会计盈余质量、股权性质与资本结构动态调整

发布时间：2018-01-10 00:06

本文关键词：会计盈余质量、股权性质与资本结构动态调整　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：与资本结构相关的问题一直是财务领域探索的热点,近年来,随着计量经济学的不断发展,资本结构研究也从开始的静态分析慢慢过渡到如今的动态分析。动态权衡理论认为目标资本结构的的确确是存在的,但是在实际情况中,这一目标总是难以实现,其与公司的实际资本结构之间往往是有偏差的。公司虽有心将资本结构调整至最优水平,但是调整成本的存在往往只能让公司选择部分调整。在对国内外文献梳理分析后发现,资本结构动态调整这一领域的研究已经取得了非常显著的成果。但是会计盈余质量作为公司制定资本结构决策所依赖的重要信息,前人的研究中却很少分析它对资本结构动态调整的影响。本文以中国上市公司2011-2015年的数据为样本,结合不同企业间会计盈余质量的差异性,对资本结构动态调整进行了回归分析,除此之外,本文还考虑了在不同的股权性质下,会计盈余质量对资本结构动态调整的影响是不是有所差异。首先用目标资本结构拟合模型拟合出最优资本结构,其次用修正的琼斯模型得到会计盈余质量的度量值,最后再通过资本结构偏离程度模型与部分调整模型的回归结果进行详细分析,得到以下结论:会计盈余质量与资本结构的偏离程度显著负相关,且这种关系在国有企业中更加明显;会计盈余质量与资本结构调整速度显著正相关,且在国有企业中这种关系更为明显。
[Abstract]:The problems related to capital structure have been a hot topic in the field of finance. In recent years, with the development of econometrics. The study of capital structure has been gradually transferred from static analysis to dynamic analysis. Dynamic tradeoff theory holds that the target capital structure does exist, but in the actual situation. This goal is always difficult to achieve, and there is often a deviation between it and the actual capital structure of the company. Although the company is willing to adjust the capital structure to the optimal level. However, the existence of adjustment costs often only allows companies to choose part of the adjustment. The research on the dynamic adjustment of capital structure has made remarkable achievements, but the quality of accounting earnings is an important information that companies rely on in making capital structure decisions. However, previous studies rarely analyze its impact on the dynamic adjustment of capital structure. This paper takes the data of Chinese listed companies from 2011-2015 as a sample and combines the differences of accounting earnings quality among different enterprises. In addition to the regression analysis of the dynamic adjustment of capital structure, this paper also considers the different nature of equity. The influence of accounting earnings quality on the dynamic adjustment of capital structure is not different. Firstly, the optimal capital structure is fitted with the target capital structure fitting model. Secondly, we use the modified Jones model to get the measurement value of accounting earnings quality, and then analyze the regression results of capital structure deviation degree model and partial adjustment model in detail. The conclusions are as follows: the quality of accounting earnings is negatively correlated with the deviation degree of capital structure, and this relationship is more obvious in state-owned enterprises; The quality of accounting earnings is positively correlated with the speed of capital structure adjustment, and it is more obvious in state-owned enterprises.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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