基于企业生命周期视角的国有控股上市公司资本结构研究
发布时间：2019-05-16 08:34
【摘要】：企业如何保证足够的发展资金以及拥有可靠的资金来源是企业财务和战略管理的主要任务,而其中资金来源中该如何确定融资占比,保证低成本融资的同时降低财务风险,是企业筹资决策的重点内容,即决定企业资本结构。一般企业在财务管理以及战略制定时,会特别关注自身资本结构,因为合理的资本结构关系到企业资金成本的高低,进而影响企业发展壮大以及市场竞争地位,所以无论何种企业都会把自身资本结构放在一个很重要的战略地位。国外许多学者开始从传统主流理论转向一些新的研究视角来研究企业的融资问题,如生命周期视角,并取得了一定的进展。生命周期假说将企业比作生命体,成长到不同阶段都会表现出不同特征,并且需求也会不同,企业发展到不同阶段对资金的需求各有不同,并且企业在各个阶段自身盈利能力并不能保证“自给自足”,在企业资金不足的情况下,只有从企业外部获得,因此据国外学者的研究,企业生命周期是资本结构的一个重要影响因素。 一、研究目的 资本是企业的血液,是企业经济活动的重要推动力和持续推动力。对企业来说,无论是企业的创立还是发展,都需要拥有并保持一定数额的资本。因此,资本结构在企业经营管理过程中的重要性不言而喻。随着经济的发展和环境的变化,企业在融资过程中面临的机遇和挑战也不断增多,特别是经济全球化日趋增强,企业所面临的来自国内、国外的市场竞争更加激烈,不断产生新的资本来源方式,资金来源环境和渠道也将变的更加广阔和复杂。这就要求企业充分考虑影响资本结构的各项因素,不断提高企业资本质量。 在当前的实务中,很多企业还没有真正重视资本结构的重要性,不能够合理的安排各种资金来源的比例结构,致使企业不能够完全的价值最大化。股权分置问题导致了我国上市工资的融资结构出现变化,如今企业更注重资本的长期性、系统性和计划性。企业生命周期理论恰好为融资策略的制定和实施提供了一个很好的研究视角。在企业生命周期理论中,企业分为不同阶段,企业成长到不同阶段,其所处的外部竞争环境以及内部治理结构及组织结构的完善程度,都将成为企业融资决策的重要影响因素。资本结构问题虽然很早就被人们提出和研究,但是由于其研究指标混乱,研究角度不同,所以不同学者得出的结果也各不相同。另外,对生命周期的研究大多使用的是主观判断为主的定性方法,对其与资本结构结合的研究学者也为数不多,所以本文主要以国有控股上市公司为研究对象,采用实证和分析相结合的研究方法,研究国有控股上市公司资本结构和生命周期之间的关系,分析资本结构是否具有生命周期特征,从而为国有控股上市公司在不同阶段制定合理的资本结构提供一些参考,以提高其发展能力,实现企业价值最大化的财务目标,更好的服务国民经济发展。 二、研究内容 本文在总结国内外资本结构研究的基础上,选取DeAngelo在研究企业股利分配时企业生命周期分类方法,使用企业留存收益作为企业生命周期的特征变量对企业资本结构进行解释,采用多元线性回归方法,通过描述统计分析以及回归分析,验证企业资本结构是否具有生命周期特征,并且根据结论分析每个周期阶段不同的原因,从而指导国有控股上市公司根据自身发展阶段制定适合自身发展的资本结构水平。 1.理论部分 第一章,主要介绍了本文的选题背景和研究意义,从整体上对本文的研究方法以及研究内容进行简单的介绍,并提出了本文的贡献度,以及研究的不足之处。 第二章,首先对理论基础进行详细阐述,主要包括企业生命周期理论和企业资本结构理论两部分,在相关理论介绍基础之上对以往文献进行总结评述。企业生命周期理论主要从定性和定量两个角度进行理论总结分析,虽然研究学者众多,但是到目前为止,此理论并没有得到一个权威的定量方法进行分类；企业资本结构理论部分主要分为早期资本结构观点和现代资本结构观点。所有对资本结构影响因素的研究视角大致可以分为三类：1.宏观经济因素,如：一国的政治环境和国家整体经济增长率等(Rajan和Zingales、Booth、 Wald等)；2.公司的自身属性特征因素,如：企业规模、盈利能力和多元化程度等(Bradley、Bowen、Long和Malitz等人)；3.公司内部治理结构因素,如：公司经营者的经验和风险的控制的完善程度等(Friend、Mehran、Berger等人、Moh'D等)。而本文对资本结构的研究视角是基于企业生命周期理论。 第三章,以企业生命周期与资本结构的关系理论为选择变量的基础理论,选取生命周期的特征变量,并从理论上分析每个特征因素对资本结构的影响,在结合前人研究的基础上,提出本文的研究假设,本文主要研究国有控股上市企业资本结构是否具有生命周期特征。 2.实证部分 实证部分主要由第四章和第五章组成,包括选择的变量计算方法的介绍、回归模型建立、样本选择以及回归检验和最终的检验结果及分析。 第四章,实证设计。选取2006年的681家国有控股上市公司为样本,在本章定义并诠释被解释变量和解释变量,并提出检验模型。 第五章,实证研究。首先对变量进行描述性统计分析,初步探索本文研究的变量如何随核心解释变量的变化趋势。接下来对本文的主要研究变量进行相关性检验,得出每个自变量对因变量都有影响,且自变量之间自相关不显著,最后对资本结构与生命周期特征变量之间进行回归检验,通过结果分析得到各阶段资本结构确实不同,国有控股上市公司的资本结构具有生命周期特征。 3.结论与启示部分 第六章为结论、建议、不足及展望。首先,对本文的研究结果进行总结分析；其次,针对结论为国有控股上市公司提出政策建议。最后对以后的研究进行展望。 三、本文的主要贡献、不足及未来研究方向 1.本文主要贡献 (1)本文选取的样本更具有针对性,如果选取整个上市公司做研究,只能得出资本结构的影响因素,但是将样本具体化,那么研究得出的结果会更具有实践意义。 (2)本文使用的DeAngelo等(2006)利用企业的留存收益率来度量样本公司所处生命周期阶段,在国内较少有学者使用留存收益对资本结构进行解释研究。 (3)进一步对资本结构是否有生命周期特征进行验证。 2.本文研究不足 不可否认,由于笔者自身理论水平有限,所以本文在研究过程中存在一些局限和不足,比如： (1)本文研究资本结构是否具有生命周期特征,变量难以做出创新性调整,因而采取了以往研究使用过的变量。本文共选取681家国有控股上市公司的截面数据作文研究样本,也许会有个别样本在度量时会有偏差。 (2)笔者选取的生命周期代理变量可能存在一定的局限性。 (3)考虑到样本涉及行业众多,笔者没有在变量研究中加入行业控制变量。 (4)本文的结论中企业成长能力(营业收入增长率)没有得到假设相同的结论,是否存在其他关系,或者选取营业收入增长率是否科学,以及有什么改进方法,在进一步研究中会继续证明。 3.未来研究方向 在本文的最后还提出了未来的研究方向：本文在研究初期,设想能够得出国有控股上市企业每个生命周期资本结构(资产负债率)的确定比例,但是在考察样本期间,发现其可操作难度非常大,或者选择的样本可能得不出研究结果,基于笔者理论与科研水平,最终放弃此设想,希望在未来的研究中能够完善此设想。
[Abstract]:How to guarantee the sufficient development fund and the reliable source of financing is the main task of the enterprise's financial and strategic management, and in which, how to determine the proportion of the financing, to guarantee the low-cost financing and to reduce the financial risk, is the key content of the enterprise's financing decision-making, That is, the capital structure of the enterprise is determined. In that case of financial management and the development of the strategy, the general enterprise will pay special attention to the self-capital structure, because the reasonable capital structure is related to the high and low of the capital cost of the enterprise, thus affecting the development of the enterprise and the market competition. So whatever kind of business will put its own capital structure in a very important strategic position. Many foreign scholars have begun to study the financing problems of enterprises from the traditional mainstream theory to some new research perspective, such as the life-cycle angle of view, and have made some progress. The life cycle hypothesis compares the enterprise to a living body, and the growth to the different stages will show different characteristics, and the demand will also be different. The demand of the enterprise from the development of the enterprise to the