且更加熱衷于利用留存收益路徑。對于省級及以下國有企業(yè)而言，隨著政府控制層級的提高，企業(yè)通過長期負債進行資本結構調整的能力越強，也就越傾向于采用長期負債調整方式。（3）本文在研究中還發(fā)現(xiàn)縣級及以下政府和部門控制的國有企業(yè)與非國有企業(yè)相比，無論在資本結構動態(tài)調整速度上，還是在調整路徑上都非常的相似。 通過本文的研究，在一定程度上豐富了資本結構動態(tài)調整理論，特別是結合中國所特有的制度背景，深入到不同政府控制層級來研究，而這也成為本文主要的研究成果與創(chuàng)新點。
[Abstract]:The problem of capital structure has always been the core issue of finance science, and it is also a problem of resource allocation efficiency. A large number of empirical studies show that. Enterprises should not only consider the static capital structure, but also pay more attention to its dynamic adjustment. The choice of enterprise's target capital structure becomes a dynamic adjustment process because of the change of enterprise's internal and external environment. Many restrictions such as financing constraints make the actual capital structure deviate from the target capital structure due to the existence of adjustment costs. Enterprises also need to constantly adjust their capital structure in the changing environment to achieve the target state. So, is the capital structure of listed companies in China also undergoing dynamic adjustment? What are the differences between the different nature of listed companies, especially the state-owned listed companies of different levels of government control in the dynamic adjustment speed and the adjustment path? These problems need theoretical analysis and empirical test, this paper will further explore this. This paper reviews and combs the relevant theories and literature on the dynamic adjustment of capital structure, analyzes the institutional background of China, and uses the empirical research method to use the partial dynamic adjustment model of capital structure. By studying the sample data of Shanghai and Shenzhen listed companies from 2007 to 2012, this paper empirically tests the state-owned listed companies and non-state-owned listed companies. Especially, there are differences in the speed and path of the dynamic adjustment of the capital structure of the state-owned listed companies with different levels of government control. The main conclusions are as follows: (1) in terms of the dynamic adjustment speed of enterprise nature and capital structure, the dynamic adjustment speed of non-state-owned listed companies is faster than that of state-owned listed companies. Part of the hypothesis that the higher the level of government control, the faster the adjustment speed of enterprises, mainly reflected in the State Council level, provincial level. The adjustment speed of the listed companies controlled by municipal governments and departments. 2) in terms of the nature of enterprises and the path of capital structure adjustment, non-state-owned enterprises are more inclined to use the commercial credit path. State-owned enterprises and long-term debt adjustment path are positively related and more keen to use the retained earnings path. For state-owned enterprises at the provincial level and below, with the increase of the level of government control. The ability of enterprises to adjust their capital structure through long-term liabilities is stronger. This paper also finds that the state-owned enterprises controlled by the government and departments at the county level and below compare with the non-state-owned enterprises, regardless of the speed of the dynamic adjustment of capital structure. Still in the adjustment path are very similar. Through this study, to some extent enriched the theory of dynamic adjustment of capital structure, especially in combination with the unique institutional background of China, in-depth into different levels of government control to study. And this also becomes the main research achievement and innovation point of this article.
【學位授予單位】：首都經濟貿易大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275;F271

【引證文獻】

相關碩士學位論文 前2條

1 陳宇勛;基于企業(yè)生命周期視角的資本結構調整動機及其路徑研究[D];華僑大學;2016年

2 吳琳;上市券商資本結構影響因素的實證研究[D];南昌大學;2015年

本文編號：1486884