企业性质与资本结构动态调整研究

发布时间：2018-02-03 08:19

本文关键词： 资本结构动态调整企业性质控制层级调整速度调整路径　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：资本结构问题一直以来都是理财学的核心问题，也是一个关于资源配置的效率问题。大量的实证研究表明，企业在进行融资决策选择中不仅要考虑到静态的资本结构，更要关注其动态调整。资本结构动态调整理论认为，企业目标资本结构的选择因企业内外部环境的变化而成为一个动态调整的过程。企业往往因信息不对称、融资约束等众多限制使得其实际资本结构偏离目标资本结构，由于调整成本的存在，企业又需要在不断变化的环境中不断地去调整自身的资本结构以使其达到目标状态。那么，中国上市公司的资本结构是不是也在进行着动态调整？不同性质的上市公司，特别是不同政府控制层级的国有上市公司在动态调整速度和调整路径上又有哪些差异？这些问题都有待于理论分析和实证检验，本文将对此进行进一步的探索。本文回顾和梳理了资本结构动态调整的相关理论和文献，分析了中国的制度背景，在此基础上运用实证研究方法，利用资本结构部分动态调整模型，通过研究2007-2012年沪深上市公司的样本数据，实证检验了国有上市公司与非国有上市公司，特别是不同政府控制层级的国有上市公司在资本结构动态调整速度和调整路径方面的差异，并得出以下主要结论：（1）在企业性质与资本结构动态调整速度方面，非国有上市公司比国有上市公司的动态调整速度快。从政府控制层级方面看，部分验证了政府控制层级越高，，企业的调整速度越快的假设，主要体现在国务院级、省级、市级政府及部门控制的上市公司的调整速度方面。（2）在企业性质与资本结构调整路径方面，非国有企业更倾向于利用商业信用路径，国有企业与长期负债调整路径正相关且更加热衷于利用留存收益路径。对于省级及以下国有企业而言，随着政府控制层级的提高，企业通过长期负债进行资本结构调整的能力越强，也就越倾向于采用长期负债调整方式。（3）本文在研究中还发现县级及以下政府和部门控制的国有企业与非国有企业相比，无论在资本结构动态调整速度上，还是在调整路径上都非常的相似。通过本文的研究，在一定程度上丰富了资本结构动态调整理论，特别是结合中国所特有的制度背景，深入到不同政府控制层级来研究，而这也成为本文主要的研究成果与创新点。
[Abstract]:The problem of capital structure has always been the core issue of finance science, and it is also a problem of resource allocation efficiency. A large number of empirical studies show that. Enterprises should not only consider the static capital structure, but also pay more attention to its dynamic adjustment. The choice of enterprise's target capital structure becomes a dynamic adjustment process because of the change of enterprise's internal and external environment. Many restrictions such as financing constraints make the actual capital structure deviate from the target capital structure due to the existence of adjustment costs. Enterprises also need to constantly adjust their capital structure in the changing environment to achieve the target state. So, is the capital structure of listed companies in China also undergoing dynamic adjustment? What are the differences between the different nature of listed companies, especially the state-owned listed companies of different levels of government control in the dynamic adjustment speed and the adjustment path? These problems need theoretical analysis and empirical test, this paper will further explore this. This paper reviews and combs the relevant theories and literature on the dynamic adjustment of capital structure, analyzes the institutional background of China, and uses the empirical research method to use the partial dynamic adjustment model of capital structure. By studying the sample data of Shanghai and Shenzhen listed companies from 2007 to 2012, this paper empirically tests the state-owned listed companies and non-state-owned listed companies. Especially, there are differences in the speed and path of the dynamic adjustment of the capital structure of the state-owned listed companies with different levels of government control. The main conclusions are as follows: (1) in terms of the dynamic adjustment speed of enterprise nature and capital structure, the dynamic adjustment speed of non-state-owned listed companies is faster than that of state-owned listed companies. Part of the hypothesis that the higher the level of government control, the faster the adjustment speed of enterprises, mainly reflected in the State Council level, provincial level. The adjustment speed of the listed companies controlled by municipal governments and departments. 2) in terms of the nature of enterprises and the path of capital structure adjustment, non-state-owned enterprises are more inclined to use the commercial credit path. State-owned enterprises and long-term debt adjustment path are positively related and more keen to use the retained earnings path. For state-owned enterprises at the provincial level and below, with the increase of the level of government control. The ability of enterprises to adjust their capital structure through long-term liabilities is stronger. This paper also finds that the state-owned enterprises controlled by the government and departments at the county level and below compare with the non-state-owned enterprises, regardless of the speed of the dynamic adjustment of capital structure. Still in the adjustment path are very similar. Through this study, to some extent enriched the theory of dynamic adjustment of capital structure, especially in combination with the unique institutional background of China, in-depth into different levels of government control to study. And this also becomes the main research achievement and innovation point of this article.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F271

【引证文献】