我国上市公司资本结构决定因素及动态调整研究

发布时间：2018-01-20 12:31

本文关键词： 资本结构决定因素动态调整融资目标　出处：《东北财经大学》2013年博士论文　论文类型：学位论文

【摘要】：资本结构是指企业各种资金来源的构成及其比例关系,企业通过各种融资方式融资的结果形成了企业的资本结构。企业融资的资金来源主要包括债务、股权和混合性证券。资本结构直接决定着公司所利用资本整体风险和融资成本的大小,由此资金来源对公司来讲具有重要的意义,并且直接影响着公司的整体价值与股东的财富。尤其是在金融危机发生之后,各国经济形势和金融势力突变,公司资本结构决策的重要性日益凸显。我国资本结构的研究始于国有企业的高负债。为降低国有企业的负债率,我国政府进行了积极的尝试。例如,1990年上海、深圳证券交易所的相继成立标志着我国证券市场的诞生。经过20多年的洗礼和历练,我国资本市场结构不断完善,包括主板、中小板、创业板、代办股份转让市场在内的多层次市场体系框架已基本形成。截至2011年12月底,我国上市公司共2342家,股权融资总额达8972.43亿元。但在我国法律体系不完善、制度环境不理想以及债券市场不发达的环境下,企业产权关系不清楚,企业运行面临着预算软约束和信贷软约束,缺乏有效的投资者保护机制。可见,我国企业融资的基本环境离成熟的市场经济环境还相距甚远,这种运行环境的差异导致了西方资本结构理论不能完全适合我国的实际情况。研究表明,我国上市公司具有较为明显的股权融资倾向,并且受利益最大化的驱使过度追求融资数量,这不仅阻碍了我国上市公司资本结构达到最优,还进一步影响了公司长期发展。在这一背景下,本文从资本结构相关理论和研究文献入手,分析了我国上市公司资本结构的主要特征,并以2012年之前在我国股票市场发行A股,财务报表以人民币为计价单位的669家上市公司作为研究样本,采用静态面板和动态面板分析方法实证分析了上市公司资本结构的影响因素以及上市公司资本结构的动态调整,在此基础上,提出了我国上市公司融资决策的合理目标及相关政策建议,从而在为实务界和监管当局提供决策依据的同时,也为国内学者的后续研究提供有益参考和借鉴。全文分为七章,每章的研究内容如下：第一章,导论。本章在研究背景、研究意义的基础上,阐明了本文的研究思路和研究方法,最后对本文的研究框架以及创新和不足之处进行了介绍。第二章,相关理论与文献综述。本章从资本结构的相关理论出发,主要对资本结构的影响因素、资本结构的动态调整及融资决策的合理目标进行较为系统的文献回顾与评述,为文章后续的理论以及实证分析提供了主要依据。第三章,我国上市公司资本结构的特征分析。本章首先描述了我国上市公司资本结构的变化趋势,在此基础上,对36个国家(地区)上市公司的资本结构进行了比较和分析,并重点对我国上市公司股权融资倾向的成因进行了总结。第四章,我国上市公司资本结构决定因素的实证分析。本章首先对上市公司资本结构的影响因素进行了理论上的探讨,在此基础上,提出研究假设,并采用固定效应的面板分析方法考察了我国上市公司资本结构的主要影响因素。最后通过实证检验进一步分析和确定政府管制和公司治理因素对其他影响因素的制约。第五章,我国上市公司资本结构动态调整实证分析。本章采用系统GMM估计方法对上市公司资本结构的动态调整进行了实证研究。在测算出上市公司资本结构调整速度的基础上,通过对啄序理论和惰性理论模型的稳健性检验进一步分析和确定我国上市公司资本结构动态调整的变化特征。第六章,我国上市公司资本结构动态调整中的融资决策目标实现。本章基于传统公司金融理论对融资决策目标的定义,对我国上市公司资本结构与融资目标之间的动态关系进行了实证分析,在此基础上,提出了上市公司融资决策较为合理的目标,并阐述了该目标在我国的合理性和适用性。以上为我国资本结构决策的制定和资本结构的动态管理提供了重要的借鉴和合理的依据。第七章,结论建议及研究展望。综合本文研究结果得出基本结论,并提出相关政策建议。最后结合论文中存在的不足,提出了今后我国上市公司资本结构的研究方向。经过理论分析和实证检验,本文得到以下几组研究成果： (1)关于我国上市公司资本结构特征,本文给出如下解释：第一,我国上市公司主要以股权融资(37.66%)为主,其次分别为内部留存融资(18.20%)、商业信用融资(17.76%)、长期债务融资(14.64%)和短期债务融资(11.74%)。这也充分反映了我国上市公司较为明显的股权融资倾向。第二,按照法律体系的分类列出了36个国家(地区)非金融类上市公司债务比例的相关数据,通过国际比较得出,我国长期债务比例在36个国家(地区)中是排名最低的,这说明我国上市公司绝大部分债务融资来源于短期债务融资。第三,我国上市公司股权融资倾向的主要原因包括股权融资成本较低、自由现金流对管理层的内在激励以及债券市场的不发达。 (2)关于我国上市公司资本结构决定因素,本文通过实证研究得出以下结论：第一,公司规模、资产有形性、行业杠杆率中值、国有股和国有法人股与杠杆率之间是显著的正向关系；盈利性、折旧比例、股票收益率、独立董事比例与杠杆率之间是显著的负向关系；而成长性、高管持股比例和董事会规模与杠杆率之间的关系并不显著。第二,行业杠杆率中值对杠杆率的影响最为显著,即目标杠杆率对我国上市公司资本结构的影响最为显著。但政府管制和公司治理因素对上市公司资本结构的调整速度却产生了负面影响,使其调整速度有所降低。第三,对于盈利性较高的公司来说,内部融资优先于债务融资；而对于盈利性较低的公司来说,资产的有形性是决定债务融资数量的一个非常重要的因素。