中国机场上市公司资本结构对融资效率的影响研究

发布时间：2018-05-06 13:03

本文选题：上市机场 + 股权融资　；参考：《复旦大学》2012年硕士论文

【摘要】：机场作为公共基础设施,在世界许多国家由政府管理,机场投资所需要的资本来源的相当部分,要依靠财政拨款和银行借贷。但与此同时,机场作为资本密集型行业,如果纯粹依靠国家财政拨款,不仅会成为国家财政的一大负担,而且也会使机场的健康发展受制于资金约束。因此,机场的融资渠道应该是多元的。从目前的情况来看,我国的融资模式主要包括：国家预算投资、外商直接投资、国际金融组织和外国政府贷款、证券融资等。机场上市公司作为机场行业的重要融资平台,不仅有利于融资渠道的多元化,而且也有利于通过机场资本结构的改变,改善资金使用效率。截止2010年,我国共有机场157个,其中一共只有六家机场上市公司,而且两家还在香港上市,但却是我国为数不多的几家盈利的机场公司。为什么在许多机场亏损运营的情况下,这些机场上市公司能够保持盈利?除受机场的区位影响外,是否与机场上市公司的资本结构有关?股权融资和债权融资在机场融资结构中对机场资金运用效率分别起到了什么样的作用?本文运用资本结构理论,利用在深、沪两市上市的4家机场公司的财务数据,主要考察了以下几个问题：第一,在对相关融资理论和资本结构理论进行综述的基础上,围绕机场融资,对国内外相关的研究现状进行了分析。第二,通过理论与数据的结合,从资本融资结构的角度,分析影响中国机场上市公司融资效率的因素,以便为论文的建模和实证分析作铺垫。第三,选取衡量股权融资、债权融资和公司价值的相关变量,构建单方程回归模型,利用4家机场上市公司的财务数据,对回归模型进行实证检验,从实证的角度考察债权融资和股权融资对机场上市公司融资效率和盈利能力的影响。第四,根据对机场上市公司融资效率的分析结果,针对目前机场融资效率中存在的不足和问题,提出相应的建议。本文认为,股权融资和债权融资对融资效率均有影响,但从债权融资和股权融资对融资影响的效果比较来看,债权融资相对股权融资更有利于制约经理人的自利行为,降低代理成本,提高融资效率。但由于股权融资改变了资2结构,有利于公司的长远的利益,因而能促使机场公司整体融资效率的提升。但与此同时,由于目前中国机场上市公司中国有股“一股独大”的现象非常严重,而流通股股东则显得相对分散,从而在一定程度上弱化了对大股东资金使用的监督,引发国家控股股东随意支配投资,影响融资效率的提升。
[Abstract]:As a public infrastructure, airports are managed by governments in many countries around the world, and a considerable part of the capital needed for airport investment depends on financial allocations and bank loans. But at the same time, as a capital-intensive industry, if the airport purely depends on the national financial allocations, it will not only become a burden on the national finance, but also make the healthy development of the airport subject to the constraints of capital. Therefore, the financing channels of the airport should be diversified. From the current situation, the financing mode of our country mainly includes: national budget investment, foreign direct investment, international financial organization and foreign government loan, securities financing and so on. As an important financing platform of airport industry, airport listed companies are not only conducive to the diversification of financing channels, but also conducive to improving the efficiency of capital use through the change of airport capital structure. Up to 2010, there are 157 airports in China, of which only six are listed in Hong Kong, and two are listed in Hong Kong. Why are listed companies able to maintain profitability at the expense of many airports? Apart from the location of the airport, is it related to the capital structure of the listed companies at the airport? What effect does equity financing and debt financing play on the efficiency of airport capital utilization in airport financing structure? Using the capital structure theory and the financial data of four airport companies listed in Shenzhen and Shanghai stock markets, this paper mainly investigates the following problems: First, on the basis of summarizing the related financing theory and capital structure theory, this paper analyzes the current research situation of airport financing at home and abroad. Secondly, through the combination of theory and data, from the perspective of capital financing structure, this paper analyzes the factors that affect the financing efficiency of Chinese airport listed companies, in order to pave the way for the modeling and empirical analysis of the thesis. Third, select the relevant variables to measure equity financing, debt financing and corporate value, construct a single equation regression model, use the financial data of four listed companies to test the regression model. The effects of debt financing and equity financing on the financing efficiency and profitability of airport listed companies are investigated from an empirical point of view. Fourth, according to the analysis of the financing efficiency of airport listed companies, the paper puts forward the corresponding suggestions in view of the shortcomings and problems existing in the current airport financing efficiency. This paper holds that both equity financing and debt financing have influence on the financing efficiency, but from the comparison of the effects of creditor's rights financing and equity financing on financing, creditor's rights financing is more conducive to restricting managers' self-interest behavior than equity financing. Reduce agency costs and improve financing efficiency. However, because equity financing has changed the structure of capital 2, it is beneficial to the long-term interests of the company, so it can promote the overall financing efficiency of the airport company. At the same time, however, due to the fact that there is a very serious phenomenon of "one share is dominant" in China's listed companies at the airport, and the circulating shareholders appear to be relatively dispersed, thus weakening to some extent the supervision over the use of the funds of major shareholders. Lead to the state-controlled shareholders at will to control the investment, affecting the efficiency of financing.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F562.6;F224

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