different stages is different, and the profit ability of the enterprise in various stages can not guarantee the "self-sufficiency", When the enterprise is underfunded, only from the outside of the enterprise, therefore, according to the research of foreign scholars, the enterprise life cycle is an important factor of the capital structure. I. Study The purpose capital is the blood of the enterprise, it is the important driving force and the continuous of the enterprise's economic activity The driving force. For the enterprise, both the establishment and the development of the enterprise need to own and maintain a certain amount Capital structure, therefore, the importance of capital structure in the process of enterprise management and management is not With the development of the economy and the change of the environment, the opportunities and challenges faced by the enterprise in the financing process are increasing, especially the economic globalization is becoming more and more, the market competition from the domestic and the foreign countries is more intense, and the new capital is continuously generated The source mode, the source of funds and the channel will also become more extensive And complex. This requires the enterprise to take full consideration of the factors that affect the capital structure and continuously improve the enterprise resource. In the current practice, many enterprises do not really pay attention to the importance of the capital structure, and the proportion structure of various sources of funds can not be reasonably arranged, so that the enterprises can not be completely The value is maximized. The share-split problem has led to the change of the financing structure of the listed wages in our country, and now the enterprise pays more attention to the long-term capital of the capital, and the system The enterprise life cycle theory provides a good basis for the development and implementation of the financing strategy In the theory of enterprise life cycle, the enterprise is divided into different stages, and the enterprise grows to different stages. The external competition environment and the perfection of the internal governance structure and the organizational structure will become the weight of the enterprise's financing decision-making. In order to influence the factors, the capital structure problem has long been proposed and studied by the people, but because of the confusion of the research index and the different research angle, the result of the different scholars In addition, most of the research on the life cycle is the qualitative method based on the subjective judgment, and the research scholars in combination with the capital structure are few, so this paper mainly takes the state-controlled listed company as the research object, and adopts the combination of the demonstration and the analysis. The paper studies the relationship between the capital structure and the life cycle of the state-controlled listed company, and analyzes whether the capital structure has a life-cycle character, so as to provide some reference for the state-controlled listed company to make a reasonable capital structure at different stages, so as to improve the capital structure. The development capability of the enterprise is the financial target of maximizing the value of the enterprise, and the better service country The development of the people's economy. Secondly, on the basis of summarizing the research of capital structure at home and abroad, this paper chooses DeAngelo to study the enterprise life cycle classification method in the research of the enterprise's dividend distribution, and uses the retained earnings of the enterprise as the characteristic variable of the enterprise life cycle to the enterprise. The paper explains whether the capital structure of the enterprise has a life-cycle characteristic through the statistical analysis and the regression analysis by using the multi-element linear regression method, and according to the conclusion, The reason that the period is different, so as to guide the state-owned controlling listed company to formulate the appropriate self-development stage according to its own development stage the development of capital 1. In the first part of the theory part, the background and significance of the