本文選題：農(nóng)業(yè)類上市公司 + 股權(quán)融資成本�。� 參考：《海南大學(xué)》2014年碩士論文

【摘要】：股權(quán)融資成本是財(cái)務(wù)管理中的一個(gè)重要概念,也是上市公司在進(jìn)行股權(quán)融資前必須慎重考慮的首要因素,隨著我國證券市場(chǎng)的不斷成熟,國外的很多研究理論及其方法也被引入國內(nèi),對(duì)國內(nèi)市場(chǎng)進(jìn)行研究并且得到了較為理想的結(jié)論。然而國內(nèi)研究大多數(shù)是以整個(gè)證券市場(chǎng)為研究對(duì)象,少有以某個(gè)單獨(dú)行業(yè)為研究對(duì)象的成果出現(xiàn)。農(nóng)業(yè)類上市公司無論是在融資選擇還是融資成本控制上都相較于其他行業(yè)存在劣勢(shì),此外由于農(nóng)業(yè)的弱質(zhì)性以及農(nóng)業(yè)類上市公司占上市公司的比例小,從而導(dǎo)致研究者更多的是關(guān)注非農(nóng)業(yè)股。本文正是在此背景下,選擇農(nóng)業(yè)類上公司作為具體研究對(duì)象,深入探討去除行業(yè)因素影響后其他因素對(duì)股權(quán)融資成本的影響作用,為了解決農(nóng)業(yè)類上市公司股權(quán)融資成本控制難的問題。期待對(duì)研究理論及其方法作此有益的探索,并進(jìn)行實(shí)踐上的嘗試。 本文圍繞股權(quán)融資成本,以我國滬深兩市A股上市的農(nóng)業(yè)類公司為具體研究對(duì)象,選取從2006年至2013年的數(shù)據(jù)為樣本,確定其估值方法并加以估值,選用國際通用的七個(gè)指標(biāo)(β系數(shù)、賬面市值比、股票流動(dòng)性、公司規(guī)模、財(cái)務(wù)風(fēng)險(xiǎn)、資產(chǎn)周轉(zhuǎn)率以及股權(quán)集中度)對(duì)股權(quán)融資成本進(jìn)行實(shí)證研究。 本文實(shí)證研究部分運(yùn)用多元線性回歸模型對(duì)股權(quán)融資成本和上述七因子進(jìn)行逐步回歸分析,回歸結(jié)果將β系數(shù)(BETA)、股票流動(dòng)性(SL)以及股權(quán)集中度(OC)從最終模型中剔除,這樣就確定了影響農(nóng)業(yè)類上市公司股權(quán)融資成本的四個(gè)主要因子：賬面市值比(BM)、財(cái)務(wù)風(fēng)險(xiǎn)(FR)、公司規(guī)模(CS)和資產(chǎn)周轉(zhuǎn)率(AT)。實(shí)證研究部分運(yùn)用STATA12.0軟件進(jìn)行,包括樣本描述性統(tǒng)計(jì)、相關(guān)性分析、各因子之間的多重共線性診斷、逐步回歸分析以及模型年度穩(wěn)定性檢驗(yàn)等,研究結(jié)果與第四章的實(shí)證假設(shè)相符,并且最終得到的多元回歸模型對(duì)股權(quán)融資成本的解釋能力達(dá)到43.76%,分年度的回歸穩(wěn)定性檢驗(yàn)也得到了介于20%-65%的解釋能力,研究結(jié)果令人滿意。實(shí)證最后找到了影響我國農(nóng)業(yè)類上市公司股權(quán)融資成本的四個(gè)主要因子,并得到了其股權(quán)融資成本的近似預(yù)測(cè)方程,期望本文的研究成果能夠?yàn)榻窈筠r(nóng)業(yè)上市公司融資決策提供一定的參考依據(jù),也為有效降低股權(quán)融資成本提供有限的參考。
[Abstract]:The cost of equity financing is an important concept in financial management, and it is also the first factor that listed companies must carefully consider before carrying out equity financing. Many foreign research theories and methods have also been introduced into China, and the domestic market has been studied and a more ideal conclusion has been obtained. However, most of the domestic studies focus on the whole stock market, and there are few achievements in a single industry. Agricultural listed companies are inferior to other industries in terms of financing choice and financing cost control. In addition, due to the weakness of agriculture and the small proportion of agricultural listed companies to listed companies, As a result, researchers pay more attention to non-agricultural stocks. Under this background, this paper chooses the agricultural companies as the specific research object, deeply discusses the effect of other factors on the equity financing cost after removing the influence of industry factors. In order to solve the agricultural listed company equity financing cost control difficult problem. This paper looks forward to exploring the theory and methods and making a practical attempt. This paper focuses on the cost of equity financing, takes the agricultural companies listed in Shanghai and Shenzhen A-shares as the specific research object, selects the data from 2006 to 2013 as the sample, determines the valuation method and gives the valuation. Seven indexes (尾 coefficient, book market value ratio, stock liquidity, company size, financial risk, asset turnover and equity concentration) are selected to study the cost of equity financing. In the part of empirical research, we use multiple linear regression model to analyze the equity financing cost and the seven factors mentioned above. The regression results exclude the 尾 coefficient (Beta), the stock liquidity (SLL) and the equity concentration (OCC) from the final model. In this way, four main factors affecting the cost of equity financing of agricultural listed companies are determined: book market value ratio, financial risk, company size, and asset turnover. The empirical research is carried out by using STATA12.0 software, including sample descriptive statistics, correlation analysis, multiple co-linear diagnosis among various factors, stepwise regression analysis and model annual stability test. The results are consistent with the empirical hypothesis in Chapter 4, and the final multivariate regression model has the ability to explain the equity financing cost to 43.76. the stability test of regression in each year has also obtained the explanatory ability between 20% and 65%, and the results are satisfactory. Finally, we find the four main factors that affect the cost of equity financing of agricultural listed companies in China, and get the approximate prediction equation of the cost of equity financing. It is expected that the research results of this paper can provide a certain reference basis for the financing decision of agricultural listed companies in the future, and also provide a limited reference for effectively reducing the cost of equity financing.
【學(xué)位授予單位】：海南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F224;F324;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 屈耀輝;傅元略;;優(yōu)序融資理論的中國上市公司數(shù)據(jù)驗(yàn)證——兼對(duì)股權(quán)融資偏好再檢驗(yàn)[J];財(cái)經(jīng)研究;2007年02期

