代理成本视角下我国上市公司资本结构优化研究

发布时间：2018-09-11 10:27

【摘要】：融资方式的选择、最优资本结构的决定一直是企业财务理论研究的主要问题之一。公司融资的最终目标是提高公司的价值,而提高公司价值的经典思路就是调整公司的资本结构。最优资本结构是指企业在一段时期内,筹措的资本加权平均资本成本最低,从而使得企业价值最大。它应当是企业的目标资本结构。目前的研究表明,最优资本结构应该是一个区间,在这个区间内,企业的财务管理目标能够得到最大限度的实现,企业价值最大。本文在国内外相关文献的基础上,从理论和实证两方面分析了我国上市公司代理成本和资本结构之间的关系,从降低代理成本的角度出发,就如何规范上市公司的融资行为提出了建议,通过控制融资过程中产生的代理成本,使代理成本最小化,从而确定最优资本结构。理论方面,本文介绍了代理成本理论、权衡理论、控制权理论、激励理论,并且讨论了目标最优资本结构的确立和判定方法。然后,本文采用了2010年沪深两市1555家上市公司作为样本进行实证,通过建立模型,准确的揭示了代理成本和资本结构的内在联系,研究结果表明,从代理成本角度看,存在最优资本结构的区间。最后,针对我国上市公司存在的代理问题,提出了完善企业的公司治理,优化企业融资环境的政策建议。这对指导我国上市公司降低代理成本,制定合理融资政策具有积极的理论意义。
[Abstract]:The choice of financing mode and the decision of optimal capital structure have always been one of the main problems in the study of corporate finance theory. The ultimate goal of corporate financing is to improve the value of the company, and the classic idea of improving the value of the company is to adjust the capital structure of the company. The optimal capital structure refers to the lowest capital weighted average capital cost raised by an enterprise for a period of time, which makes the value of the enterprise maximum. It should be the target capital structure of the enterprise. The current research shows that the optimal capital structure should be an interval in which the financial management objectives of enterprises can be realized to the maximum extent and the enterprise value is the greatest. On the basis of domestic and foreign literature, this paper analyzes the relationship between agency cost and capital structure of listed companies in China from both theoretical and empirical aspects, and starts from the angle of reducing agency cost. This paper puts forward some suggestions on how to regulate the financing behavior of listed companies. By controlling the agency cost in the financing process, the agency cost is minimized, and the optimal capital structure is determined. In theory, this paper introduces agency cost theory, trade-off theory, control theory, incentive theory, and discusses the establishment and determination of the target optimal capital structure. Then, this paper uses 1555 listed companies of Shanghai and Shenzhen Stock Exchange in 2010 as a sample to carry on the demonstration, through establishing the model, has revealed the internal relation between the agency cost and the capital structure accurately, the research result shows, from the agent cost angle, looks at, the research result, looks from the agency cost angle, There is an interval of optimal capital structure. Finally, in view of the agency problem of listed companies in our country, this paper puts forward some policy suggestions on how to perfect the corporate governance and optimize the financing environment of enterprises. This has positive theoretical significance to guide listed companies to reduce agency cost and formulate reasonable financing policy.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

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