创业板与主板上市公司最优资本结构比较研究

发布时间：2018-01-28 09:03

本文关键词： 风险最优资本结构比较创业板准入　出处：《湘潭大学》2013年硕士论文　论文类型：学位论文

【摘要】：现代资本结构理论MM模型，基于资本结构不能改变总现金流的假设，得出资本结构与企业价值无关的结论，后续发展则是放宽其假设前提进行拓展，包括权衡理论、代理成本理论、信号传递理论、优序融资理论、公司控制权理论等，其中前两者的核心思想是将资本结构归为现金流问题，而后三者从严格意义上来说不属于最优资本结构的决定理论。从现有的研究文献来看，甚少有文献从经营风险和财务风险两者的内在关系来研究最优资本结构问题。本文首先对经营风险与最优资本结构的关系进行了理论分析，得出经营风险与最优资本结构呈负相关关系的结论，并结合价格理论分析和政府干预理论分析，构建了最优资本结构预测的理论模型，在此基础上设计了研究假设。然后以一阶滞后动态调整模型作为实证模型，采用深证主板与创业板的非金融公司的数据为样本，以企业规模、长期有形资产比例、获现能力和成长性作为影响最优资本结构的企业风险特征变量，以人均国内生产总值作为影响最优资本结构的宏观风险变量，以净业务资产收益率和存款准备金率作为宏观控制变量。实证回归结果与假设基本一致，即经营风险与资本结构呈负相关关系。据此，再根据回归结果计算出创业板与主板的最优资本结构，结果显示创业板的最优资本结构显著低于主板，，符合两个板块的风险特征，进一步印证了经营风险与最优资本结构呈负相关关系，即企业的风险越高，其负债率应该越低。所以，高风险行业应该更多采用权益融资。最后，根据上述结论对创业板的融资问题作出初步探讨。高新技术企业属于高风险行业，而创业板主要是为了高新技术企业提供融资的途径，所以应该适度降低创业板的准入制度，为更多的高新技术企业解决融资难问题。
[Abstract]:Modern capital structure theory MM model, based on the assumption that capital structure can not change the total cash flow, draw the conclusion that capital structure has nothing to do with enterprise value. Including trade-off theory, agency cost theory, signaling theory, priority financing theory, corporate control theory and so on. The core idea of the first two is to classify capital structure as cash flow problem. The latter three do not belong to the decision theory of the optimal capital structure in the strict sense. There are few literatures to study the optimal capital structure from the internal relationship between operating risk and financial risk. In this paper, the relationship between operational risk and optimal capital structure is analyzed theoretically, and the conclusion is drawn that the relationship between operational risk and optimal capital structure is negative, and combined with price theory analysis and government intervention theory analysis. The theoretical model of optimal capital structure prediction is constructed, and the research hypothesis is designed. Then the first order lag dynamic adjustment model as an empirical model, using Shenzhen main Board and gem data of non-financial companies as a sample, based on the size of the enterprise, long-term tangible assets ratio. The earning ability and growth are the characteristic variables of enterprise risk that influence the optimal capital structure, and the GDP per capita is the macro risk variable that affects the optimal capital structure. The return on net business assets and the reserve requirement ratio are taken as macro control variables. The empirical regression results are basically consistent with the hypothesis, that is, the operating risk is negatively related to the capital structure. According to the regression results, the optimal capital structure of the gem and the main board is calculated. The results show that the optimal capital structure of the gem is significantly lower than that of the main board, which accords with the risk characteristics of the two boards. It further proves that there is a negative correlation between operating risk and optimal capital structure, that is, the higher the risk, the lower the debt ratio. Therefore, the more equity financing should be used in high-risk industries. Finally, according to the above conclusions, the financing of gem is discussed. High-tech enterprises belong to high-risk industries, and gem is mainly for high-tech enterprises to provide financing ways. So we should reduce the access system of gem and solve the financing problem for more high-tech enterprises.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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