我国上证A股工业公司资本结构影响因素的实证研究

发布时间：2017-12-28 06:20

本文关键词：我国上证A股工业公司资本结构影响因素的实证研究　出处：《广西师范大学》2015年硕士论文　论文类型：学位论文

【摘要】：资本结构是近年来金融研究领域的重要内容之一,国内外的研究主要从资本结构与市场价值、公司经营绩效、公司盈余能力、行业特征等视角来进行研究。我国股票市场属于新兴市场,其资本结构仍是值得研究的,特别是影响我国上证A股工业公司资本结构的决定因素。新兴市场国家崛起于20世纪八九十年代,新兴市场国家的平均个人年收入在中下国家水平,工业化程度较低,资本市场发展不完善,股票市场价值在GDP中占很小部分。我国的人均国民收入处于中等国家收入水平,市场机制不完善,股市发展比较滞后。我国上证A股工业公司的资本结构与资本结构的三种经典理论是否相符是本文研究重点。资本结构是代表企业各种资金中的债务、普通股和优先股各自所占的比例,其主要研究企业负债资本和所有者权益资本的比例关系,是企业财务管理投资融资战略的基本问题,是企业投资融资决策的理论依据,优的资本结构是实现企业价值最大化的根源。我国股票市场的财务杠杆随盈利能力增加而减小,随企业规模、非债务税盾和有形资产的增加而增大,同时,成长机会和产品独特性对其产生一定的影响。工业企业在中国经济发展占有重要的地位,特别是在我国经济社会发展和经济转型升级中,工业企业起着不可替代的作用。我国经济全面深化改革,工业企业发挥着重要作用。但是由于历史和国家经济体制的原因,极少上市工业公司资本结构能达到百分百完美,工业上市公司对资本结构进行有效的调节是很必要的。随着工业上市公司自身价值的不断提升,股票市场的逐渐完善,股票投资者需求的不断增加,对我国工业上市公司的资本结构进行研究具有重要的现实意义。资本结构理论是上市公司金融财务理论的重要组成部分之一,优的资本结构在公司治理问题中占有重要地位。本文根据我国股票市场和我国工业上市公司的特点,总结并借鉴国内外资本结构研究成果,从静态权衡理论、代理成本理论和优序融资理论三种资本结构理论来研究影响资本结构的因素,以及我国上证A股工业公司的资本结构与资本结构的三种主要理论是否具有一致性。本文利用我国上证A股2008-2013年的375家工业公司的2250个面板样本进行修正的OLS检验方法估计,把财务杠杆作为资本结构的被解释变量,从盈利能力(PROFT)、有形资产(TANGY)、成长机会(GRTH)、公司规模(LSIZE)、非债务税盾(NDTS)和产品独特性(UNIQ)六个因素来考察我国上证A股工业公司的资本结构。从我国股票市场发展历程的角度出发,阐述国内外关于资本结构理论的研究成果,实证检验我国工业上市公司的资本结构,进一步检验我国上证A股工业公司的资本结构与资本结构的三种主要理论是否具有一致性。研究结果表明：我国上证A股工业公司的融资决策有力验证了资本结构的三种主要理论,也从中凸现了我国股票市场的资本结构特点。影响资本结构的决定因素当中,盈利能力对工业上市公司资本结构是较为显著负相关的,支持了优序融资理论；有形资产和资本结构是显著正相关的,支持了静态权衡理论；公司规模和资本结构是显著正相关的,支持了本文资本结构的三种主要理论；成长机会、非债务税盾二者和资本结构的关系不明显,和代理成本理论和优序融资理论相符；产品独特性和资本结构是显著正相关的,支持了代理成本理论。股东财富最大化是股票市场优化资本结构的目标,股东财富最大化的关键在于平衡收益和风险,评估价值增值过程中相关利益者之间的利益关系。合理的融资结构成就优的资本结构。我国工业上市公司强调公司治理,并遵循市场经济的基本规则,追求最佳的资本结构。通过上述研究,提出以下建议：公司层面上,注重公司内部融资的结构,注重偿债能力与盈利能力相结合所获得的杠杆收益。增强公司盈利能力,加强公司治理,注重债权融资和股权融资平衡。债权人对于公司经理人具有一定的制约作用,特别是来自银行的监督和债权人苛刻的契约。股权结构对公司治理效率的影响主要体现在股权结构对质量完善上。通过债权和股权平衡,在一定程度上降低资本结构成本。制度上,完善我国上市公司的融资环境,拓宽上市公司的融资渠道,优化资本结构。建立完善、有效的多层资本市场,加强对上市公司融资行为的监管,对公司信息公开的监督,完善信息披露,完善相关法规制度。
[Abstract]:Capital structure is an important part of financial research in recent years. Research at home and abroad mainly focuses on capital structure and market value, company performance, company earning capacity and industry characteristics. China's stock market belongs to the emerging market, its capital structure is still worth studying, especially the determinant factors that affect the capital structure of China's Shanghai A - share Industrial Company. The emerging market countries emerged in 80s and 90s twentieth Century. The average annual personal income of the emerging market countries is at the level of the middle and lower countries. The industrialization degree is low, the capital market development is not perfect, and the stock market value occupies a small part in GDP. The per capita national income of our country is in the middle level of income, the market mechanism is imperfect and the development of the stock market is lagging behind. Whether the capital structure of the A - share Industrial Company is consistent with the three classical theories of capital structure is the key point of this paper. The capital structure is a variety of funds on behalf of the enterprise in debt, common and preferred shares of their respective proportion, which focuses on corporate debt capital and equity capital ratio, is the basic problem of financial management of enterprise investment and financing strategy, is the theoretical basis of enterprise investment and financing decision, capital structure optimization is the root of realization the maximum value of the enterprise. The financial leverage of China's stock market decreases with the increase of profitability, and increases with the increase of enterprise scale, non debt tax shield and tangible assets. Meanwhile, growth opportunities and product uniqueness have a certain impact on China's stock market. Industrial enterprises play an important role in China's economic development. Especially in the economic and social development and economic transformation and upgrading, industrial enterprises play an irreplaceable role. Industrial enterprises play an important role in the comprehensive reform of China's economy. However, due to the historical and national economic system, few listed industrial companies can achieve 100% capital structure. Therefore, it is very necessary for industrial listed companies to adjust their capital structure effectively. With the continuous improvement of the value of industrial listed companies, the gradual improvement of stock market and the increasing demand of stock investors, it is of