CFO影响力与资本结构动态调整的关系研究

发布时间：2018-03-26 06:07

本文选题：CFO影响力　切入点：资本结构动态调整　出处：《安徽大学》2017年硕士论文

【摘要】：早期学者们对于资本结构的研究主要基于静态资本结构理论,直到上个世纪80年代Jalivand和Harris的研究开启了资本结构动态调整的新篇章。随后,基于动态调整的资本结构优化问题便成为国内外学者的研究热点。现有研究表明,随着内外部环境的不断变化,公司不可避免的会偏离其目标资本结构,为了适应企业发展的需要和提升公司价值,决策者必然会对资本结构进行调整使其尽可能地接近目标水平。但是,资本结构动态调整并不是企业负债与权益资本比例的简单调节,其调整速度和优化行为会受到内外部环境变化的影响而处于不断地动态调整当中。当前国内外学者主要从企业特征、行业性质和宏观环境层面研究资本结构调整的影响因素,产生了丰硕的学术成果。然而,这些研究都把管理者视为同质,忽视了管理者异质性对资本结构动态调整的影响。而作为公司财务管理和决策过程中核心人物的CFO,优化资本结构,提升公司价值无疑是其工作的重要内容。在企业不断发展的过程当中,面对纷繁复杂的融资决策环境,CFO的影响力是否会对资本结构产生影响呢?本文基于高层梯队理论、动态权衡理论、委托代理理论和人力资本理论,试图探索CFO影响力与公司资本结构决策之间的关系,并进一步探讨大股东持股情况是否会影响CFO的决策行为。本文共分五个部分进行研究论述。第一部分为绪论,主要阐述了本文的研究背景及意义,梳理了国内外相关研究现状,介绍本文的研究思路、方法及创新点。第二部分为相关概念界定与理论基础,在这一部分中对CFO影响力、资本结构动态调整等基本概念做出明确界定并介绍本文研究所基于的理论基础,包括高层梯队理论、动态权衡理论、委托代理理论和人力资本理论。第三部分为理论分析与研究假设,本部分梳理了我国CFO制度的历史沿革,对我国上市公司资本结构现状进行分析,深入剖析了 CFO影响力与资本结构动态调整的作用机理,并在此基础上提出本文的研究假设。第四部分为实证研究,以2011-2015年我国沪深两市A股上市公司为研究样本,设计变量指标,创建回归模型,通过对选取变量进行描述性统计、相关性分析以及多元回归分析来验证提出的研究假设,并进一步检验股权结构对CFO优化资本决策的影响。第五部分为研究结论与政策建议,本文研究结果表明:(1)作为公司最高财务负责人的CFO,其较强的影响力会对资本结构决策产生重要且正面的影响。(2)CFO在组织、专业、和声誉三个层面上拥有较强的影响力均有利于加快资本结构动态调整的速度、降低资本结构偏离目标结构的程度,CFO的所有权影响力与资本结构决策之间没有显著的相关性。(3)只有当不存在绝对控股股东时,CFO的影响力才会对资本结构决策产生显著影响。这表明CFO的影响力对资本结构的优化是有一定条件的。
[Abstract]:The study of capital structure by early scholars was mainly based on static capital structure theory, until the study of Jalivand and Harris in 1980s opened a new chapter in the dynamic adjustment of capital structure. The problem of capital structure optimization based on dynamic adjustment has become a hot topic for scholars at home and abroad. Existing studies show that with the constant changes of internal and external environment, companies will inevitably deviate from their target capital structure. In order to meet the needs of enterprise development and enhance the value of the company, the decision makers will inevitably adjust the capital structure so that it is as close to the target level as possible. The dynamic adjustment of capital structure is not a simple adjustment of the ratio of enterprise debt to equity capital. The adjustment speed and optimization behavior will be affected by the change of internal and external environment, and they will be in the process of dynamic adjustment. At present, scholars at home and abroad are mainly studying the influencing factors of capital structure adjustment from the aspects of enterprise characteristics, industry nature and macro environment. It has produced fruitful academic results. However, these studies all regard managers as homogenous. The influence of the heterogeneity of managers on the dynamic adjustment of capital structure is ignored, and CFO, as the key person in the process of financial management and decision-making, is used to optimize the capital structure. The promotion of corporate value is undoubtedly an important part of its work. In the process of continuous development of enterprises, will the influence of CFO influence on capital structure in the face of complex financing decision-making environment? Based on high-level echelon theory, dynamic tradeoff theory, principal-agent theory and human capital theory, this paper attempts to explore the relationship between CFO influence and corporate capital structure decision. This paper is divided into five parts to discuss. The first part is the introduction, mainly expounds the research background and significance of this paper, combs the domestic and foreign related research status. This paper introduces the research ideas, methods and innovations. The second part is related to the definition of concepts and theoretical basis, in this part of the influence on CFO, The basic concepts such as the dynamic adjustment of capital structure are clearly defined and the theoretical basis of this paper is introduced, including high-level echelon theory, dynamic tradeoff theory, dynamic tradeoff theory and so on. The third part is the theoretical analysis and research hypotheses, this part combs the history of the CFO system of our country, analyzes the present situation of the capital structure of the listed companies in our country. This paper deeply analyzes the mechanism of the dynamic adjustment of CFO influence and capital structure, and puts forward the research hypotheses of this paper. The fourth part is an empirical study, taking the A-share listed companies of Shanghai and Shenzhen stock markets in China from 2011-2015 as the research sample. Design variable index, build regression model, verify the research hypothesis by descriptive statistics, correlation analysis and multiple regression analysis. The fifth part is the conclusion of the research and policy recommendations. The results of this study show that the CFO, as the top financial officer of the company, has a strong influence on the capital structure decision. Having strong influence on the three levels of reputation and reputation is conducive to speeding up the dynamic adjustment of the capital structure. Reducing the degree of capital structure deviation from the target structure: there is no significant correlation between the ownership influence of CFO and the capital structure decision.) only when there is no absolute controlling shareholder can the influence of CFO produce on the capital structure decision. This indicates that the influence of CFO has certain conditions for the optimization of capital structure.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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