中越食品加工业上市公司资本结构影响因素比较研究

发布时间：2018-02-22 10:08

本文关键词： 中国越南食品加工业资本结构影响因素　出处：《湖南师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：2010年1月1日,中国-东盟自由贸易区正式全面启动,越南成为其中新成员。中-越既是发展中国家,又是农业大国,2010年至2012年,越南对华的贸易结构中,农产品及其加工品比重分别为：13.79%、16.078%、24.56%,呈快速上升的趋势。近几年来,在越南政府的政策引导和支持下,越南食品加工业得以快速发展,特别是越南开始实行国有公司股份制,食品业开始迅猛发展。据统计,在HNX和HOSE两市的上市公司中食品加工公司在制造业的19个细分行业中,公司数量处于第一位,占制造业的比重为32%。公司要发展必然形成对资金的需求,而资本结构涉及到资金来源的比例关系,影响资金来源渠道、方式、成本、风险的因素都会影响到资本结构。只有选择到最佳资本结构才能实现公司价值最大化。因此,笔者选择对中越食品加工业上市公司的资本结构影响因素进行比较分析,试图找准食品行业资本结构的关键影响因素从而优化资本结构并有利于越南食品公司借鉴中国的公司治理经验。本论文共分为五章,其中三、四、五是主要内容。第一章阐述了研究背景和意义,并对西方、中国、越南的资本结构影响因素的研究成果进行综述和比较,提出了本文的研究方法、内容和创新之处。第二章阐述了资本结构的内涵、理论要点和本文的理论借鉴。第三章按宏观和微观因素分类,通过数据和文献、案例等手段,比较了两国食品业上市公司资本结构影响因素的相同和不同点,该章重点放在定性分析上。第四章在理论分析的前提下,提出了系列理论假设,选择中国的88家食品加工业上市公司与越南的72家食品加工业上市公司,采用多元回归模型,借助SPSS软件对两国食品业上市公司资本结构影响因素进行了实证分析。研究结果表明公司规模、成长性、公司经营绩效、公司抗风险能力、资产流动性和非债务税盾是影响越南食品加工业上市公司资本结构的显著性因素；公司规模、成长性、公司经营绩效、公司抗风险能力和资产流动性是影响中国食品加工业上市公司资本结构的显著性因素。最后,本章总结全文的研究结果,提出优化中-越两国食品行业资本结构的对策并指出本研究的局限性及后续研究方向。
[Abstract]:In January 1st 2010, the China-ASEAN Free Trade area was formally launched, and Vietnam became a new member. China and Vietnam are both developing countries and large agricultural countries. From 2010 to 2012, Vietnam's trade structure with China, The proportion of agricultural products and their processed products are respectively: 13.79%, 16.078% and 24.56%, showing a rapid upward trend. In recent years, with the policy guidance and support of the Vietnamese government, the Vietnamese food processing industry has been able to develop rapidly, especially with the implementation of the joint-stock system of state-owned companies in Vietnam. The food industry is beginning to grow rapidly. According to statistics, the number of food processing companies in the 19 subsectors of the manufacturing industry is the first in the listed companies in HNX and HOSE. The proportion of the manufacturing industry is 32. if the company wants to develop, it will inevitably form a demand for capital. However, the capital structure involves the proportional relationship of the source of funds, which affects the channel, mode, and cost of the capital source. The risk factors will affect the capital structure. Only the best capital structure can maximize the value of the company. Therefore, the author chooses to make a comparative analysis of the factors affecting the capital structure of the listed companies in the food processing industry of China and Vietnam. This paper tries to find out the key influencing factors of the capital structure of the food industry so as to optimize the capital structure and benefit the Vietnamese food companies to learn from the experience of corporate governance in China. This thesis is divided into five chapters, of which three, four and five are the main contents. The first chapter expounds the background and significance of the research, and summarizes and compares the research results of the factors affecting the capital structure of the West, China and Vietnam. The second chapter expounds the connotation of capital structure, the main points of theory and the theoretical reference of this paper. The third chapter classifies the capital structure according to macro and micro factors, by means of data, literature, case, etc. This paper compares the same and different factors affecting the capital structure of the listed companies in the food industry of the two countries. This chapter focuses on qualitative analysis. Chapter 4th puts forward a series of theoretical hypotheses under the premise of theoretical analysis. A multivariate regression model was used to select 88 listed food processing companies in China and 72 food processing companies in Vietnam. This paper makes an empirical analysis of the factors affecting the capital structure of the food industry listed companies in both countries by means of SPSS software. The results show that the company size, growth, corporate performance, and the ability of the company to resist risks. Asset liquidity and non-debt tax shield are the significant factors that affect the capital structure of the listed companies in the food processing industry of Vietnam. Corporate risk resistance and asset liquidity are significant factors that affect the capital structure of Chinese food processing companies. Finally, this chapter summarizes the research results of this paper. This paper puts forward the countermeasures of optimizing the capital structure of food industry in China and Vietnam, and points out the limitations of this study and the direction of further research.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.82

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