高速公路上市公司资本结构与融资行为关系的研究

发布时间：2018-06-08 00:03

本文选题：高速公路上市公司 + 资本结构　；参考：《重庆交通大学》2012年硕士论文

【摘要】：企业融资是一个动态的过程,不同的融资行为最终形成不同的资本结构。资本结构是企业相关利益者权利义务的集中反映,企业融资行为的合理与否必然通过资本结构反映出来,资本结构又进一步影响并决定着企业融资行为的特征。资本结构理论经过长期的探讨已经相对完善,然而,我国上市公司融资行为与资本结构理论框架相矛盾,资本结构和融资行为之间关系的不合理也被认为是使我国上市公司企业价值过低的主要原因之一。二者之间关系的研究引起了众多学者的兴趣,成为一个备受关注的重要课题。本文针对交通运输类的高速公路行业,选取了沪深两市截至2011年12月31日27家上市公司年报数据为研究样本,采用因子分析的方法分析了影响我国高速公路上市公司资本结构的因素；分别采用格兰杰因果关系检验和线性回归的方法从因果性和相关性的角度对其资本结构和融资行为的关系进行实证分析。主要的得出以下四个结论：第一,股权结构、抵押资产价值及非债务税盾是影响我国高速公路上市公司的主要因素；第二,我高速公路上市公司在融资行为中表现出偏好外源融资和股权融资的倾向；第三,从因果性的角度来看,我国高速公路上市公司资本结构和融资行为间存在相互影响的关系,从相关性的角度来看二者之间存在负相关关系。第四,我国上市公司股权结构特殊、债券市场发展与证券市场整体发展不协调、债务融资未发挥其应有的约束作用以及相关法规和制度不完善等问题是造成资本结构与融资行为负相关的主要原因。最后提出了优化高速公路上市公司资本结构和规范融资行为的建议：合理安排流通股与国有股的比例；积极拓展债券市场,实现多元化融资；提高盈利水平,加强内源融资能力；完善公司治理结构等。
[Abstract]:Enterprise financing is a dynamic process. Different financing behavior forms different capital structure. The capital structure is the centralized reflection of the rights and obligations of the relevant stakeholders of the enterprise. The reasonableness of the enterprise's financing behavior must be reflected through the capital structure, and the capital structure further influences and determines the characteristics of the enterprise's financing behavior. The theory of capital structure has been relatively perfect after a long period of discussion. However, the financing behavior of listed companies in China contradicts the theoretical framework of capital structure. The unreasonable relationship between capital structure and financing behavior is also considered to be one of the main reasons for the low value of listed companies in China. The study of the relationship between the two has aroused the interest of many scholars and become an important subject of great concern. Based on the annual report data of 27 listed companies in Shanghai and Shenzhen stock markets until December 31, 2011, the factors influencing the capital structure of the listed companies in expressway are analyzed by factor analysis. Granger causality test and linear regression are used to analyze the relationship between capital structure and financing behavior from the perspective of causality and correlation. The main conclusions are as follows: first, the ownership structure, the value of mortgage assets and the non-debt tax shield are the main factors that affect the listed companies of expressway in China; second, The listed companies of our highway show a tendency to prefer exogenous financing and equity financing in their financing behavior. Thirdly, from the point of view of causality, the capital structure and financing behavior of listed expressway companies in China have a mutual influence on each other. From the perspective of correlation, there is a negative correlation between the two. Fourth, the equity structure of listed companies in China is special, and the development of the bond market is not in harmony with the overall development of the securities market. The main reasons for the negative correlation between capital structure and financing behavior are the failure of debt financing to play its due binding role and the imperfections of relevant laws and regulations. Finally, it is put forward to optimize the capital structure of expressway listed companies. And the suggestion of standardizing the financing behavior: reasonable arrangement of the proportion of circulating shares and state-owned shares; Actively expand the bond market, realize diversified financing, improve profit level, strengthen endogenous financing ability, perfect corporate governance structure and so on.
【学位授予单位】：重庆交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F542.6;F832.51;F224

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