国有控股上市公司资本结构优化研究

发布时间：2018-04-25 07:04

本文选题：国有控股上市公司 + 资本结构　；参考：《河北经贸大学》2017年硕士论文

【摘要】：企业不同的资本结构往往会形成不同的治理结构,并带来不同的治理效果。国有控股上市公司因控股股东的政府属性或政府背景,形成了公司特有的股权结构、资本结构,成为影响公司治理结构和治理水平的重要因素。长期以来,国有控股企业绩效不佳,与国有控股企业特殊的股权结构、资本结构有着密切的因果关系。结合国有控股企业的特殊股权结构背景,研究国有控股企业的资本结构特点、影响因素,探讨资本结构改进的方法与条件,对改善国有控股公司的治理水平和经营业绩非常重要。本文利用41家国有控股上市企业2007-2015年间的财务指标,以资产负债率作为被解释变量,以国有股持股比例、盈利能力等因素作为解释变量。利用面板数据对资本结构的影响因素进行静态检验,接着采用广义距估计方法(GMM方法)对资本结构进行动态研究。研究发现,国有股持股比例和资本结构显著负相关,即国有股比例越高,企业负债水平越低;其他解释变量与资产负债率的关系是:盈利能力、流动性、非债务税盾与资产负债率显著负相关;相反,资产有形性、公司规模与资产负债率表现出显著正相关。论文由五部分组成。(1)引言。主要介绍了本文研究背景、意义、核心概念以及国内外对资本结构的研究综述。简要梳理了本文的研究方法、框架结构以及创新点。(2)资本结构相关理论概述。包括MM理论、权衡理论、代理成本理论、控制权理论等。(3)描述性统计分析。以样本公司的财务数据为依据,对国有控股上市公司的融资渠道、融资结构现状进行了统计分析,指出了国有控股企业资本结构存在的问题并对存在的问题进行了分析。(4)实证检验。以41家国国有控股上市公司的相关数据当作样本,从静态和动态两个方面来进行建模分析。和静态固定效应模型进行对比,动态模型的大部分参数估计值都和预期相吻合,并且具有较高的显著性水平。(5)结论与建议。对国有控股上市公司资本结构整体情况及影响因素进行归纳,并就如何完善资本结构提出了建议。
[Abstract]:Different capital structures often form different governance structures and bring different governance effects. State-owned holding listed companies have formed the company's unique ownership structure because of the government property or government background of controlling shareholders. The capital structure has become an important factor affecting the corporate governance structure and governance level. For a long time, state control has been controlled by state control. It has a close causal relationship with the special ownership structure and capital structure of the state-owned holding enterprises. Combining the special ownership structure background of the state-owned holding enterprises, this paper studies the characteristics of the capital structure of the state-owned holding enterprises and the influencing factors, and probes into the methods and conditions for the improvement of the capital structure, so as to improve the governing water of the state holding companies. In this paper, we use the financial indicators of the holding listed companies in 41 countries for 2007-2015 years, taking the asset liability ratio as the explanatory variable, taking the proportion of the state-owned shares and profitability as explanatory variables. The static test of the factors of the capital structure by the panel data is used, and then the generalized distance estimation is adopted. The study found that the share ratio of the state-owned shares and the capital structure are negatively related, that is, the higher the proportion of the state-owned shares, the lower the level of the debt, the relationship between the other explanatory variables and the asset liability ratio is that the profitability, liquidity, the non debt tax shield and the assets and liabilities rates are negatively correlated; on the contrary, the relationship between the GMM and the asset liability ratio is negatively related to the asset and liability ratio. There is a significant positive correlation between the size of the company and the ratio of assets and liabilities. The thesis is composed of five parts. (1) introduction. It mainly introduces the background, significance, core concept and the research summary of capital structure at home and abroad. It briefly combs the research method, frame structure and innovation point of this paper. (2) the related theory of capital structure. It includes MM theory, trade-off theory, agency cost theory, control right theory and so on. (3) descriptive statistical analysis. Based on the financial data of Sample Firms, this paper makes a statistical analysis on the financing channels of state-owned listed companies and the present situation of financing structure, points out the existing problems of capital structure of state-owned stock control enterprises and advances the existing problems. Analysis. (4) empirical test. Taking the related data of 41 state owned listed companies as samples, modeling analysis from two aspects of static and dynamic. Compared with static fixed effect model, most of the parameters of the dynamic model are consistent with expectations, and have higher significant level. (5) conclusion and construction. The overall situation and influencing factors of capital structure of state holding listed companies are summarized, and suggestions on how to improve the capital structure are put forward.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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