动态视角下我国上市银行资本结构的影响因素及调整速度研究

发布时间：2018-09-14 12:20

【摘要】：资本结构问题是企业财务理论的重要议题之一,资本结构是否合理直接关系到企业能否实现价值最大化,关系到企业能否获得可持续发展。以MM理论为起点的资本结构理论一直着力于探讨最优资本结构的存在及决定问题。随着金融市场的进一步复杂和深化,市场不确定因素逐渐增加,基于动态视角的资本结构动态理论逐渐发展起来。在全球金融危机频发的时代大背景下,金融资本受到了更加严格的监管,金融资本的安全和运作效率直接关系到实体经济的长远发展。特别是近年来,我国银行业掀起了一股上市风潮,在资本获得补充注入的同时,如何进行资本结构动态调整成为各大上市银行面临的亟待解决的现实问题。首当其冲的就是两大问题：一是我国上市银行如何进行资本结构调整优化,这关系到对资本结构影响因素的探究,只有确定了动态视角下资本结构是如何决定的,才能有的放矢地进行调整,借以实现价值最大化；二是我国上市银行的动态调整进程如何,这关系到对资本结构调整速度的研究,只有测度出动态视角下具体的调整速度,才能了解我国的现状,从而有针对性地提出对策。本文在梳理资本结构理论脉络、回顾国内外学者相关研究的基础上,以我国上市银行为研究对象,展开了以下研究：首先,从其融资方式、资本特征和资本结构特征三方面进行特征分析,确认了本研究存在的现实基础和实践价值；其次,对本文的两大关注点“影响因素”和“调整速度”进行了理论分析,并结合特征分析和理论分析的研究成果,提出了三大假设,试图通过构建面板数据模型、部分调整模型和向量自回归模型对总体的静态动态比较以及分类别比较进行实证分析,并对本文选择的广义矩估计等方法作了简单介绍；再次,基于理论假设和模型方法的选择,对变量进行了操作化筛选,对样本数据进行了处理分析,运用statal1.0软件进行了实证检验。总体估计结果表明,动态模型的解释能力更强,其中规模、盈利性、股权结构、资本充足性等因素对我国上市银行资本结构影响较为显著,且动态调整速度较为缓慢；分类别估计结果表明,不同类别银行的资本结构影响因素存在些许差异,且对比大型股份制商业银行和地方性银行来说,国有控股商业银行的动态调整速度相对较慢。因此,不仅各类银行应针对自身情况进行资本结构优化,监管当局也应深化市场改革、放宽不必要的限制,从而实现资本结构的自由化调整。
[Abstract]:Capital structure is one of the most important issues in the theory of enterprise finance. Whether the capital structure is reasonable or not is directly related to whether the enterprise can realize the value maximization and whether the enterprise can obtain the sustainable development. The capital structure theory based on MM theory has been focusing on the existence and decision of the optimal capital structure. With the further complexity and deepening of the financial market, the uncertain factors of the market gradually increase, and the dynamic theory of capital structure based on the dynamic perspective is gradually developed. Under the background of frequent global financial crisis, financial capital is subject to more strict supervision. The security and operational efficiency of financial capital are directly related to the long-term development of real economy. Especially in recent years, China's banking industry has set off a wave of listing. While the capital is replenished and injected, how to dynamically adjust the capital structure has become a practical problem to be solved urgently. The first is how to adjust and optimize the capital structure of listed banks in China, which is related to the study of the influencing factors of capital structure, only to determine how the capital structure is determined from the dynamic perspective. The second is how the dynamic adjustment process of listed banks in China is related to the study of the speed of capital structure adjustment, only by measuring the specific adjustment speed under the dynamic perspective. In order to understand the current situation of our country, and thus put forward targeted countermeasures. On the basis of combing the theoretical context of capital structure and reviewing the relevant researches of domestic and foreign scholars, this paper takes the listed banks in China as the research object and carries out the following research: first, from its financing mode, The characteristics of capital and capital structure are analyzed in three aspects, and the realistic foundation and practical value of this study are confirmed. Secondly, the influence factors and adjustment speed of the two major concerns of this paper are analyzed theoretically. Combined with the research results of feature analysis and theoretical analysis, this paper puts forward three hypotheses, and attempts to make empirical analysis on static and dynamic comparison and classification comparison of the whole population by constructing panel data model, partially adjusting model and vector autoregressive model. The generalized moment estimation method selected in this paper is briefly introduced. Thirdly, based on the selection of theoretical assumptions and model methods, the variables are selected and the sample data are processed and analyzed. Using statal1.0 software to carry on the empirical test. The overall estimation results show that the dynamic model has a stronger explanatory power, among which the scale, profitability, equity structure, capital adequacy and other factors have a significant impact on the capital structure of listed banks in China, and the dynamic adjustment speed is relatively slow; The results of subcategory estimation show that there are some differences in the influencing factors of capital structure of different types of banks, and compared with large joint-stock commercial banks and local banks, the dynamic adjustment speed of state-owned holding commercial banks is relatively slow. Therefore, not only should all kinds of banks optimize their capital structure according to their own conditions, but also the supervisory authorities should deepen the market reform and relax unnecessary restrictions so as to realize the liberalization and adjustment of capital structure.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.33;F830.42

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