本文選題：資本結(jié)構(gòu) + 宏觀經(jīng)濟(jì)政策��； 參考：《河南大學(xué)》2017年碩士論文

【摘要】：資本結(jié)構(gòu)是企業(yè)融資領(lǐng)域的核心問題�；仡欃Y本結(jié)構(gòu)研究的發(fā)展歷程可以看到,資本結(jié)構(gòu)理論的研究已從靜態(tài)理論轉(zhuǎn)向動態(tài)調(diào)整理論。資本結(jié)構(gòu)相關(guān)實(shí)證研究則由靜態(tài)資本結(jié)構(gòu)決定研究發(fā)展到資本結(jié)構(gòu)動態(tài)調(diào)整行為研究,包括資本結(jié)構(gòu)的動態(tài)調(diào)整速度、調(diào)整成本等諸多方面。同時(shí),關(guān)于資本結(jié)構(gòu)調(diào)整的影響因素研究也由單一的企業(yè)內(nèi)部影響因素發(fā)展到外部宏觀經(jīng)濟(jì)因素,其中最為前沿的是在宏觀與微觀聯(lián)動的分析框架下研究資本結(jié)構(gòu)的調(diào)整問題。本文通過對資本結(jié)構(gòu)相關(guān)領(lǐng)域的文獻(xiàn)進(jìn)行搜集整理,并結(jié)合相關(guān)理論分析發(fā)現(xiàn):作為資本結(jié)構(gòu)的研究前沿,資本結(jié)構(gòu)動態(tài)理論比靜態(tài)理論有更好的解釋力,且資本結(jié)構(gòu)動態(tài)理論研究已取得眾多的研究成果,包括目標(biāo)資本結(jié)構(gòu)的存在性研究、資本結(jié)構(gòu)動態(tài)調(diào)整影響因素的研究等。同時(shí),本文也發(fā)現(xiàn)該領(lǐng)域現(xiàn)有研究存在著一些研究不足:首先,現(xiàn)有研究大多數(shù)只是局限于考察單一因素對資本結(jié)構(gòu)調(diào)整的研究,比如僅研究企業(yè)特征對資本結(jié)構(gòu)調(diào)整的影響,或僅研究宏觀環(huán)境對資本結(jié)構(gòu)調(diào)整的影響;其次,現(xiàn)有研究中很少涉及到股權(quán)結(jié)構(gòu)對資本結(jié)構(gòu)調(diào)整速度的研究;最后,現(xiàn)有研究基于宏觀經(jīng)濟(jì)政策與微觀企業(yè)特征視角來研究資本結(jié)構(gòu)調(diào)整行為的還比較少。因此,本文基于以上分析確定研究思路,即本文要研究并解決的問題是:(1)宏觀經(jīng)濟(jì)政策對我國上市公司資本結(jié)構(gòu)動態(tài)調(diào)整速度到底有沒有影響?(2)對于不同股權(quán)結(jié)構(gòu)特征的企業(yè),宏觀經(jīng)濟(jì)政策對資本結(jié)構(gòu)調(diào)整速度的影響有沒有區(qū)別?宏觀經(jīng)濟(jì)政策是企業(yè)生存發(fā)展的重要宏觀環(huán)境,企業(yè)的融資行為首先受到宏觀經(jīng)濟(jì)政策的影響。宏觀經(jīng)濟(jì)政策一方面在宏觀層面影響整體經(jīng)濟(jì)運(yùn)行的參數(shù),另一方面在微觀層面通過調(diào)控社會需求與供給影響企業(yè)行為。在不同的宏觀經(jīng)濟(jì)政策下,企業(yè)的融資狀況、經(jīng)營投資所面臨的機(jī)遇也會不同。在我國特殊的制度背景下,股權(quán)結(jié)構(gòu)不同的企業(yè)對于宏觀經(jīng)濟(jì)政策的反應(yīng)不同。本文選擇我國滬深兩市A股上市公司為研究樣本,選取2003-2015年期間的數(shù)據(jù)。首先,在總結(jié)分析相關(guān)文獻(xiàn)的基礎(chǔ)上,構(gòu)建目標(biāo)資本結(jié)構(gòu)的擬合模型;其次,構(gòu)建資本結(jié)構(gòu)動態(tài)調(diào)整模型,測算企業(yè)的資本結(jié)構(gòu)調(diào)整速度;將貨幣政策替代變量廣義貨幣供應(yīng)量增長率M2和財(cái)政政策替代變量年度財(cái)政支出增長率FE引入模型當(dāng)中,利用Stata軟件進(jìn)行面板數(shù)據(jù)回歸分析,最終得出結(jié)論。研究結(jié)果表明:(1)貨幣供應(yīng)量與資本結(jié)構(gòu)調(diào)整速度存在顯著的正相關(guān)關(guān)系;積極的貨幣政策能加快企業(yè)資本結(jié)構(gòu)調(diào)整速度;(2)非國有企業(yè)資本結(jié)構(gòu)調(diào)整速度對于貨幣政策變動的敏感程度更高;無論采取怎樣的貨幣政策,非國有企業(yè)資本結(jié)構(gòu)的調(diào)整速度都大于國有企業(yè);(3)股權(quán)集中企業(yè)資本結(jié)構(gòu)調(diào)整速度對于貨幣政策變動的敏感程度更高;如果以M2=19.46%作為貨幣政策松緊程度的分界點(diǎn),那么,當(dāng)采取積極的貨幣政策時(shí)(M219.46%),股權(quán)集中企業(yè)資本結(jié)構(gòu)調(diào)整速度快于股權(quán)分散企業(yè),當(dāng)采取穩(wěn)健的貨幣政策時(shí)(M219.46%)時(shí),股權(quán)分散企業(yè)的資本結(jié)構(gòu)調(diào)整速度快于股權(quán)集中企業(yè);(4)財(cái)政支出與資本結(jié)構(gòu)動態(tài)調(diào)整速度存在顯著的正相關(guān)關(guān)系;積極的財(cái)政政策加快了企業(yè)資本結(jié)構(gòu)調(diào)整速度;(5)非國有企業(yè)資本結(jié)構(gòu)調(diào)整速度對于財(cái)政政策變動的敏感程度更高;無論采取怎樣的財(cái)政政策,非國有企業(yè)資本結(jié)構(gòu)的調(diào)整速度都大于國有企業(yè);(6)股權(quán)集中企業(yè)資本結(jié)構(gòu)調(diào)整速度對于財(cái)政政策變動的敏感程度更高;無論采取怎樣的財(cái)政政策,股權(quán)分散企業(yè)資本結(jié)構(gòu)調(diào)整速度都要大于股權(quán)集中企業(yè)。本文創(chuàng)新地用宏觀-微觀視角,結(jié)合我國的市場特點(diǎn)及企業(yè)特點(diǎn)來研究資本結(jié)構(gòu)動態(tài)調(diào)整問題,以期為我國的宏觀政策制定、企業(yè)改革及企業(yè)發(fā)展提供一些建議。
[Abstract]:Capital structure is the core issue of corporate finance field. The review of the development of capital structure can be seen, the theory of capital structure dynamic adjustment theory has shifted from static theory. The empirical study of capital structure from static capital structure decision research to the study of capital structure dynamic adjustment behavior, including the dynamic adjustment of capital structure, adjustment the cost and other aspects. At the same time, influence on the adjustment of capital structure factors from the single enterprise internal factors to the development of the external macroeconomic factors, one of the most cutting-edge research problem is to adjust the capital structure in the framework of macro and micro linkage under. In this paper, through collecting and arranging capital structure literature then, based on theoretical analysis found that: as the research frontier of capital structure, dynamic capital structure theory than static theory On explaining the better, and the research on the theory of capital structure dynamic has made many research results, including the existence of target capital structure, factors of the dynamic adjustment of capital structure influence. At the same time, this paper also finds that the existing research in this field has some research issues: firstly, most existing research is limited to study single on the adjustment of capital structure research, such as the only research firm characteristics