我国上市公司股权结构对债务期限结构影响的实证研究

发布时间：2018-02-11 19:21

本文关键词： 股权结构股权集中度股权性质债务期限结构　出处：《东北师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：自Modigliani和Miller于1958年提出MM理论以来，理论界开启了研究资本结构的那扇大门，但多数学者对资本结构的研究都停留在总量上，债务的期限被忽略，都以同质对待。国外对债务期限结构的研究始于20世纪70年代，但关注的焦点都集中在债务期限结构在缓解经营者和股东之间代理成本上起到的作用，对于影响债务期限结构的因素方面则较少涉猎。国内对于融资结构的研究主要集中在股权结构上，其次是资本结构，对债务期限结构研究的较少。因此，在股权结构对债务期限结构的影响方面给我们留有更广泛的空间来深入探讨。本文首先界定了股权结构和债务期限结构的相关概念，然后对国内外的相关文献进行综述，在此基础之上，，分析我国股权结构和债务期限结构的特征，进而对股权结构对债务期限结构的影响进行理论分析并提出假设。在实证分析部分，应用Eeviews软件对在深交所上市的A股2007——2010年的401家公司样本数据进行描述性分析，然后对股权结构中的股权集中度和股权性质依据一定标准进行分组，初步研究股权结构对债务期限结构的影响，最后选择股权结构的六个衡量指标作为主要解释变量，将公司规模、资产流动性、自由现金流量作为控制变量，建立了回归模型进行固定效应的回归分析。研究发现：衡量我国上市公司股权集中度的三个变量以及法人股比例都与债务期限结构正相关，股权性质中的国家股对债务期限结构的影响不显著，流通股比例与债务期限结构负相关，所得研究结果基本与假设相符。本文的研究贡献在于，在深入钻研了国内外相关文献的基础上，结合了我国特殊的制度背景，对我国上市公司股权结构对债务期限结构的影响进行了研究，这种研究不仅为资本市场的发展、公司治理的完善提供了理论依据，也对我国债务期限结构理论体系进行了扩充。本文的局限性在于，对于股权结构对债务期限结构的影响没有在一个动态的框架内进行研究，忽略了诸如通货膨胀等宏观因素。另外，对于国家股对债务期限结构的影响不显著的结果只进行了定性分析，没有进一步的采取定量分析的方法。
[Abstract]:Since Modigliani and Miller put forward MM theory in 1958, the theoretical circle has opened the door to study capital structure, but most scholars' research on capital structure remains on the total amount, and the maturity of debt is ignored. The study of debt maturity structure in foreign countries began in 1970s, but the focus of attention is on the role of debt maturity structure in reducing agency costs between operators and shareholders. The research on financing structure is mainly focused on equity structure, followed by capital structure, and less on debt maturity structure. The influence of equity structure on debt maturity structure gives us more space to explore deeply. This paper first defines the relevant concepts of equity structure and debt maturity structure, then summarizes the relevant literature at home and abroad, and then analyzes the characteristics of equity structure and debt maturity structure in China. Then, the influence of equity structure on debt maturity structure is analyzed theoretically and hypothesized. In the part of empirical analysis, the sample data of 401 companies listed on Shenzhen Stock Exchange from 2007 to 2010 are analyzed by Eeviews software. Then it groups the ownership concentration and the nature of ownership according to certain criteria, studies the influence of equity structure on debt maturity structure, and finally selects six measures of equity structure as the main explanatory variables. Taking firm size, asset liquidity and free cash flow as control variables, a regression model is established to analyze the fixed effect. It is found that the three variables of equity concentration degree and the proportion of corporate shares are all positively related to the debt maturity structure, and the influence of the state shares in the equity nature on the debt maturity structure is not significant. The ratio of tradable shares is negatively correlated with the debt maturity structure, and the results are basically consistent with the assumptions. The research contribution of this paper is that, on the basis of deeply studying the relevant literature at home and abroad and combining the special institutional background of our country, this paper studies the influence of equity structure on debt maturity structure of listed companies in China. This research not only provides the theoretical basis for the development of capital market and the perfection of corporate governance, but also expands the theoretical system of debt maturity structure in China. The limitation of this paper is that the influence of equity structure on debt maturity structure is not studied in a dynamic framework, and macro factors such as inflation are ignored. The qualitative analysis of the effect of state shares on debt maturity structure is only carried out, and there is no further quantitative analysis method.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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