中国上市公司制造业资本结构影响因素研究
发布时间：2018-08-12 12:26
【摘要】： 近20年来,我国资本市场有了长足的发展,九十年代初期,上海证券交易所和深圳证券交易所先后成立并开始营业,从2001年开始,上市公司公司除配股外还可以申请公开发行新股。与此同时,债券市场也有了一定的发展。从微观层面来看,企业的资本结构和资本市场的发展联系是很紧密的,随着资本市场的发展,企业的融资渠道也越来越多,企业的资本结构也随之在调整。本文研究的目的就是在已有研究的基础上,试图找到我国上市公司中制造行业资本结构的影响因素,从而为企业资本结构的选择提供指引。 现代资本结构理论表明,资本结构是公司相关利益者权利和义务的集中反映,影响公司的治理状况,也间接影响公司的价值。因而有许多学者从实证的角度探讨和分析资本结构的影响因素,为企业资本结构的优化提供参考和建议。 资本结构问题在当今国际学术界仍然是一个吸引众多研究人员注意力的主题。本文的重点是对上市公司中制造行业公司的资本结构影响因素进行探讨。选择该问题作为研究对象主要是出于以下三方面的考虑：首先,企业资本结构的选择是一个重要的财务问题。资本结构影响着企业的资金成本,而资本成本会影响到长期投资项目及企业的整体效益水平和风险程度,进而影响整个公司的经营机制；第二,企业资本结构对改善公司的治理环境有着重要的作用。现代企业两权分离的特征下,企业的资金提供者和经营者之间产生了委托——代理的关系。不同的资本结构对经营者的激励作用是不同的。合适的资本结构就是要求能够减少代理成本,改善公司治理；第三,我国的资本市场在近些年发展迅速,为了加快资本市场的发展和规范投资者的行为,证监会根据我国的实际情况不断推出新举措,例如从2001年起允许上市公司增发股票并要求上市公司逐步完善独立董事制度等,本文也想通过实证分析找到制度完善过程对企业资本结构的影响的证据。 本文研究的主要内容认为五个部分： 第一部分为绪论。主要从资本结构的概念着手,界定资本结构和融资结构的内涵,并且介绍了本文的选题背景和意义。我们之所以研究资本结构的影响因素,不仅仅因为资本结构的选择是一个重要的财务问题,并且由于资本结构影响着企业的资金成本、而资本成本会影响到长期投资项目及企业的整体效益水平、风险程度,进而影响整个公司的经营机制,而我国的资本市场的发展还不是很成熟,为了加快资本市场的发展和规范投资者的行为,文章结论为证监会根据我国的实际情况不断推出新举措提供参考。 第二部分介绍了传统资本结构理论、现代资本结构理论以及资本结构影响因素研究已有的成果。传统资本结构理论中：净收益理论认为,由于负债的成本通常小于权益成本,企业的最优资本结构是100%的负债经营；净营业收益理论认为,虽然债务利率小于权益报酬率,但由于权益报酬率会随着债务比例的增加而增大,因此不论企业债务比例如何变化,企业的资金成本总是固定的,即企业的市场价值与负债比例无关；折衷理论认为企业在一定限度内负债,自有资本和负债资本的风险都不会显著增加,一旦超出了某个范围则开始上升,而且上升的速度是递增的,即边际成本递增。该理论是一种介于净收益理论和净营业收益理论之间的理论。虽然折中理论更贴近实际,但是要把“上升”和“递增”进行量化,却是非常困难的。这样也就催生了现代资本结构理论的诞生和发展。 1958年,Modigliani Miller在《资本成本、公司财务和投资理论》一文中第一次将市场均衡理论运用于公司的资本结构问题的研究,提出了无公司所得税的MM定理,这标志着现代资本结构理论的开端。Modigliani和Miller为了推导最终结论,给出了六项假设’,由于结论的前提条件非常苛刻,所以所推导的结论对现实的指导意义有很大的局限性。 为了克服结论的局限性,Modigliani和Miller不断放宽假设的前提条件,考虑公司所得税和个人所得税。在后来的研究中学者们从不同的角度来研究资本结构,进而提出了不同的理论,譬如：权衡理论、代理成本理论、信息传递理论、新优序融资理论等。通过这些理论分析不仅是本文研究的理论依据,而且也向我们阐明了合理的资本结构有利于规范企业的行为、提高企业价值,揭示出研究资本结构影响因素的意义。 影响资本结构的因素主要有三大类：宏观因素、行业因素和公司特征因素。这三个因素中,文中以制造行业为样本,着重分析了公司特征因素对资本结构的影响。对于宏观因素,由于作者的学识水平的限制,没有予以考虑,这也是本文结论可能会受限的一个因素。公司特征因素包括了：公司规模、盈利能力、收益现金流、成长性、国有股比例、资产结构、非债务税盾和董事会规模及其构成。 第三部分为研究假设和模型的建立。本文选取了2001年1月1日至2006年12月31日在上海证券交易所上市的制造业公司为原始样本。为了保证样本的一致性,我们将样本区间限制在2001年以后,主要是因为从2001年以后,上市公司除配股外还可公开发行新股。而之前是不允许的,选择2001年以后的样本可以避免由于股份发行调控政策变化对研究结果的重大影响。之所以选择制造业为研究对象,是因为上市公司中制造行业公司所占的比重大,超过上市公司总量的60%,因此研究制造业公司的资本结构更具有现实意义。鉴于独立董事制度的建立是从2001年开始,证监会允许上市公司在两年内完善,所以有效的样本是2002年以后的。因此,本文最终以2003年到2006年的面板数据建立多元回归模型进行分析。 删除样本中的一些异常值之后,我们先对变量进行了相关性进行了分析,通过计算方差膨胀因子,我们得出结论：所选样本中,自变量之间不存在严重的多重共线性,‘回归结果是有效的。并且通过协变分析检验,我们确定所选样本建立固定系数模型是适当的。因此,实证部分,本文对面板数据建立了固定系数模型进行分析。 第四部分为实证结果的分析。从固定系数模型的回归结果来看：公司规模、成长性、收益现金流、资产结构和董事会结构与企业的资本结构之间显著正相关,而盈利能力、国有股比例和非债务税盾与企业资本结构之间显著负相关。 尽管从理论分析上来看,同一个因素对资本结构的影响从不同的角度进行分析,其产生的影响是不同的。但是在实践中,总有一种立场或者说角度是占主导地位,从而左右着这种因素对资本结构的影响及其程度。实证得出的结果只有董事会规模与已有研究的结果有较大差距。而国外的研究表明它与资产负债率是显著负相关的,本文这一因素回归的不显著可能是源于《公司法》对董事会规模的强制性要求2。并就实证回归得出的结论对资本结构理论在中国的适用性进行探讨,并理论分析的基础上确定资本结构的影响因素。 