股票流动性对资本结构动态调整的影响分析

发布时间：2018-06-29 02:49

本文选题：股票流动性 + 资本结构　；参考：《东华大学》2012年硕士论文

【摘要】：股票流动性和公司资本结构是金融学研究的两个热点问题。目前研究企业资本结构影响因素的实证文献已是汗牛充栋,大多数学者在研究中都把企业的实际资本结构作为被解释变量,把企业特征因素作为解释变量进行了一系列的研究。然而,资本结构理论也并不是用来解释实际可观测的资本结构之间的差异,而是来解释不同公司间的最优资本结构,即目标资本结构之间的差异。这样,企业资本结构的研究内容就演化到两个方面：第一,目标资本结构选择及其影响因素问题；第二,在企业实际的资本结构不是其目标的情况下,企业如何根据各种内外环境因素来调整其实际资本结构达到最优状态,即企业资本结构调整及其影响因素问题。而股票流动性影响着公司股权资本成本,因此必然会影响到公司资本结构的决策。本文认为,公司的股票流动性越高,则企业发行权益和回购权益的成本也就越小,从而公司调整资本结构面临的调整成本越小,使得调整收益超过调整成本的可能性就越大,调整速度也就越快。然而,相对于国外发达资本市场而言,我国资本市场起步较晚,发展也不尽完善,由此也导致国内关于资本结构决定因素的研究非常少的涉及到如股票流动性等重要资本市场环境特征。本文以1998-2009年间深沪两市中仅发行了A股的上市公司为研究对象,考察股票流动性对资本结构动态调整速度的影响。研究中采用换手率和弱流动性来衡量股票流动性,使用部分调整模型进行实证的结果表明了股票流动性越高,资本结构调整速度越快,作为一个替代性的解释,规模变量的引入并不能消除股票流动性的影响；与向上调整相比,股票流动性在杠杆向下调整过程中的作用更强。最后,对文中的研究结果进行了总结,并结合我国当前股市发展的现状,提出对发展我国股票市场的一些政策建议,同时也希望本文能够对公司的融资决策提供一定的参考。
[Abstract]:Stock liquidity and corporate capital structure are two hot issues in finance research. At present, the empirical literature on the influencing factors of enterprise capital structure is full of sweat. Most scholars regard the actual capital structure of the enterprise as the explained variable and the enterprise characteristic factor as the explanatory variable. However, the capital structure theory is not used to explain the difference between the actual observable capital structure, but to explain the optimal capital structure among different firms, that is, the difference between the target capital structure. In this way, the research content of enterprise capital structure evolves into two aspects: first, the choice of target capital structure and its influencing factors; second, when the actual capital structure of an enterprise is not its objective, How to adjust the actual capital structure to the optimal state according to various internal and external environmental factors, that is, the adjustment of enterprise capital structure and its influencing factors. Stock liquidity affects the cost of equity capital, so it will inevitably affect the decision of capital structure. This paper holds that the higher the stock liquidity of the company, the smaller the cost of issuing equity and repurchase equity, and the smaller the adjustment cost faced by the company in adjusting its capital structure, and the greater the possibility that the adjustment income exceeds the adjustment cost. The faster you adjust, the faster. However, compared with the developed foreign capital markets, China's capital markets started relatively late, and the development of the capital markets is not perfect. As a result, domestic studies on the determinants of capital structure are seldom concerned with important capital market environmental characteristics such as stock liquidity. This paper takes listed companies that issued only A shares in Shenzhen and Shanghai stock markets from 1998 to 2009 as research objects to investigate the influence of stock liquidity on the speed of dynamic adjustment of capital structure. In the study, the turnover rate and weak liquidity are used to measure stock liquidity. The empirical results of partial adjustment model show that the higher the stock liquidity, the faster the speed of capital structure adjustment, as an alternative explanation. The introduction of scale variable can not eliminate the influence of stock liquidity. Compared with upward adjustment, stock liquidity plays a more important role in the process of leverage downward adjustment. Finally, this paper summarizes the research results and puts forward some policy suggestions on the development of stock market in China, and also hopes that this paper can provide some reference for the financing decision of the company.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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