第四,高管持股比例过低、独立董事制度不健全等都说明了政府应推进股权多元化以及进一步完善和整合我国上市公司的公司治理机制,以便建立有效的公司控制权市场。 (3)关于我国上市公司资本结构动态调整,本文通过实证研究得出以下结论：第一,我国上市公司资本结构的调整速度为48.55%,这说明上市公司只需要一年就可弥补当前实际杠杆率与目标杠杆率之间缺口的一半左右。较快的调整速度表明我国资本市场的摩擦程度并不比西方有些国家大。第二,虽然高杠杆率公司和低杠杆率公司较快地调整当期杠杆率偏离目标杠杆率的缺口,但高杠杆率公司和低杠杆率公司的资本结构调整速度具有非对称性,由此我们也无法确定我国上市公司较快的杠杆率调整速度是由杠杆率均值回归所决定的。第三,通过对啄序理论和惰性理论模型的进一步检验,其结果更加能够确定我国上市公司资本结构的动态调整比较支持权衡理论。从对我国上市公司资本结构的影响来看,虽然啄序理论为本文提供了有关我国上市公司资本结构变化的信息,但该理论很难对上市公司杠杆率的动态调整产生一定的说服力,可见啄序理论仅可以归为广义权衡理论中的一个特例。此外,对惰性理论模型的检验表明相比国外上市公司,我国上市公司的股价波动效应对杠杆率的影响更加短暂,并且管理层更加积极主动地对杠杆率进行调整。 (4)关于我国上市公司资本结构动态调整中的融资决策目标实现,本文给出如下解释：本文通过实证研究得到我国上市公司不断调整杠杆率的目标是实现股东利益最大化。在此基础上,本文在我国资本市场弱有效的特征下,提出了“在股票价格最大化的条件下(P1),实现公司长期价值(V1)的最大化(MaxV1/MaxP1)"目标在公司金融领域的适用性,其假设条件是市场具有预见性,并且这种预期是无系统偏见的。根据本文的逻辑推理,无系统偏见的资本市场有两种可能：一是该市场不是有效的,但具有较好的预期能力；二是该市场是有效的,但是一种有效程度不高的资本市场。从某种程度上来说,笔者更同意后者,当然相关的数据和实证支持是本文以后的研究方向之一。本文的研究主要在以下两个方面有所创新：第一,在经验分析的基础上,本文采用静态面板和动态面板分析方法对我国上市公司资本结构动态调整进行稳健性检验,证明了权衡理论能够更好地解释以上现象,并认为从对资本结构的影响角度来看,啄序理论仅是广义权衡理论中的一个特例。同时在惰性理论的基础上,采用GMM估计方法测算出股票价格非预期波动对杠杆率的影响,从而为目标杠杆率的动态管理提供有价值的借鉴。第二,本文从传统公司金融理论对公司融资决策目标的定义出发,通过对融资决策目标与资本结构之间的关系进行实证研究,进一步证实了我国上市公司具有较为明显的股权融资倾向。在此基础上,通过逻辑推理和理论阐述提出了在我国资本市场弱有效的特征下,上市公司融资决策的合理目标(MaxV1/Max P1),并分别从有效资本市场的假设限制、信息的不对称和管理层的激励机制三个方面分析了该目标的合理性和适用性。此外,受研究时间和篇幅所限,本文主要存在以下两点不足,以待今后的研究中继续深入。一是在对我国上市公司资本结构决定因素的实证研究中,由于数据的不易获得,未考虑资本成本、宏观经济层面等相关因素对资本结构的影响。二是本文仅是从理论层面深入阐述和分析了融资决策目标的合理性,缺少对融资决策目标合理性的实证分析和检验。
[Abstract]:Capital structure refers to the composition and proportion of financing, enterprises through various financing ways in the form of the capital structure of the enterprise. The enterprise financing sources of funds including debt, equity and hybrid securities. The capital structure directly determines the company overall use of capital risk and financing cost of the size of the source of funds has the vital significance to the company, and has a direct impact on the overall value and shareholder wealth. Especially after the financial crisis, world economic situation and financial forces mutation, importance of the decision of corporate capital structure has become increasingly prominent.
