农业上市公司资产专用性及其对资本结构影响研究

发布时间：2018-02-07 14:28

本文关键词： 农业上市公司资产专用性资本结构　出处：《西北农林科技大学》2015年硕士论文　论文类型：学位论文

【摘要】：资产专用性是公司资产的一项重要特性,随着市场经济和科学技术的迅速发展,公司依靠通用性资产生产大批量同质化产品不能获得独特的竞争优势,而是不断地增加专用性资产的投资,提高自身核心竞争力。但专用性资产的重新调配性和流动性较低,影响了资产的抵押担保能力,不利于公司进行债务融资,影响了公司的资本结构。资本结构影响公司的资本成本、市场信号、治理机构、市场价值等多个方面,资本结构的构成及影响因素等方面的研究,是会计学术界研究的重要问题之一,但已有的研究通常是在资产为通用性资产的假设前提下进行的,并没有关注资产专用性对资本结构带来的影响。由于农业的特殊性和农产品生产经营的特殊性,农业上市公司的资产专用性特征显著。因此,本文分析农业上市公司资产专用性特征,研究农业上市公司资产专用性对资本结构的影响。首先,本文在已有国内外关于资产专用性研究成果的基础上,界定资产专用性和资本结构的概念,根据交易成本理论、信号传递理论和战略管理理论,从理论上研究资产专用性与资本结构的关系。其次,本文根据农业上市公司资产的特点,采用长期资产比率、销售费用比率测度农业上市公司资产专用性;将资本结构划分为两个层次,采用总资产负债率、长期负债率、内源融资比例及金融性负债比例衡量资本结构;运用2011年至2013年农业上市公司的财务数据,描述其资产专用性和资本结构特征。再次,本文选取因变量、自变量和控制变量,利用2011年至2013年37家农业上市公司的财务数据,建立多元回归模型,进行拟合优度检验、多重共线性检验和回归分析,实证检验农业上市公司资产专用性对资本结构的影响。最后,根据本文的研究结论,结合农业上市公司内源融资比例低、债券市场不发达等特征,为优化农业上市公司的资本结构,提出合理化建议。统计结果表明:我国农业上市公司资产专用性程度较强,呈现逐年上升的趋势,行业间差异较大;我国农业上市公司资本结构不合理,总资产负债率、长期负债率及内源融资比例偏低,债务融资主要渠道之一是金融机构。实证结果表明:农业上市公司资产专用性对债务性融资有显著的负相关影响、对内源融资有显著的正相关影响、对金融性负债融资有显著的正相关影响。本文据此研究结论提出以下建议:农业上市公司进行融资方式选择时应考虑资产专用性的影响、农业上市公司应提高内源融资比例及应该完善公司债券市场。
[Abstract]:Asset specificity is an important characteristic of the company's assets. With the rapid development of market economy and science and technology, the company can not obtain a unique competitive advantage by relying on universal assets to produce large quantities of homogeneous products. But the redeploying and liquidity of the special assets are low, which affects the ability of mortgage and guarantee of the assets, which is not conducive to the debt financing of the company. It affects the capital structure of the company. The capital structure affects the capital cost, the market signal, the governance organization, the market value, and so on. It is one of the important problems in the accounting academic field, but the existing research is usually carried out under the assumption that the asset is a universal asset. Due to the particularity of agriculture and the particularity of agricultural production and management, the characteristics of asset specificity of agricultural listed companies are remarkable. This paper analyzes the characteristics of asset specificity of agricultural listed companies, and studies the impact of asset specificity on capital structure of agricultural listed companies. Firstly, based on the research results of asset specificity at home and abroad, Define the concept of asset specificity and capital structure, according to transaction cost theory, signal transfer theory and strategic management theory, theoretically study the relationship between asset specificity and capital structure. According to the characteristics of the assets of agricultural listed companies, this paper uses the ratio of long-term assets and the ratio of sales expenses to measure the specificity of the assets of agricultural listed companies, divides the capital structure into two levels, adopts the total asset-liability ratio, the long-term debt ratio, the total asset-liability ratio and the long-term debt ratio. The proportion of endogenous financing and the proportion of financial liabilities are used to measure the capital structure, and the financial data of agricultural listed companies from 2011 to 2013 are used to describe the characteristics of asset specificity and capital structure. Thirdly, this paper selects dependent variables, independent variables and control variables. Based on the financial data of 37 agricultural listed companies from 2011 to 2013, a multivariate regression model was established, and the goodness of fit test, multiple collinear test and regression analysis were carried out. Finally, according to the conclusion of this paper, combined with the low proportion of endogenous financing of agricultural listed companies, the bond market is underdeveloped and so on. In order to optimize the capital structure of agricultural listed companies, some reasonable suggestions are put forward. The statistical results show that the degree of asset specificity of agricultural listed companies in China is relatively strong, showing a rising trend year by year, and there are great differences between industries; The capital structure of agricultural listed companies in China is unreasonable, the total asset-liability ratio, the long-term debt ratio and the proportion of endogenous financing are on the low side. One of the main channels of debt financing is financial institutions. The empirical results show that the asset specificity of agricultural listed companies has a significant negative impact on debt financing and a significant positive correlation on endogenous financing. This paper puts forward the following suggestions: the influence of asset specificity should be considered in the selection of financing methods for agricultural listed companies. Agricultural listed companies should increase the proportion of endogenous financing and improve the corporate bond market.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F302.6;F324

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