中国上市公司融资决策与公司价值研究

发布时间：2018-05-08 14:19

本文选题：上市公司 + 融资决策　；参考：《天津大学》2012年博士论文

【摘要】：企业的融资决策是金融理论界研究的热门话题之一,中国拥有世界上发展潜力最大的资本市场,其上市公司的融资行为特征尤其值得深入研究。本文在第一章阐述了研究的选题背景、对象和范围,介绍研究思路、框架和方法,在第二章系统回顾和梳理了资本结构与公司价值的研究成果,并且分析它们应用于中国资本市场的利弊。第三章从中国整个A股市场的资产负债率的演化趋势及每个行业资本结构的统计特征和差异出发,运用静态与动态面板数据模型,从多角度实证分析上市公司资本结构的决定因素。第四章从时间序列的角度实证研究发现我国上市公司每年的债权融资成本均明显高于股权融资成本,上市公司股权融资成本低是其股权融资偏好的直接动因。第五章从债务融资、公司治理与公司价值的理论关系出发,对资产负债率不同的上市公司进行分段,实证检验公司的负债融资率与公司价值的关系以及公司价值对负债融资的信号作用,发现资产负债率在30%~60%的上市公司负债融资率与公司价值成正比,公司价值越高,越有可能进行债务融资。第六章运用非参数检验比较分析IPO以及再融资前后公司业绩变化,发现股权融资后公司的业绩普遍下滑,上市公司为了获得配股资格和提高配股价格,具有通过调整可操纵应计利润来提升报告盈余的强烈动机。第七章先从理论上分析利润最大化、股东利益最大化以及公司价值最大化的资本结构优劣势,最后实证计算出12个行业基于公司价值最大化下最优的资本结构,发现中国各个行业的上市公司最优的资本结构基本上在50%以下,这与国际上的有一定的差异。针对前文研究的结论,本文在最后一章提出了对策建议。
[Abstract]:The financing decision of enterprises is one of the hot topics in the field of financial theory. China has the most potential capital market in the world, and the characteristics of financing behavior of listed companies are especially worthy of further study. In the first chapter, the background, object and scope of the research are described, and the research ideas, framework and methods are introduced. In the second chapter, the research results of capital structure and corporate value are reviewed and combed systematically. And analyze the advantages and disadvantages of their application in Chinese capital market. In the third chapter, based on the evolution trend of asset-liability ratio and the statistical characteristics and differences of capital structure of each industry, the static and dynamic panel data models are used. This paper empirically analyzes the determinants of capital structure of listed companies from many angles. The fourth chapter from the perspective of time series empirical study found that the annual debt financing costs of listed companies in China are significantly higher than the cost of equity financing. The low cost of equity financing of listed companies is the direct cause of their equity financing preferences. The fifth chapter starts with the theoretical relationship among debt financing, corporate governance and corporate value, and segments the listed companies with different asset-liability ratios. The relationship between debt financing ratio and company value and the signalling effect of company value on debt financing are tested. It is found that the debt financing ratio of listed companies with asset-liability ratio of 3060% is directly proportional to the company value, and the higher the company value is, the higher the corporate value is. The more likely debt financing is. In chapter 6, we use non-parametric test to compare the performance of IPO and refinancing companies before and after refinancing, and find that after equity financing, the performance of the companies generally declined, and the listed companies in order to obtain the qualification of rights issue and raise the price of the rights issue. There is a strong incentive to increase the reported surplus by adjusting actionable accruals. Chapter 7 analyzes the advantages and disadvantages of the capital structure of profit maximization, shareholder benefit maximization and corporate value maximization. Finally, the optimal capital structure of 12 industries based on the corporate value maximization is calculated empirically. It is found that the optimal capital structure of listed companies in China is below 50%, which is different from that in the world. In view of the conclusion of the previous study, this paper puts forward the countermeasures and suggestions in the last chapter.
【学位授予单位】：天津大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.51

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