本文關(guān)鍵詞：我國家電業(yè)上市公司資本結(jié)構(gòu)動態(tài)調(diào)整的實(shí)證研究　出處：《湖北大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 家電行業(yè) 資本結(jié)構(gòu) 動態(tài)調(diào)整 調(diào)整速度

【摘要】：近代資本結(jié)構(gòu)理論是現(xiàn)代公司金融的研究基石,其探討的重點(diǎn)在于追求企業(yè)價值最大化的情況下,確定一個成本最低的融資組合,從而實(shí)現(xiàn)資本結(jié)構(gòu)優(yōu)化。動態(tài)資本結(jié)構(gòu)理論認(rèn)為,企業(yè)內(nèi)外環(huán)境的變化使得企業(yè)目標(biāo)資本結(jié)構(gòu)的選擇成為一個動態(tài)過程,信息不對稱、代理成本等因素的存在使得企業(yè)的實(shí)際資本結(jié)構(gòu)偏離其目標(biāo)資本結(jié)構(gòu),因此,企業(yè)需要在不斷變化的環(huán)境中不斷調(diào)整其資本結(jié)構(gòu)達(dá)到最優(yōu)狀態(tài)。 本文在國內(nèi)外研究現(xiàn)狀的基礎(chǔ)上,首先介紹了家電行業(yè)的特點(diǎn)及其上市公司資本結(jié)構(gòu)的現(xiàn)狀,分析了影響資本機(jī)構(gòu)的微觀及宏觀因素。并在此基礎(chǔ)上利用我國家電業(yè)上市公司2004-2011年的平衡面板數(shù)據(jù),對我國家電業(yè)上市公司資本結(jié)構(gòu)的影響因素及其動態(tài)調(diào)整的過程進(jìn)行了理論研究和實(shí)證分析,實(shí)證結(jié)果表明：擔(dān)保價值、信貸規(guī)模以及股票市場的發(fā)展情況與資本結(jié)構(gòu)正相關(guān),盈利能力、非債務(wù)稅盾、產(chǎn)品市場競爭能力與資本結(jié)構(gòu)負(fù)相關(guān),成長性與GDP增長率對資本結(jié)構(gòu)的影響不顯著。資產(chǎn)負(fù)債率的前期值、信貸規(guī)模與資本結(jié)構(gòu)偏離目標(biāo)水平的絕對程度顯著正相關(guān),產(chǎn)品市場競爭能力、企業(yè)的擔(dān)保價值與資本結(jié)構(gòu)偏離目標(biāo)水平的絕對程度顯著負(fù)相關(guān),成長性、非債務(wù)稅盾、盈利能力對偏離程度的影響不顯著。目標(biāo)資本結(jié)構(gòu)偏離程度與資本結(jié)構(gòu)調(diào)整速度呈顯著的負(fù)相關(guān)關(guān)系,信貸規(guī)模、股票市場發(fā)展情況與資本結(jié)構(gòu)調(diào)整速度顯著正相關(guān),對于我國家電業(yè)上市公司來說,制度成本才是調(diào)整成本的主要組成部分。我國家電業(yè)上市公司資本結(jié)構(gòu)的平均調(diào)整速度為0.4511,高于我國制造業(yè)的平均水平,但低于美國上市公司1990-1996年0.592的平均水平,說明我國家電業(yè)上市公司對資本結(jié)構(gòu)進(jìn)行了部分調(diào)整,并且具有相對較高的調(diào)整速度,但調(diào)成成本相對于發(fā)達(dá)國家依舊較高。本文的研究彌補(bǔ)了以往以靜態(tài)模型研究資本結(jié)構(gòu)的不足,從行業(yè)層面分析影響家電企業(yè)資本結(jié)構(gòu)及調(diào)整速度的影響因素更具有現(xiàn)實(shí)意義。
[Abstract]:Modern capital structure theory is the cornerstone of modern corporate finance. The focus of its discussion is to determine a lowest cost financing combination under the condition of maximizing enterprise value. The dynamic capital structure theory holds that the change of internal and external environment makes the choice of the target capital structure a dynamic process with asymmetric information. The existence of agency cost makes the actual capital structure deviate from its target capital structure. Therefore, the firm needs to adjust its capital structure to the optimal state in the changing environment. Based on the domestic and foreign research status, this paper first introduces the characteristics of the household appliances industry and the current situation of capital structure of listed companies. This paper analyzes the micro and macro factors that affect the capital institutions and makes use of the balance panel data of the listed companies in China's household appliances industry from 2004 to 2011. This paper makes theoretical research and empirical analysis on the influencing factors of capital structure and the process of dynamic adjustment of listed companies in China's household appliances industry. The empirical results show that: guarantee value. The scale of credit and the development of the stock market are positively related to the capital structure, profitability, non-debt tax shield, the competitiveness of the product market is negatively related to the capital structure. Growth and GDP growth rate have no significant impact on capital structure. The initial value of asset-liability ratio, credit scale and the absolute degree of capital structure deviating from the target level are significantly positive correlation, and the competitiveness of product market. The guarantee value of enterprises is negatively related to the absolute degree of capital structure deviating from the target level, growth, non-debt tax shield. Profitability has no significant effect on the degree of deviation. There is a significant negative correlation between the degree of deviation of target capital structure and the speed of capital structure adjustment. The development of the stock market is positively related to the speed of the adjustment of the capital structure, for the listed companies of the household appliances industry in China. The system cost is the main component of the adjustment cost. The average adjustment speed of the capital structure of the listed companies in China's household appliances industry is 0.4511, which is higher than the average level of our manufacturing industry. However, it is lower than the average level of 0.592 in 1990-1996, which indicates that the listed companies of home appliance industry have made some adjustments to the capital structure and have a relatively high speed of adjustment. However, the cost of adjustment is still higher than that of developed countries. The research in this paper makes up for the lack of static model to study capital structure in the past. It is of practical significance to analyze the influencing factors of the capital structure and adjustment speed of the household appliance enterprises from the industry level.
【學(xué)位授予單位】：湖北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51;F426.6