The research of capital structure in our country began in the high debt of state-owned enterprises. In order to reduce the debt ratio of state-owned enterprises, actively try to our government. For example, in Shanghai in 1990, the Shenzhen stock exchange have been established which marks the birth of China's securities market. After the baptism and experience of 20 years, the structure of China's capital market continues perfect, including the board, small board, the gem, the framework of a multi-level market system for the transfer of shares, the market has been basically formed. At the end of December 2011, China's total of 2342 listed companies, total equity financing amounted to 897 billion 243 million yuan. But in the imperfect legal system of our country, the system of environment as well as the bond market is not developed under the environment of enterprise property rights are not clear, the enterprise operation face soft budget constraints and credit constraints, the lack of effective protection mechanisms. Therefore, the basic environment of enterprise financing in our country from a Mature market economy is also far, this difference in operation environment causes the actual situation of western capital structure theory can not be completely suitable for our country. The research shows that Chinese listed companies have more obvious tendency of equity financing, and maximize the benefits driven by excessive pursuit of the number of financing, which not only hinder the capital structure China's listed companies to achieve optimal, further affect the company's long-term development.
Under this background, this paper from the theory of capital structure and research literature, analyzed the main characteristics of the capital structure of Chinese listed companies, and the issuance of A shares in China's stock market in 2012 before the financial statements to RMB denominated 669 listed companies as the research sample, using static panel and dynamic panel the empirical analysis method analyzes the influence of the capital structure of listed companies and the factors of dynamic adjustment of capital structure of listed companies, on the basis of this, put forward the reasonable target of financing decisions of listed companies and the relevant policy recommendations, in order to provide basis for decision making for both practitioners and regulatory authorities, but also provide a useful reference for the follow-up study scholars at home and abroad.