great practical significance to study the capital structure of China's industrial listed companies. The capital structure theory is one of the important parts of the financial financial theory of the listed companies, and the excellent capital structure plays an important role in the problem of corporate governance. According to the characteristics of China's stock market and China's industrial listed companies, and summarize the research results from domestic and foreign capital structure, to study the influencing factors of capital structure from the static trade-off theory, agency cost theory and the pecking order theory of three kinds of capital structure theory, whether the three main theory and the capital structure of China's Shanghai A shares the industrial company and the capital structure is consistent. The 2250 panel sample of 375 industrial companies based in China Shanghai A shares of 2008-2013 OLS test method to estimate the financial leverage of capital structure as the explanatory variable, the profitability of tangible assets (PROFT), (TANGY), growth opportunities (GRTH), the size of the company (LSIZE), non the debt tax shield (NDTS) and unique products (UNIQ) six factors to study the capital structure of China's Shanghai A shares of industrial companies. From the perspective of the development of our stock market angle, elaborated the domestic and international research results about the theory of capital structure, empirical analysis of capital structure of China's industrial listed companies, to further examine the three main physical capital structure and capital structure of China's Shanghai A shares of industrial companies on the consistency of. The research results show that: the financing decision of Shanghai A share Industrial Company has verified three main theories of capital structure, and also highlights the capital structure characteristics of China's stock market. The influence factors of capital structure decisions, profitability is negatively related to capital structure of industrial listed companies, support the pecking order theory; tangible assets and capital structure is positively related to the support of the static trade-off theory; corporate scale and capital structure is positively related to the three main theoretical support the capital structure; growth opportunity, non debt tax shield two and capital structure is not obvious, and consistent with the agency cost theory and pecking order theory; product uniqueness and capital structure is positively related to the support of the theory of agency cost. The maximization of shareholder wealth is the goal of optimizing capital structure in stock market. The key to maximize shareholder wealth is to balance income and risk, and to evaluate the interest relationship between stakeholders in the process of value added. A reasonable capital structure makes an excellent capital structure. China's industrial listed companies emphasize corporate governance and follow the basic rules of the market economy and pursue the best capital structure. Based on the above research, we put forward the following suggestions: at the company level, we should pay attention to the structure of internal financing, and pay attention to the lever revenue obtained by combining solvency and profitability. Strengthen the company's profitability, strengthen corporate governance, pay attention to debt financing and equity financing balance. The creditor has a certain constraint on the manager of the company, especially from the supervision of the bank and the hard contract of the creditor. The influence of the ownership structure on the efficiency of corporate governance is mainly reflected in the quality improvement of the ownership structure. The cost of capital structure is reduced to a certain extent through the balance of creditor's rights and equity. On the system, we should improve the financing environment of Listed Companies in our country, broaden the financing channels of listed companies and optimize the capital structure. We should establish a sound and effective multi-level capital market, strengthen the supervision of listed companies' financing behavior, supervise the company's information disclosure, improve information disclosure and improve related regulations and regulations.
【学位授予单位】：广西师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F425

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