农业类上市公司股权融资成本的影响因素研究

发布时间：2018-05-29 03:05

本文选题：农业类上市公司 + 股权融资成本　；参考：《海南大学》2014年硕士论文

【摘要】：股权融资成本是财务管理中的一个重要概念,也是上市公司在进行股权融资前必须慎重考虑的首要因素,随着我国证券市场的不断成熟,国外的很多研究理论及其方法也被引入国内,对国内市场进行研究并且得到了较为理想的结论。然而国内研究大多数是以整个证券市场为研究对象,少有以某个单独行业为研究对象的成果出现。农业类上市公司无论是在融资选择还是融资成本控制上都相较于其他行业存在劣势,此外由于农业的弱质性以及农业类上市公司占上市公司的比例小,从而导致研究者更多的是关注非农业股。本文正是在此背景下,选择农业类上公司作为具体研究对象,深入探讨去除行业因素影响后其他因素对股权融资成本的影响作用,为了解决农业类上市公司股权融资成本控制难的问题。期待对研究理论及其方法作此有益的探索,并进行实践上的尝试。本文围绕股权融资成本,以我国沪深两市A股上市的农业类公司为具体研究对象,选取从2006年至2013年的数据为样本,确定其估值方法并加以估值,选用国际通用的七个指标(β系数、账面市值比、股票流动性、公司规模、财务风险、资产周转率以及股权集中度)对股权融资成本进行实证研究。本文实证研究部分运用多元线性回归模型对股权融资成本和上述七因子进行逐步回归分析,回归结果将β系数(BETA)、股票流动性(SL)以及股权集中度(OC)从最终模型中剔除,这样就确定了影响农业类上市公司股权融资成本的四个主要因子：账面市值比(BM)、财务风险(FR)、公司规模(CS)和资产周转率(AT)。实证研究部分运用STATA12.0软件进行,包括样本描述性统计、相关性分析、各因子之间的多重共线性诊断、逐步回归分析以及模型年度稳定性检验等,研究结果与第四章的实证假设相符,并且最终得到的多元回归模型对股权融资成本的解释能力达到43.76%,分年度的回归稳定性检验也得到了介于20%-65%的解释能力,研究结果令人满意。实证最后找到了影响我国农业类上市公司股权融资成本的四个主要因子,并得到了其股权融资成本的近似预测方程,期望本文的研究成果能够为今后农业上市公司融资决策提供一定的参考依据,也为有效降低股权融资成本提供有限的参考。
[Abstract]:The cost of equity financing is an important concept in financial management, and it is also the first factor that listed companies must carefully consider before carrying out equity financing. Many foreign research theories and methods have also been introduced into China, and the domestic market has been studied and a more ideal conclusion has been obtained. However, most of the domestic studies focus on the whole stock market, and there are few achievements in a single industry. Agricultural listed companies are inferior to other industries in terms of financing choice and financing cost control. In addition, due to the weakness of agriculture and the small proportion of agricultural listed companies to listed companies, As a result, researchers pay more attention to non-agricultural stocks. Under this background, this paper chooses the agricultural companies as the specific research object, deeply discusses the effect of other factors on the equity financing cost after removing the influence of industry factors. In order to solve the agricultural listed company equity financing cost control difficult problem. This paper looks forward to exploring the theory and methods and making a practical attempt. This paper focuses on the cost of equity financing, takes the agricultural companies listed in Shanghai and Shenzhen A-shares as the specific research object, selects the data from 2006 to 2013 as the sample, determines the valuation method and gives the valuation. Seven indexes (尾 coefficient, book market value ratio, stock liquidity, company size, financial risk, asset turnover and equity concentration) are selected to study the cost of equity financing. In the part of empirical research, we use multiple linear regression model to analyze the equity financing cost and the seven factors mentioned above. The regression results exclude the 尾 coefficient (Beta), the stock liquidity (SLL) and the equity concentration (OCC) from the final model. In this way, four main factors affecting the cost of equity financing of agricultural listed companies are determined: book market value ratio, financial risk, company size, and asset turnover. The empirical research is carried out by using STATA12.0 software, including sample descriptive statistics, correlation analysis, multiple co-linear diagnosis among various factors, stepwise regression analysis and model annual stability test. The results are consistent with the empirical hypothesis in Chapter 4, and the final multivariate regression model has the ability to explain the equity financing cost to 43.76. the stability test of regression in each year has also obtained the explanatory ability between 20% and 65%, and the results are satisfactory. Finally, we find the four main factors that affect the cost of equity financing of agricultural listed companies in China, and get the approximate prediction equation of the cost of equity financing. It is expected that the research results of this paper can provide a certain reference basis for the financing decision of agricultural listed companies in the future, and also provide a limited reference for effectively reducing the cost of equity financing.
【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F224;F324;F832.51

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