我国上市公司融资行为与资本结构的关联性研究

发布时间：2018-06-19 22:34

本文选题：融资行为 + 资本结构　；参考：《南京财经大学》2012年硕士论文

【摘要】：融资问题在资本市场领域一直属于热点问题。国内外学者对它也作了深入的研究，试图找出企业最优化融资的策略。合理的融资决策不仅可以为企业的发展提供资金支持，还能降低企业的融资成本。适当的融资结构还可以发挥债权治理效应，降低企业的代理成本。对于具备成长前景、利润率高的公司，增加企业的财务杠杆，使得企业获得快速发展的资金资源，对于提高公司价值有着非常重要的意义。总之，合理的融资决策为公司的长期稳步发展奠定了良好的基础。首先本文介绍西方学者在融资与资本结构方面的研究，然后重点介绍了国外和国内学者对融资和公司资本结构关联性方面的研究，在此基础上得出本文的研究重点，，即探讨我国上市公司融资所考虑的因素以及融资与资本结构的关联性，即杠杆率是怎样影响企业的融资行为。本文立足我国实际，考虑到股权分置改革对中国公司融资行为的影响，引入非流通股比例变量。在正文论述中，通过对上市公司的融资特征进行描述性统计与分析，通过融资规模及时间分布，上市公司融资结构、债务结构、债务水平等方面推出我国上市公司的融资特征，我们发现这些公司的融资行为受宏观经济大背景、监管部门的政策影响非常大，有明显的规律。在实证方面，本文以2000年的827家存续10年的非金融公司的数据为样本，运用非平衡面板回归模型，权益净融资、债务净融资分别对资产负债比率、控制变量进行面板回归分析。实证的结果指出中国资本市场存在市场择机行为，公司未来成长性、可抵押资产规模、非流通股比例、负债率对公司的融资行为都有非常显著的影响。市场择机在我国资本市场显著存在，成长性好的公司倾向于权益融资，受限非流通股比例越高，受限非流通股股东与流通股股东的利益冲突越大，我国上市公司负债比例偏低。这与理论非常吻合。相机行事、权衡利弊的思想在上市公司的融资实践中得到了贯彻。本文认为这与我国的资本市场的特殊制度环境密不可分，特别是市场管制，比如说股票增发、信贷规模的限制，回购市场的未放开，国有股权的顽疾等。本文认为企业在融资时要相机行事、权衡利弊才能作出恰当的融资决策。最后，本文提出公司融资行为最优化建议以及后续研究的展望。
[Abstract]:The issue of financing has always been a hot issue in the field of capital markets. Scholars at home and abroad have also made a deep study of it, trying to find out the optimal financing strategy. Reasonable financing decision can not only provide financial support for the development of enterprises, but also reduce the financing costs of enterprises. The proper financing structure can also exert the governance effect of creditor's rights and reduce the agency cost of the enterprise. It is of great significance to increase the financial leverage of the enterprise and to obtain the capital resources for the rapid development of the company, which is of great significance to the improvement of the value of the company. In short, reasonable financing decision for the company's long-term steady development laid a good foundation. First of all, this paper introduces the western scholars' research on financing and capital structure, and then focuses on the foreign and domestic scholars' research on the relationship between financing and corporate capital structure. This paper discusses the factors of financing of listed companies in China and the relationship between financing and capital structure, that is, how leverage ratio affects the financing behavior of enterprises. Based on the reality of our country, this paper introduces the non-tradable stock ratio variable considering the influence of the split share structure reform on the financing behavior of Chinese companies. In the text, through the descriptive statistics and analysis of the financing characteristics of the listed companies, the financing characteristics of the listed companies in China are put forward through the financing scale and time distribution, the financing structure of the listed companies, the debt level, and so on. We found that the financing behavior of these companies is subject to the macroeconomic background, regulatory policies are very big, there are obvious laws. On the empirical side, this paper takes the data of 827 non-financial companies in 2000 as a sample, applies non-equilibrium panel regression model, equity net financing, debt net financing to the ratio of assets to liabilities and control variables to panel regression analysis. The empirical results show that the market choice behavior, the future growth of the company, the scale of mortgaged assets, the proportion of non-tradable shares and the debt ratio have very significant effects on the financing behavior of the Chinese capital market. Market opportunities exist significantly in China's capital market. Companies with good growth tend to raise equity. The higher the proportion of restricted non-tradable shares, the greater the conflict between restricted non-tradable shareholders and tradable shareholders, and the lower the debt ratio of listed companies in China. This fits very well with theory. Camera acting, weighing the advantages and disadvantages of the idea of listed companies in the financing practice has been carried out. This paper holds that this is closely related to the special institutional environment of China's capital market, especially the regulation of the market, such as the additional issuance of stocks, the restriction of credit scale, the unliberalized repurchase market, the persistent disease of state-owned equity, and so on. In this paper, the author thinks that enterprises should act on their own camera and weigh the advantages and disadvantages in order to make appropriate financing decisions. Finally, this paper puts forward the optimization of corporate financing behavior and future research prospects.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224;F275

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