第五部分是本文的结论。本部分在对资本结构影响因素分析的基础上,从三个方面对资本结构的优化提供建议。一是注重企业的盈利能力,二是在盈利的基础上适当考虑扩大企业规模,三是应该尽快完善独立董事制度。 本文的主要贡献在于： (1)本文将董事会结构这一因素纳入资本结构影响因素模型。从笔者已知的国内已有研究文献来看,将董事会结构作为影响资本结构影响因素的研究的文章极少。从2001年到2003年,我国上市公司独立董事制度已逐步建立并完善,而独立董事制度又是公司治理中非常重要的制度安排。因此,结合我国上市公司的实际情况,考察独立董事制度对资本结构的影响是本文的一个贡献。 (2)本文以上市公司中制造行业面板数据作为研究的样本。以往的研究大多数是以截面数据分行业3建立模型进行分析,然而截面数据分析的不足就是当样本量比较小时,模型自由度比较小,从而依据模型得出的结果就没有代表性。尤其是有些行业经过帅选后,只有十几个样本进入回归模型,这样得出的结论几乎没有任何的现实指导意义。本文选取占上市公司大多数的制造行业作为研究对象,选取面板数据增加模型的自由度,提高结论的代表性,这是本文的另一个贡献。 同时本文也存在以下不足： (1)本文主要从微观的角度对影响企业资本结构的因素进行了实证研究,而实际上如前所述,对企业资本结构发生影响的还有很多宏观因素,比如通货膨胀、利率、市场效率等。但由于这些因素的数据不易获得,所以我们未能对这些因素进行实证分析。这也是我们今后需要进一步探讨和研究的方向。 (2)资本结构的研究是一个非常活跃的领域,从前人的研究来看,行业因素也是一个很重要因素。文中实证分析中样本只考虑了制造行业的影响因素,而其他行业并没有涉及。所以,本文所得的结论对于制造行业有一定的指导意义,而对于其他行业则不一定适用。 (3)本文研究过程中着重于业绩良好的上市公司的资本结构状况的分析,剔除了一些业绩较差的公司,可能会对研究结论有一定的影响。
[Abstract]:In the past 20 years, China's capital market has made considerable progress. In the early 1990s, the Shanghai Stock Exchange and Shenzhen Stock Exchange were established and began to operate. Since 2001, listed companies can apply for public issuance of new shares in addition to equity rationing. At the same time, the bond market has also developed to a certain extent. The capital structure of enterprises is closely related to the development of capital market. With the development of capital market, the financing channels of enterprises are more and more, and the capital structure of enterprises is also adjusting. The purpose of this paper is to find out the factors influencing the capital structure of manufacturing industry in listed companies on the basis of existing research. So as to provide guidance for the choice of enterprise's capital structure.
Modern capital structure theory shows that capital structure is the concentrated reflection of the rights and obligations of the company's stakeholders, which affects the corporate governance and indirectly affects the value of the company.
The issue of capital structure is still a topic that attracts the attention of many researchers in the international academia. This paper focuses on the factors influencing the capital structure of listed manufacturing companies. Choice is an important financial issue. Capital structure affects the cost of capital, while capital cost affects long-term investment projects and the overall level of efficiency and risk of the enterprise, thereby affecting the operating mechanism of the whole company. Second, capital structure plays an important role in improving the corporate governance environment. The principal-agent relationship is formed between the capital providers and the managers under the separation of the two rights. Different capital structures have different incentive effects on the