2 彭熠;黃祖輝;邵桂榮;;非農(nóng)化經(jīng)營與農(nóng)業(yè)上市公司經(jīng)營績效——理論分析與實(shí)證檢驗(yàn)[J];財(cái)經(jīng)研究;2007年10期

3 劉善敏;林斌;聶毅俊;;投資者關(guān)系管理與股權(quán)融資成本——來自公司網(wǎng)站投資者關(guān)系管理的實(shí)證發(fā)現(xiàn)[J];財(cái)經(jīng)研究;2008年05期

4 胡玉明;關(guān)于會(huì)計(jì)主體概念及資本成本會(huì)計(jì)理論的思考[J];財(cái)經(jīng)研究;1998年04期

5 張玉明,趙強(qiáng);資本結(jié)構(gòu)優(yōu)化與企業(yè)優(yōu)序融資策略[J];復(fù)旦學(xué)報(bào)(社會(huì)科學(xué)版);2002年05期

6 肖珉;;法的建立、法的實(shí)施與權(quán)益資本成本[J];中國工業(yè)經(jīng)濟(jì);2008年03期

7 葉康濤,陸正飛;中國上市公司股權(quán)融資成本影響因素分析[J];管理世界;2004年05期

8 張祥建;徐晉;;股權(quán)再融資與大股東控制的“隧道效應(yīng)”——對(duì)上市公司股權(quán)再融資偏好的再解釋[J];管理世界;2005年11期

9 姜付秀;支曉強(qiáng);張敏;;投資者利益保護(hù)與股權(quán)融資成本——以中國上市公司為例的研究[J];管理世界;2008年02期

10 程仲鳴;夏新平;余明桂;;政府干預(yù)、金字塔結(jié)構(gòu)與地方國有上市公司投資[J];管理世界;2008年09期

，

本文編號(hào)：1949248