subject selection are introduced, the research methods and the contents of this paper are introduced in the whole, and the article is put forward. In the second chapter, the theoretical basis is described in detail, which mainly includes the enterprise life cycle theory and the enterprise capital structure theory. On the basis of the summary of the past literature, the enterprise life cycle theory is based on the theoretical summary and analysis of both the qualitative and quantitative angles, although the research scholars are numerous, so far, the theory has not The classification of an authoritative quantitative method is obtained; the theoretical part of the enterprise's capital structure is divided into the early stage The view of capital structure and the view of modern capital structure. All the factors that affect the capital structure The perspective of the study can be divided into three categories:1. Macroeconomic factors, such as the political environment of a country and the overall economic growth rate of the country (Rajan and Zingales) , Booth, Wald, etc.);2. Self-attribute factors of the company, such as the size of the enterprise, the profitability and the degree of diversification (Bradley, Bowen, L. ong and Malitz et al.);3. Internal governance structure factors, such as the degree of sophistication of the company's operator's experience and risk (Friend, Mehran, B Erger et al., Moh'D, etc.). The research angle is based on the enterprise life cycle theory. The third chapter, based on the relationship between the enterprise life cycle and the capital structure, selects the basic theory of the variable, selects the characteristic variable of the life cycle, and theoretically analyzes the effect of each characteristic factor on the capital structure, On the basis of human research, this paper puts forward the research hypothesis of this paper, and the main research of this paper is to study the state-owned holding capital knot of city enterprise 2. The empirical part of the empirical part is mainly composed of the fourth and the fifth chapter, including the introduction of the selected variable calculation method and the establishment of the regression model. Sample selection and regression The fourth chapter, the empirical design, selects 681 state-owned controlling listed companies in 2006 as samples, in this chapter Define and interpret the explained changes In chapter five, a descriptive statistical analysis is carried out on the variables. In this paper, we first explore how the variables studied in this paper will explain the variation trend of the variable with the core. Then, the main study variables in this paper are checked, and the effect of each independent variable on the dependent variable is obtained, and the self-correlation between the independent variables is not significant. and finally, a regression test is carried out between the capital structure and the life cycle characteristic variable, and the capital structure of each stage is obtained through the result analysis On the other hand, the state-owned holding company The Capital Structure of the City Company has the Characteristics of the Life Cycle 3. The conclusion, suggestion, deficiency and prospect of Chapter 6 of the conclusion and the enlightenment. Make a summary analysis; second, for knots The paper put forward the policy suggestion for the state-owned controlling listed company, and finally to be carried out in the future The main contribution, deficiency and future research direction of this paper are as follows: (1) The sample selected in this paper is more specific, such as The whole listed company is selected for research, and the capital contribution can only be made The effect factor of this structure, but the sample is concretized, then the result of the study will be more practical. (2) DeAngelo et al. (2006) used herein measures the sample using the retained rate of return of the enterprise. At the stage of the life cycle of the Company, a few scholars in the country use the retention and collection profit-to-capital structure Explain the study. (3) further verify the life cycle characteristics of the capital structure. There is no denying that, since the author's own theory level is limited, this article is in the process of the study some limitations