managers. In order to speed up the development of the capital market and regulate the behavior of investors, the SFC has introduced new measures according to the actual situation of China, such as allowing listed companies to issue additional shares since 2001 and requiring listed companies to gradually improve the independent director system. This paper also wants to find out the process of perfecting the system to the capital structure of enterprises through empirical analysis. Evidence of the impact.
The main contents of this study include five parts:
The first part is the introduction. Starting from the concept of capital structure, this paper defines the connotation of capital structure and financing structure, and introduces the background and significance of this paper. The capital cost of the enterprise, and the capital cost will affect the long-term investment project and the enterprise's overall benefit level, the risk degree, and then affect the entire company's operating mechanism, but the development of China's capital market is not very mature, in order to speed up the development of the capital market and regulate the behavior of investors, the article concludes that the SFC is based on me. The actual situation of the country has continuously introduced new initiatives to provide reference.
The second part introduces the traditional capital structure theory, the modern capital structure theory and the existing research results on the influencing factors of capital structure. Although the interest rate of debt is less than the rate of return on equity, the rate of return on equity will increase with the increase of the debt ratio, so no matter how the debt ratio changes, the capital cost of the enterprise is always fixed, that is, the market value of the enterprise has nothing to do with the debt ratio; the eclectic theory holds that the enterprise is in debt within a certain limit, its own capital and the debt ratio. The risk of debt capital will not increase significantly, once beyond a certain range, it will begin to rise, and the rate of increase is increasing, that is, the marginal cost increases. It is very difficult to quantify the banks, which has led to the birth and development of modern capital structure theory.
In 1958, Modigliani M iller first applied the theory of market equilibrium to the study of corporate capital structure in his article Capital Cost, Corporate Finance and Investment Theory, and put forward the M theorem of non-corporate income tax, which marked the beginning of modern capital structure theory. Item Hypothesis', because the premise of the conclusion is very harsh, so the conclusion deduced has great limitations on the practical significance of guidance.
