区域金融发展水平对资本结构动态调整的影响研究
发布时间：2018-07-14 15:56
【摘要】：资本结构是财务领域最为重要的问题之一,长期以来一直是学术界研究的热点,对企业的风险和报酬有直接的影响,对企业的长期健康发展具有重要意义。然而在现代社会复杂的内外部环境下,影响企业资本结构的各种因素无时无刻不在发生着变化,因此企业的资本结构经常处于动态变化中。深入地分析企业资本结构的动态调整过程,对于企业更好地适应不断变化的内外部环境,进行资本结构优化,提高企业的价值,具有十分重要的战略意义。 近几十年来,我国资本市场发展迅速,各地区金融水平都有明显提高,但是,各地区还是存在着一定差异,东部地区金融发展水平明显高于中西部。本文结合这一特殊国情,从区域金融发展的角度来研究资本结构动态调整的过程是否也存在区域性差异。本文以816家深、沪两地A股上市公司从2001年至2012年的9792个面板数据为样本,并将样本分为东部、中部、西部以及中西部,建立了资本结构偏离程度模型、资本结构动态调整模型,采用了面板数据FE估计法,面板数据RE估计法,面板数据MLE估计法以及GMM回归估计法来进行实证分析。 本文主要研究内容紧紧围绕金融发展水平与资本结构的关系展开,主要包括区域金融发展水平及变化对资本结构偏离程度的影响以及区域金融发展水平及其变化对资本结构调整速度的影响,同时考虑了负债水平、产权性质和行业因素的影响。通过研究得出如下结论：金融发展水平与资本结构正相关；东部地区资本结构偏离程度大于中西部；东部地区资本结构调整速度快于中西部；金融发展水平及变化与资本结构动态调整的关系还会受到负债水平、行业因素的影响,最后从企业和政府层面给出一些政策建议。
[Abstract]:Capital structure is one of the most important problems in the field of finance. It has been a hot research topic in academic circles for a long time. It has a direct impact on the risk and reward of enterprises and is of great significance to the long-term healthy development of enterprises. However, in the complex internal and external environment of modern society, various factors affecting the capital structure of enterprises are changing all the time, so the capital structure of enterprises is often in dynamic change. It is of great strategic significance for enterprises to better adapt to the changing internal and external environment, to optimize capital structure and to improve the value of enterprises by deeply analyzing the dynamic adjustment process of enterprise capital structure. In recent decades, the capital market of our country has developed rapidly and the financial level of each region has been obviously improved. However, there are some differences between the different regions, and the financial development level of the eastern region is obviously higher than that of the central and western regions. According to this special situation, this paper studies whether there are regional differences in the process of dynamic adjustment of capital structure from the perspective of regional financial development. This paper takes 9792 panel data of 816 companies listed in Shenzhen and Shanghai from 2001 to 2012 as samples, and divides the samples into eastern, central, western and central regions, and establishes the capital structure deviation degree model. The capital structure dynamic adjustment model adopts the panel data FE estimation method, panel data RE estimation method, panel data MLE estimation method and GMM regression estimation method to carry on the empirical analysis. This paper focuses on the relationship between the level of financial development and capital structure. It mainly includes the influence of the level and change of regional finance on the degree of capital structure deviation and the influence of the level of regional financial development and its change on the speed of capital structure adjustment. At the same time, the influence of debt level, property right nature and industry factors are considered. The conclusions are as follows: the level of financial development is positively related to the capital structure, the deviation of capital structure in the eastern region is greater than that in the central and western regions, the speed of capital structure adjustment in the eastern region is faster than that in the central and western regions; The relationship between the level of financial development and the change of capital structure and the dynamic adjustment of capital structure will also be affected by the level of debt and industry factors. Finally, some policy suggestions are given from the level of enterprise and government.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F830.42;F832.7
[Abstract]:Capital structure is one of the most important problems in the field of finance. It has been a hot research topic in academic circles for a long time. It has a direct impact on the risk and reward of enterprises and is of great significance to the long-term healthy development of enterprises. However, in the complex internal and external environment of modern society, various factors affecting the capital structure of enterprises are changing all the time, so the capital structure of enterprises is often in dynamic change. It is of great strategic significance for enterprises to better adapt to the changing internal and external environment, to optimize capital structure and to improve the value of enterprises by deeply analyzing the dynamic adjustment process of enterprise capital structure. In recent decades, the capital market of our country has developed rapidly and the financial level of each region has been obviously improved. However, there are some differences between the different regions, and the financial development level of the eastern region is obviously higher than that of the central and western regions. According to this special situation, this paper studies whether there are regional differences in the process of dynamic adjustment of capital structure from the perspective of regional financial development. This paper takes 9792 panel data of 816 companies listed in Shenzhen and Shanghai from 2001 to 2012 as samples, and divides the samples into eastern, central, western and central regions, and establishes the capital structure deviation degree model. The capital structure dynamic adjustment model adopts the panel data FE estimation method, panel data RE estimation method, panel data MLE estimation method and GMM regression estimation method to carry on the empirical analysis. This paper focuses on the relationship between the level of financial development and capital structure. It mainly includes the influence of the level and change of regional finance on the degree of capital structure deviation and the influence of the level of regional financial development and its change on the speed of capital structure adjustment. At the same time, the influence of debt level, property right nature and industry factors are considered. The conclusions are as follows: the level of financial development is positively related to the capital structure, the deviation of capital structure in the eastern region is greater than that in the central and western regions, the speed of capital structure adjustment in the eastern region is faster than that in the central and western regions; The relationship between the level of financial development and the change of capital structure and the dynamic adjustment of capital structure will also be affected by the level of debt and industry factors. Finally, some policy suggestions are given from the level of enterprise and government.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F830.42;F832.7
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