中小板上市公司资本结构影响因素实证研究

发布时间：2018-06-16 22:05

本文选题：中小板 + 资本结构　；参考：《东华大学》2014年硕士论文

【摘要】：中小企业对于促进社会稳定,构造市场主体,推动我国国民经济发展发挥着举足轻重的作用。由于中小企业本身规模较小,收益缺乏确定性,加之可用于抵押的资产少,这使得中小企业具有较高的财务风险,从而对于其自身的资本结构造成影响。2004年中小企业板在深圳证券交易所成立,为上市中小企业提供了便利的融资渠道,也为中小企业构建合理的资本结构搭建了平台。本文以中小企业板上市公司为对象,着重研究其资本结构的影响因素,为优化中小板上市公司的资本结构提供参考。文章首先对资本结构理论以及资本结构影响因素理论进行了文献综述,为后文研究其影响因素做了理论铺垫。其次,文章通过分析中小板市场以及中小板上市公司的特点,提出了中小板上市公司资本结构的影响因素。对影响因素的分析主要从行业层面和公司层面入手：在行业层面,分析了资本结构在不同行业间的差异性；在公司层面,着重分析了企业盈利性、规模、成长性、非债务税盾、资产担保价值、产品独特性这六个公司特征变量与公司资本结构之间的关系。再次,运用SPSS统计软件对行业数据进行了描述性的分析、正态分布检验以及非参数检验,对于公司特征因素进行了描述性统计分析和回归分析,得出结论：我国中小企业板上市公司资本结构存在行业间差异；企业规模、成长性和资产担保价值与企业总资产负债率正相关,盈利性、非债务税盾和产品独特性与企业总资产负债率负相关；在资本结构影响因素中,资产担保价值的作用最显著。针对实证研究结果,作了结合中小板上市公司自身特点的解释。最后,总结了文章结论,并结合我国经济的宏观环境,以及上市公司的自身情况,对优化中小板上市公司资本结构提出了相应的政策建议。
[Abstract]:Small and medium-sized enterprises play an important role in promoting social stability, constructing the main body of the market and promoting the development of our national economy. Due to the small size of SMEs themselves, the lack of certainty of income, and the small amount of assets that can be used as collateral, SMEs have higher financial risk. In 2004, the SME Board was established in Shenzhen Stock Exchange, which provided a convenient financing channel for the listed SMEs, and also set up a platform for the SMEs to build a reasonable capital structure. This paper focuses on the influencing factors of the capital structure of the listed companies on the SME board, and provides a reference for the optimization of the capital structure of the listed companies on the SME board. This paper firstly summarizes the theory of capital structure and the theory of influencing factors of capital structure, and makes a theoretical foundation for the later study of the influencing factors. Secondly, by analyzing the characteristics of the small and medium-sized board market and the listed companies, the paper puts forward the influencing factors of the capital structure of the small and medium-sized board listed companies. The analysis of the influencing factors mainly starts from the industry level and the company level: at the industry level, it analyzes the difference of the capital structure in different industries; at the corporate level, it focuses on the analysis of the profitability, scale, growth, non-debt tax shield of the enterprise. The relationship between asset guarantee value, product uniqueness and corporate capital structure. Thirdly, using SPSS statistical software to analyze the industry data descriptive, normal distribution test and non-parametric test, descriptive statistical analysis and regression analysis for the company characteristic factors. The conclusions are as follows: there are industry differences in the capital structure of the listed companies on the SME board in China, and the scale, growth and asset-guaranteed value of the enterprises are positively related to the total asset-liability ratio and profitability. The non-debt tax shield and product uniqueness are negatively correlated with the total asset-liability ratio, and the value of asset-guaranteed value is the most significant among the influencing factors of capital structure. According to the results of empirical research, this paper makes an explanation of the characteristics of small and medium board listed companies. Finally, this paper summarizes the conclusions of the article, and combines the macroeconomic environment of our country, as well as the situation of the listed companies, and puts forward the corresponding policy recommendations to optimize the capital structure of the small and medium-sized board listed companies.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【参考文献】