本文關(guān)鍵詞：我國(guó)上市公司資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整模型及實(shí)證研究　出處：《湖南大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 上市公司 資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整 調(diào)整成本 非對(duì)稱(chēng)性 自由現(xiàn)金流

【摘要】：資本結(jié)構(gòu)主要是指公司各種資本的構(gòu)成和比例問(wèn)題。1958年，Modigliani和Miller提出著名的MM理論，被視為現(xiàn)代資本結(jié)構(gòu)理論的基石，開(kāi)啟了資本結(jié)構(gòu)科學(xué)化研究的進(jìn)程。經(jīng)過(guò)半個(gè)世紀(jì)的發(fā)展，已經(jīng)形成了相對(duì)成熟的靜態(tài)資本結(jié)構(gòu)理論體系，而有關(guān)動(dòng)態(tài)資本結(jié)構(gòu)的理論和實(shí)證研究還正處于不斷發(fā)展完善中，特別是動(dòng)態(tài)資本結(jié)構(gòu)的調(diào)整速度作為動(dòng)態(tài)資本結(jié)構(gòu)的核心問(wèn)題，引起了學(xué)者們的研究熱情。同時(shí)，公司資本結(jié)構(gòu)一直以來(lái)也是公司經(jīng)營(yíng)管理的核心問(wèn)題，為公司融資決策、風(fēng)險(xiǎn)管理等提供了指導(dǎo)意義，直接影響著公司資本成本與融資結(jié)構(gòu)，以及公司價(jià)值最大化的實(shí)現(xiàn)，因此，，資本結(jié)構(gòu)也同樣成為管理者關(guān)注的重點(diǎn)。 本文在資本結(jié)構(gòu)動(dòng)態(tài)理論的基礎(chǔ)上，對(duì)資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整速度以及自由現(xiàn)金流對(duì)動(dòng)態(tài)調(diào)整的影響機(jī)制進(jìn)行了詳盡的闡述和分析，并基于傳統(tǒng)的部分調(diào)整模型創(chuàng)新性的進(jìn)行了拓展：資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整速度的非對(duì)稱(chēng)性拓展；自由現(xiàn)金流作為調(diào)整成本的替代變量的拓展。從而將資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整速度的研究向前推進(jìn)了一大步。 本文選擇2006年-2011年我國(guó)上市公司的相關(guān)數(shù)據(jù)，對(duì)我國(guó)上市公司資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整行為進(jìn)行了分析和研究。結(jié)果發(fā)現(xiàn)：（1）我國(guó)上市公司的目標(biāo)資本結(jié)構(gòu)受到公司規(guī)模、資產(chǎn)有形性、盈利能力、資產(chǎn)流動(dòng)性、成長(zhǎng)性和非負(fù)債稅盾等因素的影響；（2）公司資本結(jié)構(gòu)存在主動(dòng)調(diào)整和被動(dòng)調(diào)整的行為，主動(dòng)調(diào)整的速度要快于傳統(tǒng)模型測(cè)算出的調(diào)整速度；（3）自由現(xiàn)金流是調(diào)整成本的一個(gè)很好的替代變量，但自由現(xiàn)金流的正負(fù)，對(duì)資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整行為的影響是一致的，資本結(jié)構(gòu)的調(diào)整速度只與自由現(xiàn)金流絕對(duì)值的大小相關(guān)，而與自由現(xiàn)金流的正負(fù)無(wú)關(guān)；（4）動(dòng)態(tài)資本結(jié)構(gòu)的調(diào)整行為存在顯著的非對(duì)稱(chēng)性，并且向下調(diào)整的速度明顯快于向上調(diào)整的速度。因此，本文的研究不僅為公司資本結(jié)構(gòu)動(dòng)態(tài)優(yōu)化機(jī)制的建立提供了指導(dǎo)意義，也可為政府完善資本市場(chǎng)建設(shè)提供參考。
[Abstract]:In 1958, Modigliani and Miller put forward the famous MM theory. It is regarded as the cornerstone of the modern capital structure theory, which has opened the process of the scientific research of capital structure. After half a century of development, it has formed a relatively mature static capital structure theory system. However, the theoretical and empirical research on dynamic capital structure is still in the process of continuous development and perfection, especially the adjustment speed of dynamic capital structure as the core issue of dynamic capital structure. At the same time, the capital structure of the company has always been the core issue of corporate management, which provides guidance for corporate financing decisions, risk management and so on. It has a direct impact on the capital cost, financing structure and the realization of maximization of corporate value. Therefore, capital structure has also become the focus of managers' attention. Based on the dynamic theory of capital structure, this paper expounds and analyzes the influence mechanism of the dynamic adjustment speed of capital structure and free cash flow on the dynamic adjustment in detail. Based on the traditional partial adjustment model, the paper innovatively expands the speed of the dynamic adjustment of capital structure. The expansion of free cash flow as an alternative variable of adjustment cost brings forward the study of the dynamic adjustment speed of capital structure. This paper chooses the relevant data of Chinese listed companies from 2006 to 2011. This paper analyzes and studies the dynamic adjustment of capital structure of listed companies in China. The results show that the target capital structure of listed companies in China is affected by the scale of companies, the tangible property of assets and the profitability of listed companies. Assets liquidity, growth and non-liability tax shield and other factors; (2) the company's capital structure has the behavior of active adjustment and passive adjustment, and the speed of active adjustment is faster than that of the traditional model. Free cash flow is a good alternative to the adjustment cost, but the positive or negative free cash flow has the same effect on the dynamic adjustment of capital structure. The adjustment speed of capital structure is only related to the absolute value of free cash flow, but not to the positive or negative value of free cash flow. 4) the adjustment behavior of dynamic capital structure has significant asymmetry, and the speed of downward adjustment is obviously faster than that of upward adjustment. The research in this paper not only provides the guiding significance for the establishment of the dynamic optimization mechanism of the company's capital structure, but also provides a reference for the government to perfect the construction of the capital market.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F832.51;F224

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