中国上市公司融资偏好影响因素研究

发布时间：2018-01-17 01:21

本文关键词：中国上市公司融资偏好影响因素研究　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国的上市公司多是由原来的大型国有企业改制而来,一直到1992年股票市场才初步建立。经过20多年的发展,我国上市公司仍然存在很多不完善之处。随着我国市场经济的发展,融资关系到一个企业的发展命脉,而相应的融资结构也有着不可忽视的意义,因此融资结构这一问题一直是学者们研究的热点。融资结构,是企业通过不同的融资渠道获得各项资金的组成以及比例关系,它决定着企业融资渠道的发展方向。本文首先综述了国内外学者们的相关研究,包括理论基础和中国上市公司融资结构的主要研究成果。然后基于相关数据分析了我国上市公司的融资现状,并分别与部分发达国家、发展中国家进行了比较,发现了我国上市公司的确存在股权融资偏好特征。接着文章选取交易成本这一制度性因素作为关键解释变量,同时选取企业规模、行业因素、公司成长性、获利能力、资产担保价值、非负债类税盾等因素作为控制变量,来解释上市公司融资结构的影响因素。通过选取1992年-2012年我国部分上市公司的平衡面板数据分别进行了固定效应、随机效应分析,并进行了Hausman检验,检验结果支持固定效应模型。固定效应结果中多数指标都很显著,关键解释变量交易成本系数不仅显著而且数值较大,可见实证结果支持文章的猜想,即我国上市公司面临的较高水平的交易成本是股权融资偏好的重要影响因素。为了进一步验证文章的结论,本文选取不同的指标对关键解释变量交易成本进行了稳健性检验,结论与之前固定效应模型的结果基本一致。另外,考虑到交易成本可能存在内生性问题,文章采用工具变量法对交易成本的内生性问题进行了讨论,以期得到一致的估计结果,但是检验结果显示交易成本并不存在内生性,所以仍然采用前述固定效应模型的结果。由此可以引申出完善上市公司治理结构、加快债券市场的发展、鼓励支持小微企业发展、加强上市公司监管力度等相关政策含义。
[Abstract]:China's listed companies are mostly from the original large-scale state-owned enterprises to reform, until 1992, the stock market was initially established. After more than 20 years of development. There are still many imperfections in listed companies in China. With the development of market economy in China, financing is related to the lifeblood of an enterprise, and the corresponding financing structure can not be ignored. Therefore, the issue of financing structure has always been a hot topic for scholars. Financing structure is the composition and proportion of various funds obtained by enterprises through different financing channels. It determines the development direction of enterprise financing channel. This paper first summarizes the relevant research of domestic and foreign scholars, including the theoretical basis and the main research results of the financing structure of listed companies in China. Then, based on the relevant data, it analyzes the financing status of listed companies in China. And compared with some developed countries and developing countries, found that China's listed companies do have the characteristics of equity financing preference. Then the article selected transaction costs as the key explanatory variables. At the same time, factors such as enterprise size, industry factors, corporate growth, profitability, asset guarantee value, non-liability tax shield and other factors are selected as control variables to explain the financing structure of listed companies. By selecting the equilibrium panel data of some listed companies from 1992 to 2012, the fixed effect and stochastic effect are analyzed, and the Hausman test is carried out. The test results support the fixed effect model. Most of the indicators in the fixed effect results are significant. The transaction cost coefficient of the key explanatory variables is not only significant but also large. It can be seen that the empirical results support the conjecture of the paper. That is, the high level of transaction costs faced by listed companies in China is an important factor affecting equity financing preference. In order to further verify the conclusion of the article. In this paper, we select different indicators to test the transaction cost of key explanatory variables, and the conclusion is consistent with the results of the previous fixed effect model. In addition, considering that transaction costs may have endogenous problems. This paper discusses the endogenetic problem of transaction cost by means of instrumental variable method in order to obtain consistent estimation results, but the test results show that transaction cost does not exist endogenously. So we still use the results of the above fixed effect model. From this, we can improve the governance structure of listed companies, accelerate the development of the bond market, and encourage the development of small and micro enterprises. Strengthen the supervision of listed companies and other relevant policy implications.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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