金融危机对企业资本结构调整速度的影响

发布时间：2018-05-12 23:01

本文选题：资本结构 + 动态调整　；参考：《复旦大学》2013年硕士论文

【摘要】：企业资本结构对企业的价值具有较大的影响作用,对资本结构动态调整速度方面的研究可揭示我国企业在资本结构调整过程中主要考虑的因素,并进一步可对我国资本市场的建设具有重要的启发意义。自2007年爆发的全球金融危机至今仍对全球经济产生着重大影响,我国经济在全球化的冲击中也陷入低谷。通过研究危机对我国企业资本结构调整速度的影响,可以对如何使我国企业在资本调整中尽量避免危机的影响提供一定的政策建议。本文选取2003-2011年间我国730家A股上市的企业作为分析样本,从危机对企业资本结构目标值的静态影响和对动态调整机制的影响两个角度展开分析,展开金融危机对我国企业资本结构调整速度的实证研究。本文首次将资本结构的调整过程区分为向上调整、向下调整,分析研究其不同的调整机制,并将机制纳入研究模型中。此外,本文在静态模型中加入企业微观层面的决定因素、宏观及制度层面的决定因素,在动态模型中分别加入企业融资成本途径、货币供应量途径和可贷资金途径进行回归。最后,在本文的研究中,通过对我国企业按出口依赖度进行分类,并对不同类别的企业进行回归研究危机的影响程度。研究结果表明：(1)总资产负债率的调整速度整体上低于有息负债比率的调整速度,金融危机对我国企业的资本结构调整速度造成显著的负影响,并且通过融资成本和可贷资金途径,危机对有息负债比率调整速度的影响程度比总资产负债率更大；(2)在危机中,企业在权益融资方面受到更大的制约,在调整资本结构的过程中对债务成本的敏感性降低；(3)金融危机使企业上调和下调资本结构的调整成本上升,且对企业资本结构上调速度的影响程度大于下调速度的影响程度；(3)在金融危机前,企业资本结构的上调速度整体上快于下调的调整速度,而在金融危机后,资本结构整体上上调调整速度低于下调调整速度,表明企业在危机中表现出辜朝明(2008)所谓的“资产负债表衰退”的特点；(4)金融危机对资本结构调整速度的影响程度与企业对出口的依赖程度呈正相关。最后,本文根据研究结果提出相应的政策建议。建议政策在应对危机的过程中应加快对受危机直接影响的企业,即出口的部分在经营上和融资上的扶持力度,降低资本市场的信息不对称程度,降低企业的资本结构调整成本,促进资本市场健康有效地发展。
[Abstract]:The capital structure of enterprises has a great influence on the value of enterprises. The study on the speed of the dynamic adjustment of capital structure can reveal the main factors that Chinese enterprises consider in the process of capital structure adjustment. And further can have important enlightening significance to the construction of our country's capital market. Since the global financial crisis broke out in 2007, it still has a great impact on the global economy, and China's economy has also fallen into a low point in the impact of globalization. By studying the impact of the crisis on the speed of capital structure adjustment in our country, we can provide some policy suggestions on how to avoid the impact of the crisis in the capital adjustment of our country's enterprises. In this paper, 730 A-share listed enterprises in China from 2003 to 2011 are selected as samples to analyze the static impact of the crisis on the target value of corporate capital structure and the impact on the dynamic adjustment mechanism. An empirical study on the speed of capital structure adjustment of Chinese enterprises by the financial crisis is carried out. In this paper, the adjustment process of capital structure is divided into upward adjustment and downward adjustment for the first time. In addition, this paper adds determinants of micro level, macro level and system level to static model, and adds financing cost approach, money supply approach and loanable capital path to regression in dynamic model. Finally, in the research of this paper, by classifying the Chinese enterprises according to the degree of dependence on exports, and studying the impact of the crisis on the different types of enterprises. The results show that the adjustment speed of total asset-liability ratio is generally lower than that of interest-bearing debt ratio, and the financial crisis has a significant negative impact on the speed of capital structure adjustment of Chinese enterprises. And by means of financing cost and loanable funds, the impact of the crisis on the adjustment speed of interest-bearing debt ratio is greater than that of total asset-liability ratio. Sensitivity to the cost of debt in the process of adjusting the Capital structure the financial crisis has increased the adjustment costs of the upward and downward adjustment of the capital structure of enterprises. Before the financial crisis, the upward adjustment rate of enterprise capital structure was generally faster than the downward adjustment speed, but after the financial crisis, The overall upward adjustment rate of capital structure is lower than the downward adjustment speed. It shows that enterprises showed the characteristics of so-called "balance sheet recession" in the crisis. (4) the influence of the financial crisis on the speed of capital structure adjustment is positively correlated with the degree of dependence of enterprises on exports. Finally, according to the research results, this paper puts forward the corresponding policy recommendations. It is suggested that the policy should speed up the support of enterprises directly affected by the crisis, that is, the part of exports in operation and financing, reduce the degree of information asymmetry in the capital market, and reduce the cost of capital structure adjustment. To promote the healthy and effective development of the capital market.
【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】：F832.51;F275

【参考文献】