本文選題：資本結(jié)構(gòu)　切入點(diǎn)：流動(dòng)性風(fēng)險(xiǎn)　出處：《天津大學(xué)》2014年博士論文　論文類型：學(xué)位論文

【摘要】：公司融資方式的確定是公司財(cái)務(wù)理論中最重要的部分，也是公司經(jīng)營(yíng)過程中首要解決的問題。不同資本結(jié)構(gòu)情況不僅影響公司的融資成本和股東的表決權(quán)，對(duì)于公司經(jīng)營(yíng)過程和投資決策也具有重要意義。公司融資的環(huán)境決定了其融資方式，，本文從金融市場(chǎng)環(huán)境出發(fā)，探討股票市場(chǎng)中的不同風(fēng)險(xiǎn)對(duì)于公司融資成本和資本結(jié)構(gòu)選擇的影響，并結(jié)合我國(guó)融資環(huán)境的基本情況和資本結(jié)構(gòu)理論來指導(dǎo)上市公司的融資決策，解釋上市公司融資結(jié)構(gòu)的現(xiàn)狀，以此爭(zhēng)取為投資者的投資決策提供理論和現(xiàn)實(shí)依據(jù)。 本文研究的主要內(nèi)容可以分為以下四個(gè)部分： 一、股票波動(dòng)性風(fēng)險(xiǎn)與企業(yè)資本結(jié)構(gòu)關(guān)系研究。該部分主要將資產(chǎn)收益波動(dòng)風(fēng)險(xiǎn)分解成特質(zhì)波動(dòng)風(fēng)險(xiǎn)和系統(tǒng)波動(dòng)風(fēng)險(xiǎn)，基于此分析這兩類風(fēng)險(xiǎn)對(duì)資本結(jié)構(gòu)的影響。運(yùn)用我國(guó)A股上市公司財(cái)務(wù)數(shù)據(jù)和交易數(shù)據(jù)，探究它們對(duì)資本結(jié)構(gòu)以及資本結(jié)構(gòu)調(diào)整速度的影響。 二、二級(jí)市場(chǎng)信息風(fēng)險(xiǎn)對(duì)上市公司資本結(jié)構(gòu)的影響研究。該部分基于EKOP模型度量市場(chǎng)信息風(fēng)險(xiǎn)，引入二級(jí)市場(chǎng)流動(dòng)性指標(biāo)和可能影響資本結(jié)構(gòu)的財(cái)務(wù)指標(biāo)作為資本結(jié)構(gòu)的解釋變量。將樣本按照信息風(fēng)險(xiǎn)大小進(jìn)行分組，討論信息風(fēng)險(xiǎn)不同的公司其資本結(jié)構(gòu)及相關(guān)影響因素是否存在差異，以進(jìn)一步探討信息與資本結(jié)構(gòu)之間的關(guān)系。 三、股票流動(dòng)性風(fēng)險(xiǎn)與公司融資行為研究。該部分用股票收益率對(duì)流動(dòng)性非預(yù)期變化的敏感度作為流動(dòng)性風(fēng)險(xiǎn)衡量方法，首先從靜態(tài)和動(dòng)態(tài)角度分別分析了流動(dòng)性風(fēng)險(xiǎn)對(duì)市值杠桿與賬面杠桿的影響。然后，用Probit模型研究股票流動(dòng)性風(fēng)險(xiǎn)對(duì)企業(yè)融資行為偏好的影響。 四、中國(guó)證券市場(chǎng)各類風(fēng)險(xiǎn)對(duì)資本成本的影響研究。該部分運(yùn)用O’Hanlon和Steele（2000）改進(jìn)的剩余收益增長(zhǎng)率方法直接度量資本成本，進(jìn)而研究中國(guó)證券市場(chǎng)波動(dòng)性風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)以及信息風(fēng)險(xiǎn)對(duì)上市公司企業(yè)資本成本的影響。
[Abstract]:The determination of corporate financing mode is the most important part of corporate finance theory, and it is also the most important problem to be solved in the course of corporate operation. Different capital structure not only affects the financing cost of the company and the voting rights of the shareholders, but also affects the financing cost of the company and the voting rights of the shareholders. It is also of great significance to the management process and investment decision of the company. The financing environment of the company determines its financing mode, this paper starts from the financial market environment, This paper probes into the influence of different risks in the stock market on the financing cost and the choice of the capital structure of the company, and combines the basic situation of the financing environment and the theory of the capital structure of our country to guide the financing decision of the listed company. In order to provide theoretical and practical basis for investors' investment decisions, this paper explains the current situation of listed companies' financing structure. The main contents of this paper can be divided into the following four parts:. First, the relationship between stock volatility risk and enterprise capital structure. This part mainly decomposes asset return volatility risk into idiosyncratic volatility risk and systemic volatility risk. Based on the analysis of the impact of these two kinds of risks on the capital structure, the financial data and transaction data of A-share listed companies in China are used to explore their influence on the capital structure and the speed of capital structure adjustment. Second, the impact of secondary market information risk on the capital structure of listed companies. This part measures market information risk based on EKOP model. The secondary market liquidity index and the financial index which may affect the capital structure are introduced as the explanatory variables of the capital structure. The samples are grouped according to the size of the information risk. This paper discusses whether there are differences in capital structure and related influencing factors of companies with different information risks, in order to further explore the relationship between information and capital structure. Third, the study of stock liquidity risk and corporate financing behavior. This part uses the sensitivity of stock return rate to unexpected changes in liquidity as a measure of liquidity risk. Firstly, the paper analyzes the influence of liquidity risk on market value leverage and book leverage from static and dynamic angles, and then uses Probit model to study the influence of stock liquidity risk on corporate financing behavior preference. Fourth, the study on the impact of various kinds of risks on the capital cost in China's securities market. This part directly measures the capital cost by using the method of residual income growth rate improved by Ohn Hanlon and Steele 2000, and then studies the volatility risk of China's securities market. The influence of liquidity risk and information risk on the capital cost of listed companies.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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