债权人保护、金融发展与公司资本结构

发布时间：2018-04-29 05:23

本文选题：债权人保护 + 金融发展　；参考：《重庆大学》2014年硕士论文

【摘要】：关于公司资本结构的研究，学术界从宏微观层面进行了大量而富有成效的研究。他们从宏观经济因素、公司特征因素、财务因素、治理因素等方面进行了较为深入的分析。近年来，学术界也开始从制度背景如市场化程度、金融发展、产品市场发育度等方面对上市公司资本结构的影响和最优资本结构的选择进行分析。法律环境作为制度背景中影响资本结构的重要因素，自然受到国内外学者的广泛关注。但从现有的研究成果来看，他们主要从法制环境抑或是投资者保护（主要基于股东权利）对公司资本结构影响进行具体分析。而法律对债权人保护进而对公司资本结构的影响研究则涉及较少。且现有的结果表明，金融发展与公司资本结构呈相关关系，债权人保护与金融发展呈相关关系，但尚无直接证据证明债权人保护与公司资本结构呈相关关系。中国正处于市场化改革的攻坚阶段，随着我国法律制度的不断完善，金融市场化的不断深入，，公司融资方式和融资决策也在发生变化，这些变化将对公司资本结构产生重要影响。因此，本文从制度背景出发，在研究债权人保护对金融发展和金融发展对公司资本结构的影响的基础上，分析债权人保护对金融发展进而公司资本结构的影响。本文首先利用中国30个省、自治区和直辖市1995-2012的省级面板数据对我国各地区债权人保护情况进行测度，结果发现，我国各地区债权人保护综合指数和债权人保护执法水平随时间的推移在不断加强，但同一年度内债权人保护综合指数及其执法水平在不同地区存在较大差异。进一步我们发现，债权人保护综合指数、债权人保护立法和债权人保护执法水平对金融发展具有正向影响。其次，我们采用中国沪深两市1999-2012年A股上市公司的数据就我国债权人保护和金融发展对公司资本结构的影响研究表明，在控制企业内外部因素后，金融发展对公司资本结构具有正向影响。进而我们研究发现，在金融发展较好的地区，债权人保护综合指数及其立法水平对公司资本结构具有负向影响，债权人保护执法水平对公司资本结构具有正向影响。最后，我们根据本文的研究结果，提出一些简单的政策建议。
[Abstract]:On the research of corporate capital structure, academic circles have carried out a lot of fruitful research from macro-micro level. They have carried on the thorough analysis from the macroeconomic factor, the company characteristic factor, the finance factor, the governance factor and so on. In recent years, the academic circles have also begun to analyze the influence of capital structure and the choice of optimal capital structure of listed companies from the aspects of institutional background such as marketization, financial development, product market development and so on. Legal environment, as an important factor influencing capital structure in institutional background, naturally attracts wide attention of scholars at home and abroad. But from the current research results, they mainly from the legal environment or investor protection (mainly based on the rights of shareholders) to analyze the impact of the company's capital structure. However, the research on the impact of the law on creditor protection and on the capital structure of the company is less concerned. The existing results show that financial development and corporate capital structure are correlated, creditor protection and financial development are correlated, but there is no direct evidence to prove that creditor protection and corporate capital structure are correlated. China is in the crucial stage of market-oriented reform. With the continuous improvement of China's legal system and the deepening of financial marketization, corporate financing methods and financing decisions are also changing. These changes will have an important impact on the company's capital structure. Therefore, based on the institutional background, this paper analyzes the impact of creditor protection on financial development and corporate capital structure on the basis of studying the impact of creditor protection on financial development and financial development on corporate capital structure. This paper first uses the provincial panel data of 30 provinces, autonomous regions and municipalities directly under the Central Government to measure the situation of creditor protection in various regions of China. The comprehensive index of creditor protection and the level of enforcement of creditor protection in various regions of China have been strengthened with the passage of time, but the comprehensive index of creditor protection and the level of enforcement of the comprehensive index of creditor protection have great differences in different regions in the same year. Furthermore, we find that the comprehensive index of creditor protection, creditor protection legislation and creditor protection enforcement have a positive impact on financial development. Secondly, using the data of A-share listed companies in China's Shanghai and Shenzhen stock markets from 1999 to 2012, the study on the impact of creditor protection and financial development on the capital structure of the companies shows that, after controlling the internal and external factors of enterprises, Financial development has a positive impact on corporate capital structure. Furthermore, we find that the comprehensive index of creditor protection and its legislative level have a negative impact on the capital structure of the company in the areas where the financial development is better, and the level of creditor protection and enforcement has a positive impact on the capital structure of the company. Finally, according to the research results, we put forward some simple policy recommendations.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832;D922.28

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