资产流动性和资本结构的相关性研究

发布时间：2018-03-05 04:30

本文选题：资产流动性　切入点：破产边际　出处：《山东财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：资产流动性对资本结构选择的影响方向是怎样的?学界一直存在争论.本文利用来自我国资本市场2005-2006年上市公司的财务数据对此进行了检验。实证的研究结果表明,对于我国上市公司,资产流动性对资本结构产生了显著地正向影响,这表明,总体上讲随着资产流动性的提高,降低了企业和债权人预期的破产成本以及提高了企业的短期偿债能力,提高了企业从债权人获得借款的能力,从而提高了企业的资本结构。进一步的研究考虑了不同的破产边际以及管理层资产处分权,研究结果表明,较高的破产边际对于资产流动性和资本结构之间的正向关系有显著地负向的影响,这表明,一方面,管理层出于自利的考虑,在破产成本较高时,降低了资本结构；另一方面,破产边际的增大降低了由于资产流动性提高而增加的借款的能力：在考虑了管理层资产处分权后的研究结果则显示,当管理层资产处分权较大时,对于资产流动性和资本结构之间的正向关系有显著地负向的影响,这一结果表明：资产流动性的增强将导致其转移公司资产和剥夺股东价值的成本降低,而管理层具有较强的处置资产的能力时,将导致债权人的强烈反应,使其将减少负债的规模。
[Abstract]:What is the direction of the influence of asset liquidity on the choice of capital structure? There has always been controversy in academic circles. This paper uses financial data from China's capital market in 2005-2006 to test this. The empirical results show that, for listed companies in China, Asset liquidity has a significant positive impact on the capital structure, which indicates that with the increase of asset liquidity, the expected bankruptcy costs of enterprises and creditors are reduced, and the short-term solvency of enterprises is improved. Improved the ability of enterprises to obtain loans from creditors, thereby improving the capital structure of the enterprise. Further studies consider different bankruptcy margins and management asset disposal rights. The results show that higher bankruptcy margins have a significant negative impact on the positive relationship between asset liquidity and capital structure. On the one hand, because of self-interest, the management reduces the capital structure when the cost of bankruptcy is high; on the other hand, The increase in the margin of bankruptcy reduces the ability to borrow more because of increased asset liquidity: research after taking into account the right to dispose of management assets shows that when the disposal power of management assets is greater, The positive relationship between asset liquidity and capital structure is significantly negative. This result shows that the increase of asset liquidity will reduce the cost of transferring the company's assets and depriving its shareholders of their value. And when management has a strong ability to dispose of assets, it will lead to a strong reaction from creditors, which will reduce the size of their liabilities.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F24

【参考文献】