基于地区差异的资本结构调整速度研究

发布时间：2018-04-14 19:41

本文选题：资本结构 + 调整速度　；参考：《复旦大学》2013年硕士论文

【摘要】：与西方主要发达国家,我国地域辽阔,而且地区间发展极不平衡,而作为中西部地区的企业,从融资规模到融资条件都和东部发达省份的企业存在巨大的差异,所以我们预期这些地区差异会影响不同地区企业融资的成本和难易程度,从而影响其资本结构的调整速度。因此,本文主要基于我国的地区差异视角,研究我国上市公司的资本结构调整速度的影响因素问题,属于资本结构动态调整理论研究的范畴。文章分别回顾和总结了经典的资本结构传统理论,以及国内外对于资本结构动态调整的理论和实证研究现状,并在现有文献研究成果的基础上,提出了以往人们在研究资本结构动态调整问题上对地区因素所忽略的因素；之后,我们从我国金融行业的地区分割、地区间货币资金配置水平、金融发展水平、地区间资金流动和政府干预这五个方面论述了地区差异对企业资本结构调整速度的影响因素和影响机制。我们认为地区分割是导致不同地区的企业融资难易程度差异的前提,而一个地区货币资金越多、金融发展水平越高、资金流入越多、政府干预越强,则企业融资的成本和难度更低,则资本结构的调整速度也就越快。然后,我们针对理论分析部分进行了一系列的实证检验。首先我们通过非参数检验的方法,证明了地区间企业资本结构水平的差异,这是我们进行后续动态调整差异的基础前提；其次,我们通过静态比较的方法得出,东部、东北、中部和西部四大地区之间的调整速度存在差异,而东部和东北调整较快分别为16.7%和15.7%,西部和中部较慢为14.5%和13.6%；最后我们又建立了包含地区因素的动态调整模型,验证了地区因素对调整速度的影响,结果发现货币资金配置水平、货币资金流动和政府干预程度对企业资本结构的调整速度有显著影响,但是金融发展水平的影响不显著。最后我们提出政策建议,企业、投资者和监管者应该从地区差异的角度来理解不同企业资本结构调整速度的差异,从而正确的识别企业的价值和财务风险。另外政府应该对不同地区实行差异化的政策,和改变商业银行现有的机构设置体系,来平衡东部和中西部地区的金融资源,来使不同地区的企业获得更为公平的融资环境。
[Abstract]:Compared with the major developed countries in the West, our country has a vast territory, and the development among regions is extremely unbalanced. As enterprises in the central and western regions, there are huge differences between the financing scale and financing conditions between the enterprises in the eastern developed provinces and those in the eastern developed provinces.Therefore, we expect that these regional differences will affect the cost and ease of corporate financing in different regions, thus affecting the speed of capital structure adjustment.Therefore, based on the perspective of regional differences in China, this paper studies the factors affecting the speed of capital structure adjustment of listed companies in China, which belongs to the category of the theory of dynamic adjustment of capital structure.This paper reviews and summarizes the classical traditional theory of capital structure, and the current situation of theoretical and empirical research on the dynamic adjustment of capital structure at home and abroad.The paper puts forward the factors that have been neglected by people in studying the dynamic adjustment of capital structure in the past. After that, we divide the financial industry from the region, the level of money allocation among regions, the level of financial development.The paper discusses the influence factors and mechanism of regional differences on the speed of capital structure adjustment in the five aspects of inter-regional capital flow and government intervention.We believe that regional segmentation is the premise leading to differences in the degree of financing difficulty of enterprises in different regions. The more money a region has, the higher the level of financial development, the more capital flows in, and the stronger the government intervention.The lower the cost and difficulty of financing, the faster the adjustment of capital structure.Then, we carry out a series of empirical tests on the theoretical analysis part.First of all, we prove the difference of capital structure level between regions through non-parametric test, which is the basic premise for us to carry out the dynamic adjustment of the differences. Secondly, we draw a conclusion by static comparison, eastern, northeast,There are differences in the speed of adjustment between the four major regions in the central and western regions, while the adjustment rates in the east and the northeast are 16.7and 15.7respectively, while the slow adjustment rates in the west and central regions are 14.5percent and 13.60.Finally, we have established a dynamic adjustment model that includes regional factors.The results show that the level of money allocation, the flow of money and the degree of government intervention have significant influence on the adjustment speed of enterprise capital structure, but the influence of financial development level is not significant.Finally, we suggest that enterprises, investors and regulators should understand the differences in the speed of capital structure adjustment in different enterprises from the perspective of regional differences, so as to correctly identify the value and financial risk of enterprises.In addition, the government should implement the policy of differentiation in different regions, and change the existing institutional setting system of commercial banks to balance the financial resources in the east and the central and western regions, so as to make the enterprises in different regions obtain a fairer financing environment.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F275

【参考文献】