In order to overcome the limitations of the conclusion, Modigliani and Miller continue to relax the premises of the assumptions, considering corporate income tax and personal income tax. These theoretical analyses are not only the theoretical basis of this study, but also show us that a reasonable capital structure is conducive to standardizing the behavior of enterprises, improving the value of enterprises, revealing the significance of studying the factors affecting the capital structure.
There are three main factors affecting the capital structure: macro factors, industry factors and corporate characteristics. Among these three factors, this paper takes the manufacturing industry as a sample, emphatically analyzes the impact of corporate characteristics on the capital structure. Corporate characteristics include: size, profitability, cash flow of earnings, growth, proportion of state-owned shares, asset structure, non-debt tax shield, and board size and composition.
In order to ensure the consistency of the sample, we limit the sample interval after 2001, mainly because after 2001, listed companies can not only issue shares but also issue shares. It is not allowed to issue new shares publicly before, and the sample after 2001 can avoid the significant impact of the changes in the share issuance regulation policy on the research results. Since the establishment of the independent director system began in 2001, the SFC allowed the listed companies to improve in two years, so the effective sample is after 2002. Therefore, this paper finally uses the panel data from 2003 to 2006 to establish a multiple regression model.
After deleting some outliers in the sample, we first analyze the correlation of the variables. By calculating the variance expansion factor, we conclude that there is no serious multicollinearity between the independent variables in the selected sample,'the regression results are valid. Fixed coefficient model is appropriate. Therefore, in the empirical part, this paper establishes a fixed coefficient model for panel data analysis.
From the regression results of the fixed coefficient model, we can see that there is a significant positive correlation between the size of the company, growth, income cash flow, asset structure and the capital structure of the board of directors, while there is a significant negative correlation between the profitability, the proportion of state-owned shares and the non-debt tax shield and the capital structure of the enterprise.
Although theoretically speaking, the same factor has different influence on the capital structure from different angles. In practice, there is always a position or angle that dominates the influence of the same factor on the capital structure. The size of the board of directors differs greatly from the results of previous studies. Foreign studies show that it is negatively correlated with the ratio of assets to liabilities. The inconspicuous regression of this factor may be due to the mandatory requirements of the Company Law on the size of the board of directors. The conclusion drawn from the empirical regression is applicable to the theory of capital structure in China. This paper discusses and analyzes the influencing factors of capital structure on the basis of theoretical analysis.
The fifth part is the conclusion of this paper.On the basis of the analysis of the influencing factors of capital structure,this part provides suggestions on the optimization of capital structure from three aspects.First,it pays attention to the profitability of enterprises,second,it takes proper consideration to expand the scale of enterprises on the basis of profitability,and third,it is necessary to perfect the independent director system as soon as possible.
The main contributions of this paper are:
(1) This paper incorporates the factor of board structure into the model of influencing factors of capital structure. According to the existing domestic research literature, there are few papers on board structure as influencing factors of capital structure. The matter system is also a very important institutional arrangement in corporate governance. Therefore, considering the actual situation of Listed Companies in China, it is a contribution of this paper to investigate the impact of independent director system on capital structure.
(2) This paper takes the panel data of manufacturing industry in listed companies as the research sample. Most of the previous studies used cross-sectional data to establish models for analysis. However, the deficiency of cross-sectional data analysis is that when the sample size is relatively small, the degree of freedom of the model is relatively small, so the results based on the model are not representative. This paper selects the manufacturing industry which accounts for the majority of listed companies as the research object, selects panel data to increase the freedom of the model and improve the representativeness of the conclusions, which is another tribute of this paper. Offer.
At the same time, there are also the following shortcomings:
(1) This paper makes an empirical study on the factors that affect the capital structure of enterprises from the micro perspective. As mentioned above, there are many macro factors that affect the capital structure of enterprises, such as inflation, interest rate, market efficiency and so on. Empirical analysis is also the direction that we need to further explore and study in the future.