and deficiencies, such as: (1) the present invention The paper studies whether the capital structure has a life-cycle character, and the variable is difficult to make an innovative adjustment, thus taking the variables used in the past research. In this paper, a total of 681 state-owned listed companies are selected to study the cross-section data composition of the listed companies In this case, there may be a deviation from the individual samples at the time of the measurement. (2) The life-cycle generation selected by the author (3) The author has not added the industrial control variable to the variable study. (4) The growth capacity of the enterprise (the growth rate of operating income) is not assumed to be the same in the conclusion of this paper. Conclusions, presence or absence of other relationships, or whether or not the growth rate of operating income is scientific, and what is the improvement method, will continue to be demonstrated in further studies.3. The future direction of research in this paper also puts forward the future research direction In the early stage of the study, it is envisaged that the proportion of the capital structure (asset-liability ratio) of each life-cycle capital structure of the state-owned controlled-listed enterprise can be obtained, but it is found that it is very difficult to operate during the investigation of the sample.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.1;F832.51;F224
本文编号：2478156
[Abstract]:How to guarantee the sufficient development fund and the reliable source of financing is the main task of the enterprise's financial and strategic management, and in which, how to determine the proportion of the financing, to guarantee the low-cost financing and to reduce the financial risk, is the key content of the enterprise's financing decision-making, That is, the capital structure of the enterprise is determined. In that case of financial management and the development of the strategy, the general enterprise will pay special attention to the self-capital structure, because the reasonable capital structure is related to the high and low of the capital cost of the enterprise, thus affecting the development of the enterprise and the market competition. So whatever kind of business will put its own capital structure in a very important strategic position. Many foreign scholars have begun to study the financing problems of enterprises from the traditional mainstream theory to some new research perspective, such as the life-cycle angle of view, and have made some progress. The life cycle hypothesis compares the enterprise to a living body, and the growth to the different stages will show different characteristics, and the demand will also be different. The demand of the enterprise from the development of the enterprise to the different stages is different, and the profit ability of the enterprise in various stages can not guarantee the "self-sufficiency", When the enterprise is underfunded, only from the outside of the enterprise, therefore, according to the research of foreign scholars, the enterprise life cycle is an important factor of the capital structure. I. Study The purpose capital is the blood of the enterprise, it is the important driving force and the continuous of the enterprise's economic activity The driving force. For the enterprise, both the establishment and the development of the enterprise need to own and maintain a certain amount Capital structure, therefore, the importance of capital structure in the process of enterprise management and management is not With the development of the economy and the change of the environment, the opportunities and challenges faced by the enterprise in the financing process are increasing, especially the economic globalization is becoming more and more, the market competition from the domestic and the foreign countries is more intense, and the new capital is continuously generated The source mode, the source of funds and the channel will also become more extensive And complex. This requires the enterprise to take full consideration of the factors that affect the capital structure and continuously improve the enterprise resource. In the current practice, many enterprises do not really pay attention to the importance of the capital structure, and the proportion