The full text is divided into seven chapters, and the contents of each chapter are as follows:
The first chapter is introduction. Based on the background and significance of the research, this chapter illustrates the research ideas and research methods of this paper. Finally, it introduces the research framework, innovations and shortcomings of this chapter.
The second chapter, the related theory and literature review. This chapter from the relevant theory of the capital structure of the main influencing factors on the capital structure, the reasonable target of dynamic adjustment of capital structure and financing decision to review systematically the literature, provides the main basis for the subsequent theoretical and empirical analysis.
The third chapter, analysis the characteristics of capital structure of Listed Companies in China. This chapter first describes the changing trend of the capital structure of Chinese listed companies, on the basis of 36 countries (regions) the capital structure of listed companies are analyzed and compared, and focus on the preference of equity financing of Listed Companies in China the causes of summary.
The fourth chapter, empirical analysis on the determinants of capital structure of Listed Companies in China. Firstly, the influence factors of the capital structure of listed companies are discussed, on this basis, we put forward the research hypotheses, and analyzed the main influence factors of capital structure in our country, the fixed effect panel finally. Through the further analysis of empirical test and determination of government regulation and corporate governance factors on other factors.
The fifth chapter, empirical analysis of the dynamic adjustment of capital structure of Listed Companies in China. This chapter uses the system GMM estimation method of dynamic adjustment of capital structure of listed companies by empirical research. Based on the calculation of the adjusting speed of capital structure of listed companies, based on the model theory of pecking order theory and the idler robustness test further analysis and determine changes the characteristics of dynamic adjustment of capital structure of Listed Companies in China.
The sixth chapter, the financing decision of dynamic adjustment of capital structure of Chinese Listed Companies in this chapter. The traditional finance theory based on financing target definition, the dynamic relationship between the capital structure and the financing target of Listed Companies in China by empirical analysis, based on this, puts forward the reasonable financing decision of listed companies the target, and the target in our country. The rationality and applicability of the above provide important reference and reasonable basis for dynamic management and decision making of our capital structure and capital structure.
The seventh chapter, conclusions and suggestions, and research prospects. Based on the results of this study, we draw the basic conclusions and put forward relevant policy recommendations. Finally, combined with the shortcomings in this paper, we put forward the direction of future research on capital structure of Listed Companies in China.
Through theoretical analysis and empirical test, this paper obtains the following groups of research results:
(1) on the characteristics of the capital structure of the listed companies in China, the following explanation is given in this paper.
First, China's listed companies mainly in equity financing (37.66%), followed by internal financing financing (18.20%), (17.76%) commercial credit financing, long-term debt financing and short-term debt financing (14.64%) (11.74%). This fully reflects China's listed companies more obvious preference of equity financing.
Second, according to the classification of the legal system of the listed 36 countries (regions) the relevant data of non-financial listed companies debt ratio, through international comparison, the proportion of long-term debt in China in 36 countries (regions) in the lowest ranking, which indicates that the listed companies most sources of debt financing on short-term debt financing.
Third, the main reasons for equity financing in China's listed companies include the low cost of equity financing, the intrinsic incentive of free cash flow to management, and the underdevelopment of bond market.
(2) on the determinants of the capital structure of Listed Companies in China, the following conclusions are drawn through empirical research.
First, the company size, Asset Tangibility, industry median leverage ratio, between state-owned shares and state-owned legal person shares and leverage is significant positive relationship; profit, depreciation ratio, stock returns between the proportion of independent directors and the leverage ratio is a significant negative correlation; and the growth of executive shareholding and board of directors between size and leverage is not significant.
Second, the industry median leverage ratio of the leverage ratio is the most significant, namely target leverage ratio influence on capital structure of Listed Companies in China is the most significant. But the speed of adjustment of government regulation and corporate governance factors on the capital structure of listed companies have a negative impact, the adjustment speed decreased.