(2) The study of capital structure is a very active field, and industry factor is also a very important factor. In the empirical analysis, the sample only considers the influencing factors of manufacturing industry, but other industries are not involved. Therefore, the conclusions of this paper have a certain guiding significance for the manufacturing industry, but for the manufacturing industry. Other industries may not be applicable.
(3) This paper focuses on the analysis of the capital structure of listed companies with good performance, excluding some companies with poor performance, which may have some impact on the conclusions of the study.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275
本文编号：2179052
[Abstract]:In the past 20 years, China's capital market has made considerable progress. In the early 1990s, the Shanghai Stock Exchange and Shenzhen Stock Exchange were established and began to operate. Since 2001, listed companies can apply for public issuance of new shares in addition to equity rationing. At the same time, the bond market has also developed to a certain extent. The capital structure of enterprises is closely related to the development of capital market. With the development of capital market, the financing channels of enterprises are more and more, and the capital structure of enterprises is also adjusting. The purpose of this paper is to find out the factors influencing the capital structure of manufacturing industry in listed companies on the basis of existing research. So as to provide guidance for the choice of enterprise's capital structure.
Modern capital structure theory shows that capital structure is the concentrated reflection of the rights and obligations of the company's stakeholders, which affects the corporate governance and indirectly affects the value of the company.
The issue of capital structure is still a topic that attracts the attention of many researchers in the international academia. This paper focuses on the factors influencing the capital structure of listed manufacturing companies. Choice is an important financial issue. Capital structure affects the cost of capital, while capital cost affects long-term investment projects and the overall level of efficiency and risk of the enterprise, thereby affecting the operating mechanism of the whole company. Second, capital structure plays an important role in improving the corporate governance environment. The principal-agent relationship is formed between the capital providers and the managers under the separation of the two rights. Different capital structures have different incentive effects on the managers. In order to speed up the development of the capital market and regulate the behavior of investors, the SFC has introduced new measures according to the actual situation of China, such as allowing listed companies to issue additional shares since 2001 and requiring listed companies to gradually improve the independent director system. This paper also wants to find out the process of perfecting the system to the capital structure of enterprises through empirical analysis. Evidence of the impact.
The main contents of this study include five parts:
The first part is the introduction. Starting from the concept of capital structure, this paper defines the connotation of capital structure and financing structure, and introduces the background and significance of this paper. The capital cost of the enterprise, and the capital cost will affect the long-term investment project and the enterprise's overall benefit level, the risk degree, and then affect the entire company's operating mechanism, but the development of China's capital market is not very mature, in order to speed up the development of the capital market and regulate the behavior of investors, the article concludes that the SFC is based on me. The actual situation of the country has continuously introduced new initiatives to provide reference.
The second part introduces the traditional capital structure theory, the modern capital structure theory and the existing research results on the influencing factors of capital structure. Although the interest rate of debt is less than the rate of return on equity, the rate of return on equity will increase with the increase of the debt ratio, so no matter how the debt ratio changes, the capital cost of the enterprise is always fixed, that is, the market value of the enterprise has nothing to do with the debt ratio; the eclectic theory holds that the enterprise is in debt within a certain limit, its own capital and the debt ratio. The risk of debt capital will not increase significantly, once beyond a certain range, it will begin to rise, and the rate of increase is increasing, that is, the marginal cost increases. It is very difficult to quantify the banks, which has led to the birth and development of modern capital structure theory.
In 1958, Modigliani M iller first applied the theory of market equilibrium to the study of corporate capital structure in his article Capital Cost, Corporate Finance and Investment Theory, and put forward the M theorem of non-corporate income tax, which marked the beginning of modern capital structure theory. Item Hypothesis', because the premise of the conclusion is very harsh, so the conclusion deduced has great limitations on the practical significance of guidance.
In order to overcome the limitations of the conclusion, Modigliani and Miller continue to relax the premises of the assumptions, considering corporate income tax and personal income tax. These theoretical analyses are not only the theoretical basis of this study, but also show us that a reasonable capital structure is conducive to standardizing the behavior of enterprises, improving the value of enterprises, revealing the significance of studying the factors affecting the capital structure.