structure of various sources of funds can not be reasonably arranged, so that the enterprises can not be completely The value is maximized. The share-split problem has led to the change of the financing structure of the listed wages in our country, and now the enterprise pays more attention to the long-term capital of the capital, and the system The enterprise life cycle theory provides a good basis for the development and implementation of the financing strategy In the theory of enterprise life cycle, the enterprise is divided into different stages, and the enterprise grows to different stages. The external competition environment and the perfection of the internal governance structure and the organizational structure will become the weight of the enterprise's financing decision-making. In order to influence the factors, the capital structure problem has long been proposed and studied by the people, but because of the confusion of the research index and the different research angle, the result of the different scholars In addition, most of the research on the life cycle is the qualitative method based on the subjective judgment, and the research scholars in combination with the capital structure are few, so this paper mainly takes the state-controlled listed company as the research object, and adopts the combination of the demonstration and the analysis. The paper studies the relationship between the capital structure and the life cycle of the state-controlled listed company, and analyzes whether the capital structure has a life-cycle character, so as to provide some reference for the state-controlled listed company to make a reasonable capital structure at different stages, so as to improve the capital structure. The development capability of the enterprise is the financial target of maximizing the value of the enterprise, and the better service country The development of the people's economy. Secondly, on the basis of summarizing the research of capital structure at home and abroad, this paper chooses DeAngelo to study the enterprise life cycle classification method in the research of the enterprise's dividend distribution, and uses the retained earnings of the enterprise as the characteristic variable of the enterprise life cycle to the enterprise. The paper explains whether the capital structure of the enterprise has a life-cycle characteristic through the statistical analysis and the regression analysis by using the multi-element linear regression method, and according to the conclusion, The reason that the period is different, so as to guide the state-owned controlling listed company to formulate the appropriate self-development stage according to its own development stage the development of capital 1. In the first part of the theory part, the background and significance of the subject selection are introduced, the research methods and the contents of this paper are introduced in the whole, and the article is put forward. In the second chapter, the theoretical basis is described in detail, which mainly includes the enterprise life cycle theory and the enterprise capital structure theory. On the basis of the summary of the past literature, the enterprise life cycle theory is based on the theoretical summary and analysis of both the qualitative and quantitative angles, although the research scholars are numerous, so far, the theory has not The classification of an authoritative quantitative method is obtained; the theoretical part of the enterprise's capital structure is divided into the early stage The view of capital structure and the view of modern capital structure. All the factors that affect the capital structure The perspective of the study can be divided into three categories:1. Macroeconomic factors, such as the political environment of a country and the overall economic growth rate of the country (Rajan and Zingales) , Booth, Wald, etc.);2. Self-attribute factors of the company, such as the size of the enterprise, the profitability and the degree of diversification (Bradley, Bowen, L. ong and Malitz et al.);3. Internal governance structure factors, such as the degree of sophistication of the company's operator's experience and risk (Friend, Mehran, B Erger et al., Moh'D, etc.). The research angle is based on the enterprise life cycle theory. The third