制度的路径依赖性与上市公司资本结构的动态调整

发布时间：2018-01-17 23:35

本文关键词：制度的路径依赖性与上市公司资本结构的动态调整　出处：《山东财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国的资本市场是在政府相关制度的推进下成立和逐步发展的，新兴加转轨的经济体制导致中国市场的经济具有不确定。在这样复杂的经济体制下，深入了解制度因素是如何影响公司资本结构调整成为大家关心的问题。本文在借鉴国内外影响资本结构因素的实证研究的基础上，对相关制度、制度变迁和路径依赖的概念进行了界定和总结，并根据其各自具有的特点对我国上市公司的融资行为进行了回顾和评价。在探讨资本结构基础理论、目标资本结构的存在性和资本结构动态调整的合理性基础上，以2006年-2010年山东省A股73家上市公司为样本，根据计量经济学中的部分调整原理建立资本结构动态调整模型，使用Stata分析软件的GMM模型进行了实证分析，发现按照广义的资本市场划分的股票市场、债券市场和借贷市场的制度因素对资本结构调整具有显著影响，其中股票市场制度因素和债券市场的制度因素都与财务杠杆率呈负相关，借贷市场制度因素与财务杠杆率正相关。根据路径依赖时间因素的“滞后”作用，对制度变量采用滞后一期的数据再次检验发现，三个市场制度仍然与资本结构调整存在显著影响，其中股票市场制度因素和债券市场的制度因素都与财务杠杆率呈正相关，借贷市场制度因素与财务杠杆率负相关。另外，在实证检验过程中得出资本结构调整速度小于1，从而间接证明了路径依赖中产生的低效率性。最后，，本文根据前面几章的分析探讨了公司资本结构优化的几点建议，并总结了本文的研究结论和研究过程中存在的不足，并对后续研究提出了相关的建议。
[Abstract]:The capital market of our country is established and developed step by step under the promotion of the relevant government system. The new economic system with the transition leads to the uncertainty of the Chinese market economy. In such a complex economic system. It is of great concern to understand how institutional factors affect the adjustment of corporate capital structure. Based on the empirical research on the factors affecting capital structure at home and abroad, this paper makes an analysis of the relevant institutions. The concepts of institutional change and path dependence are defined and summarized, and the financing behavior of listed companies in China is reviewed and evaluated according to their respective characteristics. The basic theory of capital structure is discussed. On the basis of the existence of the target capital structure and the rationality of the dynamic adjustment of the capital structure, 73 A-share listed companies in Shandong Province from 2006 to 2010 are taken as samples. According to the principle of partial adjustment in econometrics, the dynamic adjustment model of capital structure is established, and the GMM model of Stata analysis software is used to carry out empirical analysis. It is found that the institutional factors of bond market and loan market have significant influence on the adjustment of capital structure in the stock market divided by the generalized capital market. Among them, the institutional factors of stock market and bond market are negatively correlated with the financial leverage ratio, and the institutional factors of the lending market are positively related to the financial leverage ratio. Using the lagging data of institutional variables, it is found that the three market institutions still have significant influence on the adjustment of capital structure. Among them, stock market institutional factors and bond market institutional factors are positively related to financial leverage ratio, lending market institutional factors and financial leverage ratio negative correlation. In the process of empirical testing, the speed of capital structure adjustment is less than 1, which indirectly proves the low efficiency in path dependence. Finally. Based on the analysis of the previous chapters, this paper discusses several suggestions on the optimization of corporate capital structure, summarizes the research conclusions and shortcomings in the research process, and puts forward some relevant suggestions for the follow-up study.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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