宏观经济政策、股权结构与资本结构动态调整研究

发布时间：2018-04-16 10:27

本文选题：资本结构 + 宏观经济政策　；参考：《河南大学》2017年硕士论文

【摘要】：资本结构是企业融资领域的核心问题。回顾资本结构研究的发展历程可以看到,资本结构理论的研究已从静态理论转向动态调整理论。资本结构相关实证研究则由静态资本结构决定研究发展到资本结构动态调整行为研究,包括资本结构的动态调整速度、调整成本等诸多方面。同时,关于资本结构调整的影响因素研究也由单一的企业内部影响因素发展到外部宏观经济因素,其中最为前沿的是在宏观与微观联动的分析框架下研究资本结构的调整问题。本文通过对资本结构相关领域的文献进行搜集整理,并结合相关理论分析发现:作为资本结构的研究前沿,资本结构动态理论比静态理论有更好的解释力,且资本结构动态理论研究已取得众多的研究成果,包括目标资本结构的存在性研究、资本结构动态调整影响因素的研究等。同时,本文也发现该领域现有研究存在着一些研究不足:首先,现有研究大多数只是局限于考察单一因素对资本结构调整的研究,比如仅研究企业特征对资本结构调整的影响,或仅研究宏观环境对资本结构调整的影响;其次,现有研究中很少涉及到股权结构对资本结构调整速度的研究;最后,现有研究基于宏观经济政策与微观企业特征视角来研究资本结构调整行为的还比较少。因此,本文基于以上分析确定研究思路,即本文要研究并解决的问题是:(1)宏观经济政策对我国上市公司资本结构动态调整速度到底有没有影响?(2)对于不同股权结构特征的企业,宏观经济政策对资本结构调整速度的影响有没有区别?宏观经济政策是企业生存发展的重要宏观环境,企业的融资行为首先受到宏观经济政策的影响。宏观经济政策一方面在宏观层面影响整体经济运行的参数,另一方面在微观层面通过调控社会需求与供给影响企业行为。在不同的宏观经济政策下,企业的融资状况、经营投资所面临的机遇也会不同。在我国特殊的制度背景下,股权结构不同的企业对于宏观经济政策的反应不同。本文选择我国沪深两市A股上市公司为研究样本,选取2003-2015年期间的数据。首先,在总结分析相关文献的基础上,构建目标资本结构的拟合模型;其次,构建资本结构动态调整模型,测算企业的资本结构调整速度;将货币政策替代变量广义货币供应量增长率M2和财政政策替代变量年度财政支出增长率FE引入模型当中,利用Stata软件进行面板数据回归分析,最终得出结论。研究结果表明:(1)货币供应量与资本结构调整速度存在显著的正相关关系;积极的货币政策能加快企业资本结构调整速度;(2)非国有企业资本结构调整速度对于货币政策变动的敏感程度更高;无论采取怎样的货币政策,非国有企业资本结构的调整速度都大于国有企业;(3)股权集中企业资本结构调整速度对于货币政策变动的敏感程度更高;如果以M2=19.46%作为货币政策松紧程度的分界点,那么,当采取积极的货币政策时(M219.46%),股权集中企业资本结构调整速度快于股权分散企业,当采取稳健的货币政策时(M219.46%)时,股权分散企业的资本结构调整速度快于股权集中企业;(4)财政支出与资本结构动态调整速度存在显著的正相关关系;积极的财政政策加快了企业资本结构调整速度;(5)非国有企业资本结构调整速度对于财政政策变动的敏感程度更高;无论采取怎样的财政政策,非国有企业资本结构的调整速度都大于国有企业;(6)股权集中企业资本结构调整速度对于财政政策变动的敏感程度更高;无论采取怎样的财政政策,股权分散企业资本结构调整速度都要大于股权集中企业。本文创新地用宏观-微观视角,结合我国的市场特点及企业特点来研究资本结构动态调整问题,以期为我国的宏观政策制定、企业改革及企业发展提供一些建议。
[Abstract]:Capital structure is the core issue of corporate finance field. The review of the development of capital structure can be seen, the theory of capital structure dynamic adjustment theory has shifted from static theory. The empirical study of capital structure from static capital structure decision research to the study of capital structure dynamic adjustment behavior, including the dynamic adjustment of capital structure, adjustment the cost and other aspects. At the same time, influence on the adjustment of capital structure factors from the single enterprise internal factors to the development of the external macroeconomic factors, one of the most cutting-edge research problem is to adjust the capital structure in the framework of macro and micro linkage under. In this paper, through collecting and arranging capital structure literature then, based on theoretical analysis found that: as the research frontier of capital structure, dynamic capital structure theory than static theory On explaining the better, and the research on the theory of capital structure dynamic has made many research results, including the existence of target capital structure, factors of the dynamic adjustment of capital structure influence. At the same time, this paper also finds that the existing research in this field has some research issues: firstly, most existing research is limited to study single on the adjustment of capital structure research, such as the only research firm characteristics affect capital structure adjustment, or only on the macro environment influence on capital structure; secondly, the existing research rarely involves the research of ownership structure on capital structure adjustment speed; finally, the existing research from the perspective of macroeconomic policies and micro enterprises based on the characteristics of to study the capital structure adjustment behavior is still relatively small. Therefore, this paper based on the above analysis to determine the research ideas, this paper is to study and solve the problem Is: (1) macroeconomic policies to adjust the speed of the dynamic capital structure