chapter, based on the relationship between the enterprise life cycle and the capital structure, selects the basic theory of the variable, selects the characteristic variable of the life cycle, and theoretically analyzes the effect of each characteristic factor on the capital structure, On the basis of human research, this paper puts forward the research hypothesis of this paper, and the main research of this paper is to study the state-owned holding capital knot of city enterprise 2. The empirical part of the empirical part is mainly composed of the fourth and the fifth chapter, including the introduction of the selected variable calculation method and the establishment of the regression model. Sample selection and regression The fourth chapter, the empirical design, selects 681 state-owned controlling listed companies in 2006 as samples, in this chapter Define and interpret the explained changes In chapter five, a descriptive statistical analysis is carried out on the variables. In this paper, we first explore how the variables studied in this paper will explain the variation trend of the variable with the core. Then, the main study variables in this paper are checked, and the effect of each independent variable on the dependent variable is obtained, and the self-correlation between the independent variables is not significant. and finally, a regression test is carried out between the capital structure and the life cycle characteristic variable, and the capital structure of each stage is obtained through the result analysis On the other hand, the state-owned holding company The Capital Structure of the City Company has the Characteristics of the Life Cycle 3. The conclusion, suggestion, deficiency and prospect of Chapter 6 of the conclusion and the enlightenment. Make a summary analysis; second, for knots The paper put forward the policy suggestion for the state-owned controlling listed company, and finally to be carried out in the future The main contribution, deficiency and future research direction of this paper are as follows: (1) The sample selected in this paper is more specific, such as The whole listed company is selected for research, and the capital contribution can only be made The effect factor of this structure, but the sample is concretized, then the result of the study will be more practical. (2) DeAngelo et al. (2006) used herein measures the sample using the retained rate of return of the enterprise. At the stage of the life cycle of the Company, a few scholars in the country use the retention and collection profit-to-capital structure Explain the study. (3) further verify the life cycle characteristics of the capital structure. There is no denying that, since the author's own theory level is limited, this article is in the process of the study some limitations and deficiencies, such as: (1) the present invention The paper studies whether the capital structure has a life-cycle character, and the variable is difficult to make an innovative adjustment, thus taking the variables used in the past research. In this paper, a total of 681 state-owned listed companies are selected to study the cross-section data composition of the listed companies In this case, there may be a deviation from the individual samples at the time of the measurement. (2) The life-cycle generation selected by the author (3) The author has not added the industrial control variable to the variable study. (4) The growth capacity of the enterprise (the growth rate of operating income) is not assumed to be the same in the conclusion of this paper. Conclusions, presence or absence of other relationships, or whether or not the growth rate of operating income is scientific, and what is the improvement method, will continue to be demonstrated in further studies.3. The future direction of research in this paper also puts forward the future research direction In the early stage of the study, it is envisaged that the proportion of the capital structure (asset-liability ratio) of each life-cycle capital structure of the state-owned controlled-listed enterprise can be obtained, but it is found that it is very difficult to operate during the investigation of the sample.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.1;F832.51;F224
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