经济发展方式转变与公司财务行为选择

发布时间：2018-01-29 17:50

本文关键词： 经济发展方式公司财务行为选择　出处：《西南财经大学》2013年博士论文　论文类型：学位论文

【摘要】：改革开放30多年中国经济以近10%的速度发展,经济总量已跃居全球第二,令世界瞩目。与此同时,中国经济发展也面临了新的问题与挑战：不仅由于美国金融危机和接踵而来的欧洲主权债务危机影响到包括中国在内的全球经济的发展,中国自身经济发展方式也存在着一系列不可忽视的问题。随着我国经济总量的扩大,经济要素的稀缺格局发生了重大变化,土地、矿产、水等自然资源越来越短缺,资源环境对经济发展的制约作用越来越突出。生产要素供求关系的变化,不仅要求从社会经济发展的动力、结构、质量、效率、就业、分配、消费、生态和环境等方面进行调整,而且要求作为微观基础的公司必须适应新的变化改变自身的生存与发展方式,相应地在资源利用、能源耗费、人力成本、科技创新、市场开发等方方面面重新作出定位。这些宏观层面经济政策的调整和微观公司行为的改变都属于经济发展方式转变的一部分。然而,虽然目前很多人从宏观经济角度研究经济发展方式转变,但是鲜有人以公司财务行为选择来研究经济发展方式转变。从这个基本认识出发,本文试图在系统梳理经济发展方式转变和公司财务选择行为的基础上,着重探讨公司财务行为选择在宏观经济背景下的调整与改变,实证检验我国宏观经济政策对微观财务行为选择的影响,并在此基础上提出相关政策建议。本文除导论外共分为五个部分：第一部分：文献综述。该部分通过对经济发展方式转变和财务行为理论及其实证的研究所涉及的相关内容分析,回顾了国内相关的研究角度。从理论基础上对前人提出的思想进行回顾,并对现在学术界相关学者的观点进行评述。第二部分：经济发展方式转变及其对公司财务行为选择的影响。本章主要阐述了我国经济发展方式转变对公司财务行为选择的影响因素、利益冲突以及改变路径等。其中,对当前背景下公司财务行为选择的价值取向、风险收益以及社会责任等均作了理论分析,不仅阐述了影响公司财务行为选择价值取向的内外部因素,讨论了公司财务行为选择价值与经济发展方式转变间的关系,还从风险和收益的传统财务角度出发探讨了在经济发展方式转变过程中公司核心价值观的转变对公司财务理念以及财务政策的影响,明确了在经济转型过程中公司财务政策与社会责任的定位。第三部分：公司财务行为方式：描述性分析。本章主要运用描述统计分析的方法分行业探讨了我国公司财务行为特征。其中,对于公司的融资行为特征主要通过资产负债率以及相关的财务指标进行分析,从中发现近10年我国公司的资产负债率处于逐步上升态势,其中房地产行业的上升趋势最为明显。而对于公司的投资行为来说,投资非效率问题仍然是目前面临的主要问题。第四部分：公司财务行为选择：实证分析。本章基于最优资本结构以及最优投资模型进行模型设计,运用实证研究方法,分析了我国宏观经济因素对于公司投融资主要财务行为选择的影响。从中发现,经济周期对各行业公司的投融资影响普遍显著,而货币供应量、税收以及利率的影响则与行业相关。对公司财务行为解释力最小的是我国的信贷规模。第五部分：研究结论与启示。本章对全文的研究进行了归纳,梳理出主要结论,为我国的宏观政策提出建议,并探讨了研究的局限性以及后续研究的方向。本文所涉及的是一个战略性、前瞻性和现实性都很强的研究领域,也是一个跨学科交叉的新的研究领域。本文试图在以下方面形成自己的特色,并实现创新。第一,从研究视角看。已有公司财务研究大多基于微观的视角和传统的分析框架,虽然也注重对宏观经济环境的分析考量,但多囿于表象的理论推演层面。本文着力在“宏观经济环境”与“公司财务行为”的“契合点”上下功夫,将公司财务行为选择置入经济发展方式转变的大背景下,探讨经济发展方式转变下公司财务行为的模式、价值取向和特征,这无疑为本研究、也为后续研究者提供了一个新的研究视角和分析框架。第二,从研究设计看。本文构建了基于宏观经济因素来研究公司财务行为的动态投融资模型,并发现了影响公司财务行为的主要宏观经济指标,凸显了重要的政策价值和决策基础。同时,本文构建的模型在引入宏观层面和微观层面因素的基础上,采用了动态面板数据进行模型估计,不仅考虑宏观经济政策因素对公司投融资行为的直接影响,还考虑其对投融资行为速率变动的间接影响。尤其是,本文在对模型进行实证检验时,把“行业特征”作为影响公司财务行为的重要因素加以考量,有利于揭示行业特征变量导致的资本结构和投资非效率问题。第三,从研究发现看。本文提出了一些具有较强政策意义的观点或结论,其中最主要的有三点：(1)在我国经济发展方式转变的背景下,宏观经济因素是影响公司财务行为选择的的重要考量,不仅决定了公司外部的资本供给,还影响公司财务行为选择的价值取向以及违约风险等。(2)转变经济发展方式的关键,在于引导公司进行不同的财务行为选择,对于不同的行业应当区别对待,通过制定相应的经济政策,改变公司外部环境约束,优化公司财务行为,进而促进或实现公司转型；(3)转变经济发展方式的着力点,在于不断增强公司适应市场经济发展的要求创新能力,而不是单纯依靠减税政策给公司让渡利益。同时,本文的实证分析发现：(1)公司的资产负债率普遍表现出顺周期的特征。在经济上升周期,公司的资产负债率会显著增加,而在下降周期,公司的资产负债率会相应降低,且资产负债率的变动速率会随着经济周期的持续上升而加快。(2)货币政策会对一些产业的资产负债率,如第二产业中的采掘业等,产生较大影响,并且还会加大资本结构变动的速率。此外宽松的货币政策与投资过度也具有显著关系。上述观点或发现,对于优化公司财务行为选择、促进经济发展方式转变都具有比较重要的指导意义或参考价值。
[Abstract]:30 years of reform and opening up Chinese economic development at the rate of 10%, total economic output has ranked second in the world, has attracted the attention of the world. At the same time, Chinese economic development is also facing new problems and challenges: not only because of the financial crisis in the United States and of the European sovereign debt crisis affecting Chinese, including the development of the global economy, its economic China the development also exist a series of problems can not be ignored. With the expansion of China's economy, great changes have taken place in the pattern of land scarcity, economic factors, mineral, water and other natural resources increasingly shortage of resources and environmental constraints on the role of economic development more and more prominent. The relation between supply and demand of production factors, not only the requirements from the power of social and economic development, structure, quality, efficiency, employment, distribution, consumption, ecological and environmental aspects of adjustment, but also to seek as a micro Foundation The company must adapt itself to the new changes, change its way of existence and development, and relocate its resources in terms of resource utilization, energy consumption, labor cost, technological innovation and market development.
