我国上市公司资本结构与股票流动性关系研究

发布时间：2018-04-24 09:28

本文选题：股票流动性 + 公司资本结构　；参考：《南京航空航天大学》2013年硕士论文

【摘要】：公司的资本结构一直是学术界研究的热点问题。随着资本市场的发展，许多学者发现公司资本结构与股票流动性之间存在着密切的联系。一方面，股票流动性影响公司股权融资成本，进而引起公司融资结构的调整，最后作用于公司的财务杠杆；另一方面，公司资本结构影响投资者对股票投资价值预测，进而引起市场交易行为的变化，最后作用于股票的流动性。本文在前人研究的基础上，把公司资本结构与股票流动性结合起来，深入探讨了两者之间的关系。本文首先总结了公司资本结构与股票流动性的影响因素，并通过对各类指标的比较，选取了有效价差、有效流速、弱流动性三个流动性指标来衡量股票的流动性，选取了短期资产负债率、长期资产负债率及总资产负债率来衡量公司的资本结构。其次分析了公司资本结构与股票流动性之间的相互影响机制，指出资本结构与流动性之间存在着双向的交互影响关系。最后，为了避免内生性问题及更准确的考察公司资本结构与股票流动性之间的关系，本文分别采用单方程法和系统估计法来构建实证模型进行检验，，并验证了中国股权分置改革和股权再融资制度对公司资本结构与股票流动性这两者关系的影响。单方程估计法构建的模型结果表明，在控制了其他相关变量的前提下，股票的流动性对公司资本结构有着负向的影响，同时，在控制了其他相关变量的前提下，公司的资本结构对股票的流动性也有着负向的影响。系统估计法构建的模型结果表明，公司的资本结构与股票的流动性之间存在着负向的双向交互关系。同时，本文的研究还发现股权分置改革后股票流动性对公司资本结构的负向影响更大，与不满足股权再融资条件的公司相比，满足股权再融资条件公司的股票流动性对公司资本结构的负向影响更强。
[Abstract]:The capital structure of the company has been a hot issue in academic research. With the development of capital market, many scholars find that there is a close relationship between capital structure and stock liquidity. On the one hand, stock liquidity affects the cost of equity financing, which leads to the adjustment of corporate financing structure, and finally acts on the financial leverage of the company; on the other hand, the capital structure of the company affects investors' prediction of the value of stock investment. And then cause the change of the market trading behavior, and finally affect the liquidity of the stock. On the basis of previous studies, this paper combines corporate capital structure with stock liquidity, and probes into the relationship between them. This paper first summarizes the influencing factors of corporate capital structure and stock liquidity, and through the comparison of various indicators, selects three liquidity indicators: effective price difference, effective velocity, weak liquidity to measure stock liquidity. The short-term asset-liability ratio, long-term asset-liability ratio and total asset-liability ratio are selected to measure the capital structure of the company. Secondly, the paper analyzes the interaction mechanism between capital structure and stock liquidity, and points out that there is a two-way interaction between capital structure and stock liquidity. Finally, in order to avoid the endogenous problem and investigate the relationship between corporate capital structure and stock liquidity more accurately, this paper uses single equation method and system estimation method to construct empirical model to test. The relationship between the capital structure and the stock liquidity of the company is verified by the split share structure reform and the equity refinancing system in China. The results of the model constructed by single equation estimation method show that the liquidity of stock has a negative effect on the capital structure of the company under the premise of controlling the other related variables, and at the same time, under the premise of controlling the other related variables, the liquidity of the stock has a negative effect on the capital structure of the company. The capital structure of the company also has a negative impact on the liquidity of the stock. The results of the model constructed by the system estimation method show that there is a negative two-way interaction between the capital structure of the company and the liquidity of the stock. At the same time, the paper also finds that stock liquidity has a more negative impact on the capital structure of the company after the split share structure reform, compared with the companies that do not meet the equity refinancing conditions. To meet the equity refinancing conditions, the stock liquidity has a stronger negative impact on the capital structure of the company.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.6

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