行业因素对上市公司融资偏好影响分析

发布时间：2018-01-04 10:20

本文关键词：行业因素对上市公司融资偏好影响分析　出处：《内蒙古大学》2017年硕士论文　论文类型：学位论文

【摘要】：资本结构理论是金融理论研究的重要内容,关于是否存在最优资本结构、公司如何选择资本结构的问题,一直是学术界研究的热点。继Myers和Majluf提出优序融资理论之后,国内外学者基于该理论进行了大量的实证检验,也有很多学者探究影响企业融资偏好的因素,并进行了大量的实证研究。已有的实证研究表明企业的资本结构受多种微观因素的影响,同时也受到行业因素和宏观因素的影响,但关于行业因素对上市公司融资偏好影响的研究尚存在空缺。本文结合近几年来我国资本市场的发展,采用实证分析的方法,利用Ordered-Probit模型对我国不同行业上市公司的融资偏好进行检验,比较不同行业上市公司融资顺序的差异,并分析影响不同行业上市公司融资行为的主要因素,探究在行业因素的影响下,企业选择融资顺序并形成相应资本结构的动因。实证结果表明行业因素会对上市公司的融资偏好产生显著影响,不同行业上市公司具有不同的融资顺序,行业因素既与微观影响因素同时直接影响上市公司的融资偏好与融资顺序,又通过对微观影响因素产生影响进而作用于上市公司融资方式的选择。最后,本文针对该结论提出了几点对策与建议。
[Abstract]:Capital structure theory is an important content of financial theory, the existence of the optimal capital structure of company, how to choose the capital structure problem, has been a hot topic in academic circles. After Myers and Majluf put forward the pecking order theory, based on the theory of domestic and foreign scholars carried out a large number of empirical tests, there are also many scholars to explore the impact of financing preference, and a lot of empirical research. The empirical research shows that the capital structure is affected by many factors, but also by industry factors and macroeconomic factors, but the research on the impact of industry factors on the financing preference of listed companies are still vacant. Combining with the development of our country the capital market in recent years, using the method of empirical analysis, to examine the different sectors of China's financing preference of listed companies than by using the Ordered-Probit model. The difference is the financing order of Listed Companies in different industries, the main factors and influence analysis of financing behavior of Listed Companies in different industries, explore the impact of industry factors, enterprises choose the financing order and cause of formation of the corresponding capital structure. The empirical results show that the industry factor will have a significant impact on the financing preference of listed companies, listed companies in different industries with the financing order of different industries, and micro factors and factors which directly affect the financing preference of listed companies and financing order, and through the impact on the micro factors and choice on financing way of listed companies. Finally, according to the conclusion and puts forward some countermeasures and suggestions.

【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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