The adjustment of these macro economic policies and micro behavior changes are part of the transformation of economic development mode. However, although many people change the current research from a macroeconomic perspective of economic development, but few people in the company's financial behavior to study the transformation of economic development mode. Starting from this basic concept, this article tries to the basic financial system combing the choice behavior of the transformation of economic development pattern and the company, focuses on the company's financial behavior adjustment and changes in the macroeconomic context, empirical test of the effect of China's macro economic policy of micro financial behavior, and on this basis, puts forward relevant policy suggestions.
In addition to the introduction, this article is divided into five parts:
The first part: literature review. This part through the analysis of relevant content on the transformation of the mode of economic development and financial behavior theory and empirical involved, reviewed the related research angle. Review of predecessors from the theory on the basis of the theory, and evaluates present academic views of relevant scholars.
The second part: the effect of changing the mode of economic development and the company's financial behavior. This chapter mainly expounds the transformation of China's economic development pattern influence factors on the choice of corporate financial behavior, the conflict of interest and change the path. Among them, the value orientation of current financial background, selection, risk benefit and social responsibility all the theoretical analysis not only explains the influence of corporate financial behavior selection of internal and external factors of value orientation, discusses the relationship between value and transformation of the mode of economic development between the company's financial behavior, also discussed the influence of Companies in the process of transformation of economic development mode in the transformation of the core values of corporate finance and financial policy from the concept the risks and benefits of the traditional financial point of view, clearly positioning the company's financial policy and social responsibility in the process of economic transformation.
The third part: corporate finance behavior: a descriptive analysis method. This chapter mainly uses the descriptive statistical analysis of the industry characteristics of the financial behavior of our company. Among them, the characteristics of the financing behaviors of companies through asset liability ratio and related financial indexes analysis, found in China in the past 10 years the company's assets and liabilities the rate is gradually rising trend, the upward trend of the real estate industry is the most obvious. But for the company's investment behavior, investment efficiency problem is still the main problem at present.
The fourth part: the choice of corporate financial behavior: an empirical analysis. In this chapter, the optimal capital structure and optimal investment model based on model design, the use of empirical research methods, analysis of the macroeconomic factors of China's impact on corporate investment behavior. The main financial financing choice from the economic cycle of the industry generally significant investment company's influence financing, money supply, interest rate and tax effects are associated with the industry. The company's financial behavior explanation is the smallest in China credit scale.
The fifth part: research conclusions and inspiration. This chapter summarizes the whole research, and summarizes the main conclusions, and puts forward suggestions for our macroeconomic policy, and discusses the limitations of the research and the direction of future research.
This paper is a strategic, forward-looking and realistic research field. It is also a new research field which is interdisciplinary. This paper attempts to form its own characteristics and achieve innovation in the following aspects.