of Listed Companies in China in the end there is no effect? (2) for structural characteristics of different ownership enterprises, macroeconomic policy on capital structure adjustment speed has no difference? Macroeconomic policy is an important macro environment for the survival and development of enterprises, the financing behavior of enterprises first, by the impact of macroeconomic policies. The macroeconomic policy on the one hand parameters affecting the overall economic performance at the macro level, on the other hand, at the micro level through the regulation of social demand and supply effects of corporate behavior. Under different macroeconomic policies, enterprise's financial condition, business investment opportunities will be different in the system. Under the special background of our country, different enterprises of different ownership structure on macroeconomic policy response. The choice of China's two stock markets of Shanghai and Shenzhen A shares of listed companies as the research sample During the 2003-2015 years, selected data. Firstly, based on summarizing and analyzing the related literature, construct the fitting model of capital structure; secondly, construct a dynamic adjustment model of capital structure, capital structure adjustment speed of the enterprise; the monetary policy variables instead of broad money supply growth rate M2 and fiscal policy alternative fiscal expenditure variables the growth rate of FE is introduced into the model, regression analysis of the data using Stata software, the final conclusion. The results show that: (1) there is a significant positive correlation between money supply and capital structure adjustment speed; active monetary policy can accelerate the speed of adjustment of capital structure; (2) the speed of capital structure adjustment of non state owned enterprises higher sensitivity to changes in monetary policy; regardless of how monetary policy, capital structure of state-owned enterprises to adjust speed is higher than the state-owned enterprises; (3) ownership enterprise capital structure adjustment speed and higher sensitivity to changes in monetary policy; if using M2=19.46% as the cut-off point, the tightness of monetary policy so as to adopt a positive monetary policy (M219.46%), equity concentration of corporate capital structure adjustment speed faster than firms with dispersed equity, when adopt a prudent monetary policy when (M219.46%), capital structure adjustment speed is faster than firms with dispersed equity ownership of enterprises; (4) there is a significant positive correlation between the expenditure and the dynamic adjustment of capital structure of finance; proactive fiscal policy to accelerate the speed of adjustment of the capital structure of enterprises; (5) the capital structure adjustment speed higher for non state owned enterprises the sensitivity of fiscal policy changes; regardless of how fiscal policy, capital structure adjustment speed is higher than the non state-owned enterprises state-owned enterprises; (6) focus on equity capital structure adjustment The speed of higher sensitivity to changes in fiscal policy; regardless of how fiscal policy, dispersed ownership adjustment speed of enterprise capital structure must be greater than the equity concentration enterprises. This paper used the macro - micro perspective, combined with the market characteristics and the characteristics of China's enterprises to research the dynamic adjustment of capital structure, in order to make the macro policy of our country, provide some suggestions for enterprise reform and development of enterprises.

【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】