我国上市公司资本结构调整的非平衡现象研究

发布时间：2018-04-10 10:00

本文选题：资本结构调整　切入点：非平衡　出处：《广东商学院》2013年硕士论文

【摘要】：本文以动态权衡理论为视角对我国上市公司资本结构的非平衡调整行为进行研究，将影响资本结构调整的成本分为制度调整成本和固定调整成本，并提出了基于消费者理论的“棘轮效应”假说；审计师信号传递效应假说以及公司控制权效应假说三个理论假说。文章以2000年~2009年我国沪深A股上市公司作为研究对象，构建了资本结构的动态调整模型和门限面板模型，分别采用非线性最小二乘法及格点搜索法对平衡面板数据进行实证研究，得出了以下三个主要结论：首先，我国上市公司资本结构的调整存在明显的非平衡调整现象：随着负债率的提高，经营绩效对调整速度的影响效果逐步减弱，而离心程度和公司规模对资本结构的调整速度影响统计上不显著。其次，在对公司性质与资本结构调整速度的研究中发现，国有控股公司的调整速度较慢，这表明国有企业的预算软约束和监管缺失等是国有企业改革中亟须解决的问题。最后，，在对融资成本与资本结构调整速度的关系研究中发现，由于制度调整成本的影响，审计师信号传递效应未能在公司资本结构调整中发挥明显作用。
[Abstract]:From the perspective of dynamic tradeoff theory, this paper studies the non-equilibrium adjustment behavior of capital structure of listed companies in China. The costs that affect the adjustment of capital structure are divided into institutional adjustment cost and fixed adjustment cost.The hypothesis of ratchet effect based on consumer theory, the hypothesis of auditor signaling effect and the hypothesis of corporate control effect are put forward.This paper takes the Shanghai and Shenzhen A-share listed companies in China from 2000 to 2009 as the research object, and constructs the dynamic adjustment model of capital structure and the threshold panel model.The empirical research on the balance panel data is carried out by using the nonlinear least square method, and the following three main conclusions are obtained: first of all,The adjustment of capital structure of listed companies in our country has obvious unbalanced adjustment phenomenon: with the increase of debt ratio, the effect of operating performance on the adjustment speed is gradually weakened.The influence of centrifugal degree and firm size on the speed of capital structure adjustment is not statistically significant.Secondly, in the study of the nature of the company and the speed of the adjustment of the capital structure, it is found that the adjustment speed of the state-owned holding company is relatively slow, which indicates that the budget soft constraint and the lack of supervision of the state-owned enterprise are the urgent problems to be solved in the reform of the state-owned enterprise.Finally, in the study of the relationship between financing cost and the speed of capital structure adjustment, it is found that due to the influence of the cost of institutional adjustment, the effect of auditor signal transmission can not play an obvious role in the adjustment of corporate capital structure.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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