山东省上市公司资本结构与代理成本关系的实证研究

发布时间：2018-06-02 03:52

本文选题：资本结构 + 代理成本　；参考：《青岛大学》2017年硕士论文

【摘要】：代理成本与资本结构一直是财务管理和公司治理理论界非常关注的热点问题。山东省上市公司普遍存在着股权融资比例较低、融资渠道单一、代理成本偏高的现象,本文试图从优化资本结构的角度来分析,从而为降低代理成本提供一些建议。从理论上分析,代理成本的高低与资本结构是有关系的,并且公司存在最优的资本结构使得代理成本达到最低,此时股权边际代理成本等于债权边际代理成本的绝对值。在实证研究部分,文章选取2011-2015年A股山东省上市公司为样本,以资产负债率为解释变量表示资本结构,管理费用率和总资产周转率为被解释变量表示代理成本,运用spss软件对代理成本与资本结构之间的关系进行实证研究,结果表明代理成本与资本结构之间并不是简单的线性关系,而是二次曲线关系。文章通过在管理费用率-资产负债率、总资产周转率-资产负债率之间建立二次模型,并对公司规模、成长能力、股权集中度、管理层持股比例等变量进行控制,得出以下结论:从代理成本的角度来考虑,最优资本结构是存在的,最优资本结构是由股权代理成本和债权代理成本之间的平衡关系决定的。当资产负债率处于较低的水平时,管理费用率与资产负债率呈现负相关关系,总资产周转率与资产负债率呈现正相关关系。当资产负债率处于较高的水平时,管理费用率与资产负债率呈现正相关关系,总资产周转率与资产负债率呈现负相关关系。样本公司在以管理费用率和总资产周转率作为代理成本时,其最优的资本结构分别为40.42%,54.31%。本文从代理成本的视角来研究公司的资本结构,希望通过调整融资方式以及他们之间的关系来达到降低代理成本的目的。
[Abstract]:Agency cost and capital structure have always been a hot issue in the theory of financial management and corporate governance. Listed companies in Shandong Province generally have the phenomenon of low proportion of equity financing, single financing channel and high agency cost. This paper tries to analyze from the angle of optimizing capital structure, thus providing some suggestions for reducing agency cost. Theoretically, the agency cost is related to the capital structure, and the optimal capital structure makes the agency cost lowest. At this point, the equity marginal agency cost is equal to the absolute value of the debt marginal agency cost. In the empirical research part, the paper selects the A shares listed companies in Shandong Province from 2011 to 2015 as the sample, takes the asset-liability ratio as the explanatory variable to represent the capital structure, and takes the overhead rate and the total asset turnover rate as the explained variables to represent the agency cost. The relationship between agency cost and capital structure is studied by using spss software. The results show that the relationship between agency cost and capital structure is not a simple linear relationship, but a quadratic curve relationship. In this paper, a quadratic model is established between overhead ratio, asset-liability ratio, total asset turnover ratio and asset-liability ratio, and variables such as company size, growth ability, ownership concentration, management shareholding ratio and so on are controlled. The following conclusions are drawn: from the perspective of agency cost, the optimal capital structure exists, and the optimal capital structure is determined by the balance between equity agency cost and debt agency cost. When the asset-liability ratio is at a low level, there is a negative correlation between the management expense ratio and the asset-liability ratio, and a positive correlation between the total asset turnover ratio and the asset-liability ratio. When the ratio of assets to liabilities is at a higher level, there is a positive correlation between the ratio of administrative expenses and the ratio of assets and liabilities, and a negative correlation between the total asset turnover and the ratio of assets and liabilities. When the cost of management and turnover of total assets are taken as agency cost, the optimal capital structure of the sample company is 40.42 and 54.31 respectively. This paper studies the capital structure of the company from the perspective of agency cost, hoping to reduce the agency cost by adjusting the financing method and the relationship between them.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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