There are three main factors affecting the capital structure: macro factors, industry factors and corporate characteristics. Among these three factors, this paper takes the manufacturing industry as a sample, emphatically analyzes the impact of corporate characteristics on the capital structure. Corporate characteristics include: size, profitability, cash flow of earnings, growth, proportion of state-owned shares, asset structure, non-debt tax shield, and board size and composition.
In order to ensure the consistency of the sample, we limit the sample interval after 2001, mainly because after 2001, listed companies can not only issue shares but also issue shares. It is not allowed to issue new shares publicly before, and the sample after 2001 can avoid the significant impact of the changes in the share issuance regulation policy on the research results. Since the establishment of the independent director system began in 2001, the SFC allowed the listed companies to improve in two years, so the effective sample is after 2002. Therefore, this paper finally uses the panel data from 2003 to 2006 to establish a multiple regression model.
After deleting some outliers in the sample, we first analyze the correlation of the variables. By calculating the variance expansion factor, we conclude that there is no serious multicollinearity between the independent variables in the selected sample,'the regression results are valid. Fixed coefficient model is appropriate. Therefore, in the empirical part, this paper establishes a fixed coefficient model for panel data analysis.
From the regression results of the fixed coefficient model, we can see that there is a significant positive correlation between the size of the company, growth, income cash flow, asset structure and the capital structure of the board of directors, while there is a significant negative correlation between the profitability, the proportion of state-owned shares and the non-debt tax shield and the capital structure of the enterprise.
Although theoretically speaking, the same factor has different influence on the capital structure from different angles. In practice, there is always a position or angle that dominates the influence of the same factor on the capital structure. The size of the board of directors differs greatly from the results of previous studies. Foreign studies show that it is negatively correlated with the ratio of assets to liabilities. The inconspicuous regression of this factor may be due to the mandatory requirements of the Company Law on the size of the board of directors. The conclusion drawn from the empirical regression is applicable to the theory of capital structure in China. This paper discusses and analyzes the influencing factors of capital structure on the basis of theoretical analysis.
The fifth part is the conclusion of this paper.On the basis of the analysis of the influencing factors of capital structure,this part provides suggestions on the optimization of capital structure from three aspects.First,it pays attention to the profitability of enterprises,second,it takes proper consideration to expand the scale of enterprises on the basis of profitability,and third,it is necessary to perfect the independent director system as soon as possible.
The main contributions of this paper are:
(1) This paper incorporates the factor of board structure into the model of influencing factors of capital structure. According to the existing domestic research literature, there are few papers on board structure as influencing factors of capital structure. The matter system is also a very important institutional arrangement in corporate governance. Therefore, considering the actual situation of Listed Companies in China, it is a contribution of this paper to investigate the impact of independent director system on capital structure.
(2) This paper takes the panel data of manufacturing industry in listed companies as the research sample. Most of the previous studies used cross-sectional data to establish models for analysis. However, the deficiency of cross-sectional data analysis is that when the sample size is relatively small, the degree of freedom of the model is relatively small, so the results based on the model are not representative. This paper selects the manufacturing industry which accounts for the majority of listed companies as the research object, selects panel data to increase the freedom of the model and improve the representativeness of the conclusions, which is another tribute of this paper. Offer.
At the same time, there are also the following shortcomings:
(1) This paper makes an empirical study on the factors that affect the capital structure of enterprises from the micro perspective. As mentioned above, there are many macro factors that affect the capital structure of enterprises, such as inflation, interest rate, market efficiency and so on. Empirical analysis is also the direction that we need to further explore and study in the future.
(2) The study of capital structure is a very active field, and industry factor is also a very important factor. In the empirical analysis, the sample only considers the influencing factors of manufacturing industry, but other industries are not involved. Therefore, the conclusions of this paper have a certain guiding significance for the manufacturing industry, but for the manufacturing industry. Other industries may not be applicable.
(3) This paper focuses on the analysis of the capital structure of listed companies with good performance, excluding some companies with poor performance, which may have some impact on the conclusions of the study.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275
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