建筑行业上市公司资本结构影响因素研究

发布时间：2018-05-24 11:30

本文选题：建筑行业上市公司 + 资本结构　；参考：《东北财经大学》2016年硕士论文

【摘要】：建筑行业作为国民经济的三大支柱产业之一,对整个社会经济的发展、人民生活水平的提高起着非比寻常的作用。近年来,建筑企业的施工模式逐渐多样化,企业经营战略的制定也需要企业的资金实力越来越雄厚、融资方式越来越灵活。资金对一个企业的生存和发展至关重要,然而,从建筑行业发展的现状来看,资金短缺一直制约着建筑企业的发展,建筑企业毛利率并不高,其面临的风险不容小视。从本次研究的数据来看,我国建筑行业属高负债行业,平均资产负债率达70%以上;资本结构相关研究表明,不同的行业资本结构也不同,且每个行业都存在一个理论上的最佳资本结构,使建筑行业上市公司综合绩效最大化的资产负债率为66.73%,高负债必然带来高风险。概括来说,我国建筑企业的资本结构不合理,债务资本所占过大份额加大了破产风险,这又导致融资进一步变难,因此建筑企业的资本结构现状不容乐观。以往研究表明,国内外对建筑企业资本结构影响因素已有一定理论成果,但目前的分歧还很大,研究思路和方式也存在一定的局限性。基于此,本文拟通过定性、定量等研究方法对其加以分析。本文以我国建筑行业的上市公司为研究对象,理论分析影响其资本结构的宏、微观两个层面的因素。本文研究内容与结论:首先,系统梳理了西方经典的资本结构理论,并对其在我国建筑行业资本结构中的适用性做了简要分析。其次,界定本文的建筑行业上市公司的范围,在对中国建筑行业上市公司的发展现况简要分析的前提下,对其资本结构从年份、层次、内部构成三个方面进行了现状统计分析。再次,结合相关理论研究成果,认为中国建筑行业上市公司资本结构现状主要是经济发展水平、通货膨胀、企业规模、盈利能力、经营能力、成长能力、偿债能力、实际税率、非债务税盾、抵押价值、股权集中度、管理股比例、经营风险和财务风险等14个因素综合影响的结果,并选择沪深A股中均属于建筑行业的上市公司从2011到2015年的财务指标数据,实证了各个宏观、微观因素是如何影响中国建筑行业上市公司的资本结构;模型实证表明,宏观经济因素的影响并不显著;企业微观因素对资本结构的影响显著,与资本结构间存在明显的相关关系,其中成长能力、偿债能力、管理股比例这三个变量的显著相关程度非常高,说明它们是影响我国建筑行业上市公司资本结构的主要因素。最后,根据实证分析得到的结论依次从宏观层面和企业自身微观层面提出了几点优化建议,同时为后续在该方面的相关研究提出一些展望。本文的创新点主要在于通过整合2011-2015年的建筑行业上市公司的数据,运用因子分析和多元回归等多种方法实证,从宏观和微观两个角度对各种可能的要素进行了分析,使研究角度更全面、更真实地反映事实情况。同时,本文也可能存在对资本结构影响因素的理论梳理不太全面、变量的选择和设计上不完善等不足,建议后续研究可以从时间序列入手,动态研究各影响因素。
[Abstract]:As one of the three pillar industries of the national economy, the construction industry plays an extraordinary role in the development of the whole social economy and the improvement of the living standard of the people. In recent years, the construction mode of the construction enterprises has been gradually diversified. The formulation of enterprise management strategy also needs more and more strong capital and more flexible financing methods. Capital is very important to the survival and development of an enterprise. However, from the current situation of the development of the construction industry, the shortage of funds has been restricting the development of the construction enterprises. The gross interest rate of the construction enterprises is not high, and the risks they face can not be ignored. From the data of this study, China's construction industry is a highly indebted industry and the average asset liability rate is reached. More than 70%, the capital structure related research shows that the capital structure of different industries is different, and each industry has a theoretical best capital structure, which makes the asset liability ratio of the comprehensive performance of the listed companies of the construction industry is 66.73%, and the high debt inevitably brings high risk. In general, the capital structure of the construction enterprises in China is not compatible. The large share of debt capital increases the risk of bankruptcy, which leads to further difficulty in financing. Therefore, the capital structure of construction enterprises is not optimistic. Previous studies have shown that there have been some theoretical results on the factors affecting the capital structure of construction enterprises at home and abroad, but the current differences are still very large, and the research ideas and methods are also certain. Based on this, this paper intends to analyze it by means of qualitative and quantitative research methods. This paper, taking the listed companies in the construction industry of our country as the research object, analyzes the macro and microcosmic factors that affect its capital structure in two aspects. The contents and conclusions are studied in this paper. First, the classical western capital structure theory is systematically combed, and the theory of capital structure is systematically combed. This paper makes a brief analysis of its applicability in the capital structure of the construction industry in China. Secondly, it defines the scope of the listed companies in the construction industry. On the premise of a brief analysis of the current situation of the development of the listed companies in China's construction industry, this paper makes a statistical analysis of its capital structure from three aspects: the year, the level and the inner part. According to the relevant theoretical research results, it is believed that the capital structure of the listed companies in China's construction industry is mainly the level of economic development, inflation, enterprise scale, profitability, business capacity, growth capacity, debt paying ability, actual tax rate, non debt tax shield, mortgage value, equity concentration, management share ratio, management risk and financial risk, and so on 14 The results of the comprehensive influence, and the financial index data of the listed companies of the Shanghai and Shenzhen A shares which belong to the construction industry from 2011 to 2015, demonstrate how the macro and micro factors affect the capital structure of the listed companies in China's construction industry; the model shows that the impact of macro economic factors is not significant; the micro cause of the enterprise is the micro cause. There is a significant correlation between the capital structure and the capital structure. The significant correlation between the three variables, such as growth ability, debt paying ability and the proportion of management shares, is very high, indicating that they are the main factors affecting the capital structure of the listed companies in China's construction industry. Finally, the conclusions are in turn according to the empirical analysis. Several optimization suggestions are put forward from the macro level and the micro level of the enterprise. At the same time, some prospects are put forward for the follow-up research in this area. The innovation of this paper is mainly through the integration of 2011-2015 years' data of the listed companies in the construction industry, using factor analysis and multiple regression methods, from the macro and micro two. At the same time, we can analyze various possible elements to make the research angle more comprehensive and more truthfully reflect the facts. At the same time, this paper may also have some deficiencies in the theory of the factors affecting the capital structure, the selection of variables and the imperfect design. Sound factors.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F406.7;F426.92

【参考文献】