Third, for a profitable company, internal financing is prior to debt financing, and for low profit companies, the corporeal nature of assets is a very important factor determining the number of debt financing.
Fourth, the low proportion of executive shareholdings and the imperfect independent director system indicate that the government should promote the diversification of equity and further improve and integrate the corporate governance mechanism of Chinese listed companies, so as to establish effective market of corporate control.
(3) on the dynamic adjustment of the capital structure of the listed companies in China, the following conclusions are drawn through the empirical study.
First, the speed of adjustment of capital structure of Chinese listed companies is 48.55%, which shows that the listed companies need only a year can make up half of the current actual leverage and leverage the gap between the target. Faster adjustment shows that the degree of friction in the capital market of our country is not the West party in some countries.
Second, although the high leverage and low leverage, quickly adjust the current leverage ratio deviates from the target leverage gap, but high leverage and low leverage the company's capital structure adjustment speed is asymmetric, so we can not determine the listed companies in China is relatively fast speed of adjustment by leverage leverage the rate of mean reversion of the decision.
Third, through further tests on the model the pecking order theory and inert theory, its result is able to determine the dynamic adjustment of capital structure of Listed Companies in China is to support the trade-off theory. From the view of influence on the capital structure of Listed Companies in China, although the pecking order theory for this paper has provided the capital structure of Chinese listed companies change information but the theory is hard to have some force on the dynamic adjustment of leverage of listed companies, only visible pecking order theory can be classified as a special case of generalized trade-off theory. In addition, the inspection of inertia of theoretical model show that compared to foreign listed companies, stock price fluctuation effect of China's listed companies on the impact of leverage ratio is more short the management, and actively adjust the leverage ratio.
(4) on the realization of the financing decision goal in the dynamic adjustment of the capital structure of Listed Companies in China, the following explanation is given in this paper.
In this paper, through the empirical study of Listed Companies in China continue to adjust leverage goal is to maximize the interests of shareholders. Based on this, this article in China's capital market weak effective feature, put forward "in the stock price to maximize the condition (P1), to achieve the company's long-term value maximization ((V1) MaxV1/MaxP1)" the applicability in the field of corporate finance, the market assumption is predictable, and this is expected to system without prejudice. According to the logic of this article, no systematic biases in the capital market there are two possibilities: one is the market is not efficient, but has better forecast ability; two the market is effective, but a low level of capital market. To some extent, I agree with the latter more, of course related data and empirical support is one of the research direction of this later.
The research in this paper is mainly innovative in the following two aspects:
First, on the base of empirical analysis, this paper adopts static panel and dynamic panel analysis method of dynamic capital structure of Listed Companies in China to adjust the robustness test, proved that the trade-off theory can better explain the above phenomenon, and that the impact on the capital structure point of view, the pecking order theory is only a special case of generalized trade-off theory in at the same time. Based on the theory of inertia estimation method, calculate the stock price volatility on non expected leverage by GMM, so as to provide some valuable reference for the dynamic management of target leverage.
Second, this article from the traditional corporate finance theory definition of corporate finance decision-making target, through empirical research on the relationship between the goal of financing decision and capital structure, further confirmed that Chinese listed companies have more obvious tendency of equity financing. On this basis, through logical reasoning and explanation of the theory proposed in the characteristic of weak effective I China's capital market, the reasonable target of the financing decision of listed companies (MaxV1/Max P1), and from the assumption of effective capital market, three party incentive mechanism of information asymmetry and management analysis. The goal of rationality and applicability.
In addition, due to the limitation of time and length of study, the following two shortcomings are found in this paper, which will continue to be further studied in future research.
First, in the empirical research on the determinants of capital structure of Chinese listed companies, because of the difficulty of obtaining data, we did not consider the impact of capital costs, macroeconomic level and other related factors on capital structure.
Two is this article is only from the theoretical level of in-depth exposition and division.

【学位授予单位】：东北财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.51;F275

【参考文献】