不完美市场条件下上市公司资本结构的影响因素研究

发布时间：2018-01-24 00:41

本文关键词： 不完美市场上市公司资本结构大股东区域经济政府干预　出处：《浙江师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：作为奠定现代公司金融理论最重要基础的MM资本结构理论,自诞生以来,伴随资本结构研究的不断发展和完善,使公司如何选择资本结构这个问题成为学术界一直讨论的焦点。本文在系统回顾国内外关于资本结构理论、资本结构影响因素的相关研究文献基础上,采用理论与实证相结合的分析方法对基于我国不完美市场条件下的上市公司资本结构展开研究。理论分析方面,本文通过对现有资本结构理论进行梳理和归纳,并基于股权分置改革后上市公司整体发展趋势以及资本结构现状,同时结合我国存在的一些特有的市场摩擦,在上市公司资本结构影响因素模型的构建中不仅考虑到公司规模、盈利能力、成长性、资产有形性、产品要素竞争能力、税收、通货膨胀、经济等因素,而且重点对一大股东高度持股、区域经济不平衡、政府干预三方面不完美条件深度剖析,尽可能全面反映中国市场所面对的不完美情况。通过理论分析发现：对于资本结构的研究,我国借鉴国外发达国家的研究成果,虽然考虑到我国“一股独大”的特有国情,但是制度背景的不同所带来的我国与其他国家的差异不仅仅体现在控股股东上,还有区域问题和政企关系等问题。更何况如今控股股东对上市公司的掏空行为与股权分置改革前相比已经改变,虽然2005年的股权分置改革旨在从宏微观方面全面改善中国的资本市场,但是股改后的新型隐蔽式掏空行为逐渐凸显和严重,其对上市公司投融资决策等方面的影响也不容忽视。实证研究方面,本文采用资产负债率作为被解释变量来表示上市公司资本结构,并选取2005-2012年共8年被出具标准无保留意见的我国972家上市公司的面板数据,构建影响上市公司资本结构选择的因素模型。但是有别于以往研究的是,在引入区域经济差异指标和政府市场化指数的同时,对总样本按照股权集中度、区域经济、政府干预强度进行分组对比进行描述性统计和回归分析。研究发现：1.股权集中程度不同,上市公司资本结构的选择也不同而且差异显著：相对分散的股权对上市公司资本结构的选择具有正向的积极作用；而股权一旦集中达到控制,则对上市公司资本结构的选择的影响会发生质的变化,导致显著负相关,但是并非随着控制程度的提高而增强。2.区域经济发展的不平衡对上市公司资本结构选择的影响存在差异且部分显著；3.政府干预对上市公司资本结构的选择具有显著的正相关,而且不同干预强度下的影响方向一致。
[Abstract]:As the most important foundation of modern corporate finance theory, MM capital structure theory has been developed and perfected with the development of capital structure research since its birth. How to choose the capital structure of the company has been the focus of the academic community. This paper systematically reviews the theory of capital structure at home and abroad, capital structure influencing factors on the basis of relevant research literature. This paper studies the capital structure of listed companies based on the imperfect market conditions in China. On the theoretical analysis, this paper combs and summarizes the existing capital structure theory, and based on the overall development trend and capital structure of listed companies after the split share structure reform. At the same time, combined with some unique market frictions in China, not only consider the size of the company, profitability, growth, asset tangibility in the construction of the capital structure factors model of listed companies. The competitiveness of product elements, tax, inflation, economy and other factors, and the focus on a large shareholder high shareholding, regional economic imbalance, government intervention in three aspects of imperfect conditions in-depth analysis. Through theoretical analysis, we find that we can learn from the research results of foreign developed countries for the study of capital structure. Although taking into account the unique national conditions of China, the differences between China and other countries caused by different institutional backgrounds are not only reflected in the controlling shareholders. There are also regional issues and issues such as the relationship between government and enterprises. Moreover, the hollowing behavior of controlling shareholders on listed companies has changed compared with the pre-reform of split share structure. Although the reform of split share structure in 2005 aims to improve China's capital market in macro and micro aspects, the new hidden tunneling behavior after stock reform has become increasingly prominent and serious. Its influence on the investment and financing decisions of listed companies can not be ignored. In the empirical research, this paper uses the asset-liability ratio as the explanatory variable to represent the capital structure of listed companies. The panel data of 972 listed companies in China from 2005 to 2012 were selected. This paper constructs a model of factors that influence the choice of capital structure of listed companies. But what is different from previous studies is the introduction of regional economic difference index and government marketization index, while the total sample is based on the degree of equity concentration. Regional economy, the intensity of government intervention is compared with descriptive statistics and regression analysis. The study found that the degree of ownership concentration is different. The choice of capital structure of listed companies is also different and the differences are significant: the relatively dispersed equity has a positive effect on the choice of capital structure of listed companies; Once the equity control is centralized, the impact on the choice of capital structure of listed companies will change qualitatively, leading to a significant negative correlation. However, the influence of the imbalance of regional economic development on the choice of capital structure of listed companies is different and partly significant. 3. Government intervention has significant positive correlation to the choice of capital structure of listed companies, and the influence direction of different intervention intensity is the same.
【学位授予单位】：浙江师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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