基于产业异质性的资本结构及其调整速度研究

发布时间：2018-01-06 17:03

本文关键词：基于产业异质性的资本结构及其调整速度研究　出处：《南京财经大学》2015年硕士论文　论文类型：学位论文

【摘要】：上市公司的资本结构一直是国内外学术研究关注的重点,因为资本结构在很大程度上影响了一家公司的存活,随着我国产业的优化改革,产业异质对资本结构及其调整速度产生了一定的影响,不同产业的资本结构存在差异性,其调整速度是不同的。企业优化自身资本结构,追求目标资本结构,实现企业价值的最大化。只有这样才能促进整个行业以及整个经济的持续发展。本文先从理论的角度论述了现代资本结构的发展历程,探讨了资本结构及其调整速度的影响因素,发现企业的规模、资产结构、债务的期限结构、盈利能力、偿付能力、流动性、增长机会、非债务税盾以及有效税率影响着公司的资本结构。本文的创新之处在于基于产业异质,研究了资本结构及其调整速度的影响因素。按照生产要素投入将制造业企业分成三大类：资金密集型、劳动密集型以及技术密集型,然后本文进行实证分析发现：技术密集型企业的规模对杠杆率的贡献最大；资金密集型企业、劳动密集型企业的资产结构对杠杆率的影响不显著；对于盈利能力的系数,资金密集型企业、劳动密集型企业和技术密集型企业都是负值；偿付能力对资金密集型企业的杠杆影响是正向的,对劳动密集型企业是负向影响；劳动密集型企业和技术密集型企业都遵循了信号传递理论,它们的流动性和杠杆率之间存在正相关关系；对于劳动密集型企业,非债务税盾和杠杆率成反比关系。与此同时,技术密集型企业的调整速度最快,劳动密集型企业次之,而资金密集型企业的调整速度为负值,可以认为根本没有调整速度。文章最后总结全文并且从微观和宏观层面提出优化资本结构的政策建议。
[Abstract]:The capital structure of listed companies has been the focus of academic research at home and abroad, because the capital structure to a large extent has affected the survival of a company, with the optimization of China's industry reform. Industrial heterogeneity has a certain impact on the capital structure and its adjustment speed. Different industries have different capital structure and their adjustment speed is different. Enterprises optimize their own capital structure and pursue the target capital structure. Only in this way can we promote the sustainable development of the whole industry and the whole economy. This paper first discusses the development process of the modern capital structure from the perspective of theory. The paper discusses the influence factors of capital structure and its adjustment speed, and finds out the scale, asset structure, maturity structure of debt, profitability, solvency, liquidity, growth opportunity. Non-debt tax shield and effective tax rate affect the capital structure of the company. The innovation of this paper is based on industrial heterogeneity. This paper studies the factors influencing the capital structure and its adjustment speed. According to the input of production factors, manufacturing enterprises are divided into three categories: capital intensive, labor-intensive and technology-intensive. Then the empirical analysis shows that: the scale of technology-intensive enterprises has the greatest contribution to leverage ratio; The asset structure of capital-intensive enterprises and labor-intensive enterprises has no significant influence on leverage ratio; For the coefficient of profitability, capital-intensive enterprises, labor-intensive enterprises and technology-intensive enterprises are all negative; Solvency has a positive effect on the leverage of capital-intensive enterprises and a negative impact on the labor-intensive enterprises. Both labor-intensive enterprises and technology-intensive enterprises follow the signaling theory, and there is a positive correlation between their liquidity and leverage ratio. For labor-intensive enterprises, non-debt tax shield and leverage ratio are inversely proportional. At the same time, technology-intensive enterprises have the fastest adjustment rate, followed by labor-intensive enterprises. However, the adjustment speed of capital-intensive enterprises is negative, so it can be considered that there is no adjustment speed at all. Finally, the paper summarizes the full text and puts forward some policy suggestions on optimizing capital structure from micro and macro level.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275

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