affect capital structure adjustment, or only on the macro environment influence on capital structure; secondly, the existing research rarely involves the research of ownership structure on capital structure adjustment speed; finally, the existing research from the perspective of macroeconomic policies and micro enterprises based on the characteristics of to study the capital structure adjustment behavior is still relatively small. Therefore, this paper based on the above analysis to determine the research ideas, this paper is to study and solve the problem Is: (1) macroeconomic policies to adjust the speed of the dynamic capital structure of Listed Companies in China in the end there is no effect? (2) for structural characteristics of different ownership enterprises, macroeconomic policy on capital structure adjustment speed has no difference? Macroeconomic policy is an important macro environment for the survival and development of enterprises, the financing behavior of enterprises first, by the impact of macroeconomic policies. The macroeconomic policy on the one hand parameters affecting the overall economic performance at the macro level, on the other hand, at the micro level through the regulation of social demand and supply effects of corporate behavior. Under different macroeconomic policies, enterprise's financial condition, business investment opportunities will be different in the system. Under the special background of our country, different enterprises of different ownership structure on macroeconomic policy response. The choice of China's two stock markets of Shanghai and Shenzhen A shares of listed companies as the research sample During the 2003-2015 years, selected data. Firstly, based on summarizing and analyzing the related literature, construct the fitting model of capital structure; secondly, construct a dynamic adjustment model of capital structure, capital structure adjustment speed of the enterprise; the monetary policy variables instead of broad money supply growth rate M2 and fiscal policy alternative fiscal expenditure variables the growth rate of FE is introduced into the model, regression analysis of the data using Stata software, the final conclusion. The results show that: (1) there is a significant positive correlation between money supply and capital structure adjustment speed; active monetary policy can accelerate the speed of adjustment of capital structure; (2) the speed of capital structure adjustment of non state owned enterprises higher sensitivity to changes in monetary policy; regardless of how monetary policy, capital structure of state-owned enterprises to adjust speed is higher than the state-owned enterprises; (3) ownership enterprise capital structure adjustment speed and higher sensitivity to changes in monetary policy; if using M2=19.46% as the cut-off point, the tightness of monetary policy so as to adopt a positive monetary policy (M219.46%), equity concentration of corporate capital structure adjustment speed faster than firms with dispersed equity, when adopt a prudent monetary policy when (M219.46%), capital structure adjustment speed is faster than firms with dispersed equity ownership of enterprises; (4) there is a significant positive correlation between the expenditure and the dynamic adjustment of capital structure of finance; proactive fiscal policy to accelerate the speed of adjustment of the capital structure of enterprises; (5) the capital structure adjustment speed higher for non state owned enterprises the sensitivity of fiscal policy changes; regardless of how fiscal policy, capital structure adjustment speed is higher than the non state-owned enterprises state-owned enterprises; (6) focus on equity capital structure adjustment The speed of higher sensitivity to changes in fiscal policy; regardless of how fiscal policy, dispersed ownership adjustment speed of enterprise capital structure must be greater than the equity concentration enterprises. This paper used the macro - micro perspective, combined with the market characteristics and the characteristics of China's enterprises to research the dynamic adjustment of capital structure, in order to make the macro policy of our country, provide some suggestions for enterprise reform and development of enterprises.

【學(xué)位授予單位】：河南大學(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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