宏观经济波动对高新技术上市公司资本结构影响的分析

发布时间：2018-01-10 01:21

本文关键词：宏观经济波动对高新技术上市公司资本结构影响的分析　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：2014年以来,由于我国经济下行,造成公司债券违约事件不断发生,宏观经济周期因素对公司资本结构的影响问题及公司资本结构管理问题再一次引人思考。在所有企业中,高新技术企业拥有自己的核心知识产权,是知识密集、技术密集的经济实体,以持续的研究投入和开发为特点,是我国先进生产力的载体。在此背景下,本文以高新技术上市公司为研究对象,实证分析宏观经济波动对高新技术上市公司资本结构的影响。公司资本结构是指不同资本来源的比例关系。资本来源一般有股东投入的股本和公司对外的债务,由于公司对外的债务必须到期偿还本金和利息,股东投入的股本则是一种资源的流入,只具有剩余索取权。企业的任何融资行为都是通过金融市场来完成,金融市场的发展程度都直接影响着企业的融资行为。在我国是以银行为主,债券市场和股票市场为辅的金融市场体系,债券市场和股票市场都还不完善,这也制约着企业按其目标资本结构来配置其负债率。宏观经济波动对高新技术上市公司资本结构的影响,有其经济学意义上的内在逻辑。在对宏观经济环境和高新技术上市公司资本结构特征分别做出论述后,本文逻辑地推导出宏观经济波动是如何一步一步地对高新技术上市公司资本结构进行影响的,然后利用从2006年——2015年宏观经济波动比较剧烈的十年数据,用混合回归模型做实证分析,得出以下结论:我国高新技术上市公司的确呈现低杠杆特征;通过逻辑推导方式说明我国宏观经济波动如何内在地影响我国高新技术上市公司资本结构;验证了我国宏观经济波动对高新技术上市公司资本结构有显著正相关关系。此外:公司规模和有形资产率正向影响高新技术上市公司资本结构,公司盈利能力反向影响高新技术上市公司资本结构,公司成长性和非债务税盾与高新技术上市公司资本结构无显著相关关系。通过本文对高新技术企业资本结构的研究,第一,能充实现有对高新技术企业的研究资料;第二,能给全国高新技术企业认定管理工作领导小组在制定相关政策时提供一定的参考;第三,为高新技术企业管理者制定财务政策提供相应的参考。在以往的研究中,没有关于宏观经济因素对高新技术企业资本结构影响的研究,本文以此为切入点,在高新技术上市公司资本结构的影响因素中引入宏观经济波动因素,并得出了符合经济学逻辑的结论,这也是本文的创新之处。
[Abstract]:Since 2014, due to the economic downturn in China, corporate bond defaults have occurred continuously. The impact of macroeconomic cycle factors on corporate capital structure and the management of corporate capital structure are once again thought-provoking. In all enterprises, high-tech enterprises have their own core intellectual property rights, which is knowledge-intensive. Technology-intensive economic entities, characterized by sustained research investment and development, are the carrier of China's advanced productive forces. Under this background, this paper takes high-tech listed companies as the research object. Empirical analysis of the impact of macroeconomic fluctuations on the capital structure of high-tech listed companies. Corporate capital structure refers to the proportional relationship between different sources of capital. Capital sources generally include equity invested by shareholders and external debt of the company. Since the company's external debt must be due to repay the principal and interest, the equity invested by shareholders is an inflow of resources, with only residual claim. Any financing behavior of the enterprise is completed through the financial market. The development of the financial market has a direct impact on the financing behavior of enterprises. In China, the bank is the main, the bond market and the stock market are supplemented by the financial market system, the bond market and the stock market are not perfect. This also restricts the enterprises to allocate their debt ratio according to their target capital structure and the impact of macroeconomic fluctuations on the capital structure of high-tech listed companies. It has its internal logic in the sense of economics. After discussing the macroeconomic environment and the capital structure characteristics of high-tech listed companies respectively. This paper logically deduces how the macroeconomic fluctuation affects the capital structure of high-tech listed companies step by step. Then, using ten years' data from 2006 to 2015, we use mixed regression model to make empirical analysis. The following conclusions are drawn: China's high-tech listed companies do show the characteristics of low leverage; Through the way of logical derivation, it explains how the macroeconomic fluctuation of our country affects the capital structure of high-tech listed companies. It is verified that the macroeconomic fluctuation has a significant positive correlation with the capital structure of high-tech listed companies. In addition, the size of the company and the ratio of tangible assets positively affect the capital structure of high-tech listed companies. Corporate profitability has a negative impact on the capital structure of high-tech listed companies. There is no significant correlation between corporate growth and non-debt tax shield and capital structure of high-tech listed companies. To enrich the existing research materials on high-tech enterprises; Second, it can provide a certain reference to the national leading group of high-tech enterprises' identification and management work in the formulation of relevant policies; Third, provides the corresponding reference for the high-tech enterprise manager to formulate the financial policy. In the past research, there is no research about the macroeconomic factor to the high-tech enterprise capital structure influence. This article takes this as the starting point, introduces the macroeconomic fluctuation factor into the influence factor of the capital structure of the high-tech listed company, and draws the conclusion which accords with the economic logic, which is also the innovation of this paper.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F123.16

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