我国上市公司股票流动性与资本结构关系研究

发布时间：2018-11-01 15:34

【摘要】：企业的融资决策在一定程度上会影响到整个公司的未来发展，企业资本结构的构成又是影响融资决策重要因素之一，因此一个企业受资本结构影响的融资决策的好坏直接关系着企业的价值实现国内外相关学者对资本结构与股票流动性之间的关系已经进行了较为深入的研究，多数都认为资本结构与股票流动性之间存在着较为密切的关系，并且他们对这两者之间的影响机制和条件也进行了较为深入的研究和探索他们的研究都有共同的不足就是只是将这两者之间进行了单向相关关系的研究，很少从双向相关关系这个角度进行理论与实证深入研究，且研究这两者之间的双向关系对于深入认识它们的作用机制有着更加重要的意义正是基于以上意义，本文通过使用联立方程组对这种双向关系展开研究本文的主要思路是，首先对国内外资本结构的研究文献进行了回顾，主要介绍资本结构理论，然后从微观方面进行分析介绍了影响股票流动性的现状，进而使两者进行结合，为研究资本结构与股票流动性之间的关系奠定基础通过对两者的现状研究，资本结构方面主要从其理论基础上找出影响资本结构的因素，对于股票流动性主要是从流动性方法上找出影响因素进行研究然后根据两者的影响因素构建实证研究模型并对其运行结果进行深入分析研究结果是企业的资本结构与股票流动性之间存在着相互影响的作用，是一种双向相关关系首先，资产负债率越高其股票流动性越大负债的增加将使管理者们做出更好的投资决策，从而减少管理者与投资者之间的信息不对称，这将有利于企业未来的发展进而提高公司股票的流动性其次，股票的流动性越高其并不一定会降低资本结构，因为股票流动性还受到很多方面的影响，比如股票流动性高可能为竞争对手的恶意收购提供了便利，，从而会威胁控股股东的控制权，为了安全起见，保守型的控股股东或管理层往往会增加短期债务以应对恶意收购产生的现金需求，从而股票流动性的提高也可能会提高资产负债率等最后，总结本文的研究结论，针对于本文的研究结论提出了政策和建议，也希望通过本文的研究能够对以后的研究者提供一定的参考
[Abstract]:To some extent, the financing decision of the enterprise will affect the future development of the whole company, and the composition of the enterprise capital structure is one of the important factors affecting the financing decision. Therefore, the financing decision of an enterprise influenced by capital structure is directly related to the realization of enterprise value. The relationship between capital structure and stock liquidity has been deeply studied by relevant scholars at home and abroad. Most agree that there is a close relationship between capital structure and stock liquidity. And they have also carried out more in-depth research and exploration on the mechanism and conditions of influence between the two, and their research has a common shortcoming, that is, they have only carried out a one-way correlation study between the two. Few theoretical and empirical studies have been conducted from the perspective of bidirectional correlation, and it is based on the above significance that the study of the bidirectional relationship between the two has more important significance for further understanding the mechanism of their action. The main idea of this paper is to review the literature on capital structure at home and abroad, and introduce the theory of capital structure. Then, the paper analyzes and introduces the current situation of stock liquidity from the micro aspect, and then combines the two to lay a foundation for the study of the relationship between capital structure and stock liquidity through the study of the current situation of the two. In terms of capital structure, the factors that affect the capital structure are mainly found on the basis of its theory. The stock liquidity is mainly to find out the influencing factors from the liquidity method, and then build the empirical research model according to the influencing factors of the two factors and analyze the operating results deeply. The result is the capital knot of the enterprise. There is interaction between structure and stock liquidity. First of all, the higher the ratio of assets to liabilities, the greater the liquidity of the stock and the greater the liabilities, which will enable managers to make better investment decisions, thus reducing the information asymmetry between managers and investors. This will be conducive to the future development of the enterprise and further increase the liquidity of the company's stock. The higher the liquidity of the stock, the more it will not necessarily reduce the capital structure, because the stock liquidity is also affected by many aspects. For example, high stock liquidity may facilitate a hostile takeover by a competitor, thereby threatening the controlling rights of controlling shareholders. Conservative controlling shareholders or management often increase short-term debt to deal with the cash demand caused by hostile takeover, thus the increase of stock liquidity may also improve the ratio of assets and liabilities. Finally, the conclusion of this paper is summarized. In view of the conclusions of this paper, the paper puts forward some policies and suggestions, and hopes that the research in this paper can provide a certain reference for the future researchers.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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