地理距离对上市公司财务杠杆调整偏好的影响研究

发布时间：2018-05-16 09:31

本文选题：地理距离 + 市场择机理论　；参考：《上海师范大学》2017年硕士论文

【摘要】：随着我国资本市场的建设逐步趋于完善,A股市场上,上市公司数量的增多,权益证券和固定收益证券发行规模逐步扩大,金融市场活跃度达到空前的繁荣。在这种背景之下,研究空间成本对上市公司杠杆的择机调整行为的影响,无论是对上市公司的融资决策还是对资本市场的建设都具有重要意义。我们选定地理距离作为空间成本代理变量。而企业的地理位置具有不可改变的特性,因此企业在择机调整杠杆率时只能通过改变原有的行为偏好去降低这种固有禀赋导致的融资成本的上升。针对该课题,本文首先对相关理论及实证研究成果进行了梳理和分析,然后对地理距离在企业杠杆率择机调整行为中的影响进行比较分析,并进一步设定logistic模型进行相关的实证研究分析。本文采用1606只A股非ST股票上市公司从2009年第1季度至2015年第4季度的共5万条的大样本数据,检验上市公司距离金融中心的距离与其择机调整杠杆行为之间的关系。通过若干组对比分析,我们发现:上市公司距离金融中心的远近能够影响其杠杆调整偏好的选择,并且随着地理距离的增大,企业越来越倾向于采用扩张型财务调整行为。但相对于发行股票融资,地理距离更加鼓励企业通过发行债券进行扩张或融资。进一步地,当企业杠杆率偏高时,地理距离变量在企业择机调整杠杆率的模型中不再显著;当企业杠杆偏低时,地理距离鼓励企业通过债券发行行为调整杠杆率。最后,我们还发现,距离金融中心较远的上市企业调整财务杠杆时存在着“调整粘性”,即会在市场向好时充分利用市场时机调高其自身杠杆率;而在市场衰退时,如果没有更好的选择,企业更愿意维持现状。
[Abstract]:With the development of capital market in China, the number of listed companies increases, the issuance scale of equity securities and fixed income securities expands gradually, and the activity of financial market reaches unprecedented prosperity. Under this background, it is of great significance to study the influence of space cost on the timing adjustment of leverage of listed companies, not only to the financing decision of listed companies but also to the construction of capital market. We select geographical distance as the spatial cost agent variable. The geographical location of the enterprise has the characteristics of immutability, so the enterprise can only change the original behavior preference to reduce the increase of the financing cost caused by the inherent endowment when it chooses to adjust the leverage ratio. In view of this topic, this paper firstly combs and analyzes the related theories and empirical research results, and then compares and analyzes the influence of geographical distance in the enterprise leverage ratio adjustment behavior. And further set up the logistic model to carry on the relevant empirical research analysis. Based on the large sample data of 1606 A-share non-ST listed companies from the first quarter of 2009 to the fourth quarter of 2015, this paper examines the relationship between the distance between the listed companies' distance from the financial center and their opportunistic adjustment of leverage. Through several comparative analyses, we find that the distance of listed companies from financial center can influence their choice of leverage adjustment preference, and with the increase of geographical distance, enterprises tend to adopt expansionary financial adjustment behavior. But geographical distance encourages companies to expand or raise money by issuing bonds rather than issuing equity financing. Further, when the corporate leverage ratio is high, the geographic distance variable is no longer significant in the model of the enterprise choosing to adjust the leverage ratio; when the corporate leverage is low, geographical distance encourages the enterprise to adjust the leverage ratio through the bond issuance behavior. Finally, we also find that listed companies farther away from the financial center have "adjustment stickiness" in adjusting their financial leverage, that is, they will make full use of the market to increase their leverage ratio when the market is good, and when the market is in recession, If there is no better choice, companies are more willing to maintain the status quo.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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