中国上市公司股票流动性对公司融资结构的影响

发布时间：2018-06-06 15:13

本文选题：融资结构 + 流动性　；参考：《山东大学》2012年硕士论文

【摘要】：公司的融资结构决策关系到公司价值的实现,因而是非常重要的决策。国外不少学者的研究发现公司的融资结构和公司股票的流动性之间存在着密切的关系,并对这一领域进行了积极的探索。本文认为在中国股票市场上,公司融资结构和股票流动性之间也是存在关联性的,并通过实证研究证明了股票流动性会影响上市公司股权融资的概率。本文首先从中国当前股票市场的现状分析出发,分析了本文的研究背景和目的。接着,本文对国内外在资本结构和流动性方面的研究进行了梳理并归纳。然后,本文对股票流动性的影响因素进行了理论上的归纳,并理论分析了股权融资和债权融资的优劣,为构建我们的实证回归模型打下基础。本文的实证模型运用的是深圳交易所2007年-2011年的公司数据,在对其各变量进行了描述性统计后,分别以换手率、弱流动性和相对有效价差衡量股票流动性,通过Probit二元选择模型,实证检验了一定的股票流动性条件下,上市公司面临债务融资和股权融资来选择两者之一的可能性。之后我们对实证模型还进行了有效性的检验。最终我们可以断言,股票流动性对融资决策会产生显著的影响,股票流动性的增大会使得公司进行股权融资的概率变大。
[Abstract]:The financial structure decision of a company is related to the realization of the value of the company, so it is a very important decision. Many foreign scholars have found that there is a close relationship between the financing structure of the company and the liquidity of the company's stock, and it has been actively explored in this field. This paper holds that the company financing structure is in the Chinese stock market. There is also a correlation between stock liquidity and stock liquidity. Empirical research shows that stock liquidity affects the probability of equity financing of listed companies.
Based on the analysis of the current situation of the current stock market in China, this paper analyzes the background and purpose of this study. Then, this paper reviews and summarizes the research on capital structure and liquidity in China and abroad. Then, this paper makes a theoretical summary of the influencing factors of stock liquidity, and analyses the equity financing theoretically. The advantages and disadvantages of debt financing provide a basis for constructing our empirical regression model.
The empirical model of this paper uses the company data of the Shenzhen exchange in -2011 in 2007. After the descriptive statistics of its variables, the stock liquidity is measured by the turnover rate, the weak liquidity and the relative effective price difference. The Probit two yuan selection model is used to test the listed companies under the condition of a certain stock liquidity. The possibility of debt financing and equity financing to choose one of the two. After that, we have tested the validity of the empirical model. Finally, we can conclude that the liquidity of stock will have a significant impact on the financing decision. The increase of stock liquidity will make the probability of the company's equity financing bigger.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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