控股股东对上市公司融资偏好影响的实证研究
发布时间：2018-10-18 19:54
【摘要】：随着中国资本市场的成熟发展，上市公司因融资偏好导致的问题日益凸显，国内外学者从不同的角度，分析了上市公司融资偏好的影响因素和形成动机。但是大部分研究都是以股权结构入手，基于控股股东特征的视角实证研究还比较少。 本文选取控股股东的股权结构、控股股东对管理层的激励程度和控股股东特征作为切入点，研究控股股东对公司融资偏好的影响。本文首先对以往关于公司融资偏好的研究文献进行了梳理，归纳了国内外关于公司融资偏好的影响因素；接着对上市公司的融资偏好、控股股东等相关概念做了界定，并提出了上市公司融资偏好的理论基础；然后根据本文的立足点，从不同维度建立了三个回归模型，选取八个变量，利用描述性统计分析、相关性分析和OLS回归分析的方法对2010-2012年的研究对象进行了实证分析；根据实证分析结果，，得出了本文的研究结论：控股股东的股权集中度、控股股东对管理层的激励程度以及控股股东的两权分离度分别与上市公司的股权融资偏好成显著正相关关系，而国有型控股股东与上市公司的股权融资偏好成显著正相关关系，非国有控股股东的两权分离度与债权融资偏好成显著正相关关系；最后对全文进行了归纳总结，并提出了有效的政策建议。 基于此，本文的研究成果将有助于我国制造业上市公司优化资本结构、完善公司治理，最终提升企业综合价值。
[Abstract]:With the mature development of Chinese capital market, the problems caused by financing preference of listed companies have become increasingly prominent. From different angles, scholars at home and abroad have analyzed the influencing factors and forming motives of financing preferences of listed companies. However, most of the research is based on equity structure, based on the characteristics of controlling shareholders perspective empirical research is relatively small. This paper selects the ownership structure of the controlling shareholder, the incentive degree of the controlling shareholder to the management and the characteristics of the controlling shareholder as the starting point to study the influence of the controlling shareholder on the financing preference of the company. This paper firstly combs the previous research literature on corporate financing preference, summarizes the influencing factors of corporate financing preference at home and abroad, and then defines the related concepts of listed companies' financing preference, controlling shareholders and so on. Then according to the standpoint of this paper, three regression models are established from different dimensions, eight variables are selected, and the descriptive statistical analysis is used. Correlation analysis and OLS regression analysis are used to analyze the object of study from 2010 to 2012. According to the results of empirical analysis, the conclusion of this paper is as follows: ownership concentration of controlling shareholder. The incentive degree of the controlling shareholder to the management and the degree of separation of the two rights of the controlling shareholder have significant positive correlation with the equity financing preference of the listed company, while the state-owned controlling shareholder has a significant positive correlation with the equity financing preference of the listed company. There is a significant positive correlation between the degree of separation of the two rights of non-state-owned controlling shareholders and the preference of creditor's rights financing. Finally, the paper summarizes the full text and puts forward effective policy recommendations. Based on this, the research results of this paper will be helpful to optimize the capital structure, perfect corporate governance and enhance the comprehensive value of Chinese manufacturing listed companies.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
本文编号：2280198
[Abstract]:With the mature development of Chinese capital market, the problems caused by financing preference of listed companies have become increasingly prominent. From different angles, scholars at home and abroad have analyzed the influencing factors and forming motives of financing preferences of listed companies. However, most of the research is based on equity structure, based on the characteristics of controlling shareholders perspective empirical research is relatively small. This paper selects the ownership structure of the controlling shareholder, the incentive degree of the controlling shareholder to the management and the characteristics of the controlling shareholder as the starting point to study the influence of the controlling shareholder on the financing preference of the company. This paper firstly combs the previous research literature on corporate financing preference, summarizes the influencing factors of corporate financing preference at home and abroad, and then defines the related concepts of listed companies' financing preference, controlling shareholders and so on. Then according to the standpoint of this paper, three regression models are established from different dimensions, eight variables are selected, and the descriptive statistical analysis is used. Correlation analysis and OLS regression analysis are used to analyze the object of study from 2010 to 2012. According to the results of empirical analysis, the conclusion of this paper is as follows: ownership concentration of controlling shareholder. The incentive degree of the controlling shareholder to the management and the degree of separation of the two rights of the controlling shareholder have significant positive correlation with the equity financing preference of the listed company, while the state-owned controlling shareholder has a significant positive correlation with the equity financing preference of the listed company. There is a significant positive correlation between the degree of separation of the two rights of non-state-owned controlling shareholders and the preference of creditor's rights financing. Finally, the paper summarizes the full text and puts forward effective policy recommendations. Based on this, the research results of this paper will be helpful to optimize the capital structure, perfect corporate governance and enhance the comprehensive value of Chinese manufacturing listed companies.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275
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