First, from the perspective of research. Research has been mostly company financial micro perspective and the traditional analysis framework based on the analysis, although pay attention to the macroscopic economic environment considerations, but limited representation of the theory level. This article focuses on the macroeconomic environment and the company's financial behavior "of the" meeting point ". Kung Fu, will be the company's financial behavior transformation background in the mode of economic development, to explore the transformation of the mode of economic development under the company's financial behavior pattern, value orientation and characteristics, this is undoubtedly for the research, but also for the subsequent researchers provided a new research perspective and analytical framework.
Second, from the research design. This paper constructs a dynamic study on corporate financial behavior based on macroeconomic factors of the investment and financing model, and found the main macroeconomic indicators affecting the company's financial behavior, highlighting the important value of policy and decision basis. At the same time, the model constructed in this paper based on the introduction of factors of macro level and micro level on the dynamic panel data estimation model, considering not only the direct impact of macroeconomic policy factors on the company's investment behavior, but also consider the indirect influence on the investment and financing behavior of rate changes. Especially, based on the empirical test of the model, the characteristics of the industry "as an important factor affecting the company's financial behavior to be considered, it is helpful to reveal the characteristics of the industry variables leads to capital structure and non efficiency investment.
Third, look at the findings from the research. This paper puts forward some policy implications with a strong opinion or conclusion, one of the most important three points: (1) in the transformation of China's economic development pattern under the background of macro economic factors affecting the company's financial behavior important considerations, not only determines the company's external capital supply, choice of value orientation also affect the company's financial behavior and default risk. (2) the key to change the mode of economic development, the financial behavior of different choices is to guide the company to different industries should be treated differently, through formulating economic policies, changes in external environment constraints, optimize the company's financial behavior, and to promote or achieve the transformation of the company; (3) to change the mode of economic development, and constantly enhance the company is to meet the requirement of market economy development innovation ability, and not rely solely on the tax administration Policy gives the company the benefit.
At the same time, the empirical analysis found that: (1) the company's assets and liabilities generally showed cyclical characteristics. In a rising cycle of the economy, the company's asset liability ratio will increase significantly, while the decline in the period, the company's asset liability ratio will be reduced, the rate of change and the rate of assets and liabilities will be increased with duration the rise of the economic cycle. (2) the monetary policy of the industry rate of assets and liabilities, such as the second industry in the mining industry, have a greater impact, and will increase the rate of change of capital structure. In addition the monetary policy easing over and investment also has a significant relationship. The ideas or discoveries, to optimize the company's financial behavior selection, promotion has important guiding significance and reference value to change the mode of economic development.

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F120.3;F279.23

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