企业异质性视角下资本结构优化调整研究

发布时间：2018-01-03 10:32

本文关键词：企业异质性视角下资本结构优化调整研究　出处：《西南民族大学》2013年硕士论文　论文类型：学位论文

【摘要】：资本结构，通常是指企业长期负债和权益资本之间的比率及相互关系，考察的是资产负债表右边内容中的各项比例关系。企业选择不同的融资方式便会得到不同的资本结构，因此决定了企业的产权归属、利益分配及相应主体要承受的风险。公司的资本结构与公司价值最大化目标有着密切的联系，它是公司金融决策的一个重要内容。资本结构的意义在于合理安排债券资本比例可以降低企业的综合资本成本率、获得财务杠杆利益，进而增加公司的价值。1958年问世的MM理论认为任一企业的市场价值与它的资本结构无关，也就是说，资产负债表中右边的负债与所有者权益比率完全不受左边资产内容和结构的影响。但是，由于MM理论有着严格的假设前提，引起了后续许多学者在MM理论的基础上进行拓展研究，以期得到关于资本结构理论新的发现，对于资本结构理论的研究，主要目的就是为了寻找到适合当前企业发展的最优资本结构。由于当前企业的生存环境变得愈加复杂并且充满不确定因素，企业的生存和发展受到越来越多的挑战和威胁。通过深入研究企业异质性特征对资本结构的影响有助于金融经济学家和公司管理者更加清晰的了解中国上市公司在面临越来越复杂的资本市场所采取的融资方式以及我国上市公司资本结构存在的问题，并证明西方主流的现代资本结构理论是否适用于我国上市公司。本文首先从资本结构的概念和基本理论着手，对资本结构理论的发展及相关研究成果进行分析和总结，并系统地梳理出企业异质性特征对资本结构的作用机制。在实证研究方面，本文利用中国上市企业的动态面板季度数据，在部分调整模型的基础上进行修正建立了资本结构优化调整模型，并采用系统广义矩估计法（SYSGMM估计）对资本结构影响因素进行了实证检验。结果发现中国上市公司资本结构与公司规模、成长性、资产有形性呈正相关关系，而与公司盈利能力呈负相关关系。本文的研究结论与以往大部分的学者的研究结论相一致，因此，本文的研究结果具有一定的解释力和参考意义。研究结果发现我国上市公司资本结构存在较高的调整成本，并且从另一角度证明了我国上市公司资本结构在一定程度上遵循了西方资本结构理论，但也表现出其特有的性质，比如，一定程度上支持了以非对称信息理论为基础的代理成本理论及信号传递理论、权衡理论。但由于我国存在严重的“股权融资偏好”，导致优序融资理论在我国的适用性不强。
[Abstract]:Capital structure usually refers to the ratio and relationship between long-term liabilities and equity capital of an enterprise. Enterprises choose different financing methods will get different capital structure, so it determines the ownership of the property rights of enterprises. The capital structure of the company is closely related to the goal of maximizing the value of the company. It is an important part of corporate financial decision-making. The significance of capital structure is that reasonable arrangement of bond capital ratio can reduce the comprehensive capital cost rate of enterprises and obtain financial leverage benefits. In 1958, MM theory thought that the market value of any enterprise had nothing to do with its capital structure, that is to say. The ratio of liabilities to owners' equity on the right side of the balance sheet is completely independent of the content and structure of the assets on the left. However, the MM theory has strict assumptions. Many subsequent scholars on the basis of MM theory to expand the research, in order to obtain new findings on the theory of capital structure, for the study of capital structure theory. The main purpose is to find the optimal capital structure suitable for the current enterprise development. As the living environment of enterprises becomes more and more complex and full of uncertainties. The survival and development of enterprises are facing more and more challenges and threats. It is helpful for financial economists and corporate managers to understand Chinese listed companies more clearly through in-depth study of the influence of heterogeneity on capital structure. In the face of more and more complex capital market financing methods and the capital structure of listed companies in China exist problems. It also proves whether the western mainstream modern capital structure theory is applicable to Chinese listed companies. This paper begins with the concept and basic theory of capital structure, analyzes and summarizes the development of capital structure theory and related research results. And systematically comb out the heterogeneity characteristics of the role of the mechanism of capital structure. In the empirical study, this paper uses the dynamic panel quarterly data of listed companies in China. On the basis of partial adjustment model, the capital structure optimization adjustment model is established. The paper uses the system generalized moment estimation (SYSGMM) to test the influencing factors of capital structure. The results show that the capital structure of listed companies in China is related to the size and growth of the listed companies. There is a positive correlation between the tangible property of assets and the profitability of the company. The conclusion of this paper is consistent with the previous conclusions of most scholars, so. The results of this paper have a certain explanatory power and reference significance. The research results show that the capital structure of listed companies in China has a high adjustment cost. And from another point of view, the capital structure of listed companies in China to a certain extent follows the western capital structure theory, but also shows its unique properties, such as. To some extent, it supports the agency cost theory and signal transmission theory based on asymmetric information theory, and trade-off theory, but because of the serious "equity financing preference" in China. As a result, priority financing theory is not applicable in our country.
【学位授予单位】：西南民族大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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