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 童勇;資本結(jié)構(gòu)的動態(tài)調(diào)整和影響因素[J];財(cái)經(jīng)研究;2004年10期

2 孔愛國,薛光煜;中國上市公司資本結(jié)構(gòu)調(diào)整能力的實(shí)證研究[J];復(fù)旦學(xué)報(bào)(社會科學(xué)版);2005年04期

3 孫健;;終極控制權(quán)與資本結(jié)構(gòu)的選擇——來自滬市的經(jīng)驗(yàn)證據(jù)[J];管理科學(xué);2008年02期

4 王皓,趙俊;資本結(jié)構(gòu)動態(tài)調(diào)整模型——滬深股市的實(shí)證分析[J];經(jīng)濟(jì)科學(xué);2004年03期

5 黃少安,張崗;中國上市公司股權(quán)融資偏好分析[J];經(jīng)濟(jì)研究;2001年11期

6 郭鵬飛,孫培源;資本結(jié)構(gòu)的行業(yè)特征:基于中國上市公司的實(shí)證研究[J];經(jīng)濟(jì)研究;2003年05期

7 童盼,陸正飛;負(fù)債融資、負(fù)債來源與企業(yè)投資行為——來自中國上市公司的經(jīng)驗(yàn)證據(jù)[J];經(jīng)濟(jì)研究;2005年05期

8 肖澤忠;鄒宏;;中國上市公司資本結(jié)構(gòu)的影響因素和股權(quán)融資偏好[J];經(jīng)濟(jì)研究;2008年06期

9 王正位;趙冬青;朱武祥;;資本市場磨擦與資本結(jié)構(gòu)調(diào)整——來自中國上市公司的證據(jù)[J];金融研究;2007年06期

10 姜付秀;劉志彪;李焰;;不同行業(yè)內(nèi)公司之間資本結(jié)構(gòu)差異研究——以中國上市公司為例[J];金融研究;2008年05期

，

本文編號：1365644