企业融资决策中资本成本的“锚定效应”研究

发布时间：2018-01-15 13:19

本文关键词：企业融资决策中资本成本的“锚定效应”研究　出处：《山东财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：融资决策作为企业财务决策的重要组成部分之一,是企业资金链条的起点,通常是通过融资规模以及融资方式选择的变动来影响企业的投资决策以及股利分配政策的。足够的融资规模,可以保证其投资活动的的顺利开展;合理的融资方式安排,能有效降低企业融资成本并降低财务风险,提高企业投资成功的可能性。同时,选择何种融资方式不仅决定了企业控制权的归属问题,也是企业对实现收益进行分配的依据。现代财务理论认为,最优的资本结构是当企业加权平均资本成本最低时的融资安排。企业以何种形式从哪一渠道募集资金,单一资本成本是其首要考虑因素,边际融资成本随着融资规模的增长而递增。在影响企业融资决策的众多因素中,只有以资本成本作为“锚值”去确定融资规模和融资方式及其比例,才能有效降低单一融资成本以及融资的总成本,进而实现融资决策的合理化。本文首先自MM理论开始,梳理了与融资相关的理论,并通过梳理有关文献,总结出对企业融资决策具有重大影响的因素。理论分析发现,单一资本成本对企业融资方式的选择、加权平均资本成本对融资总额的确定都具有重要作用。在理论分析的基础上,本文以中国沪深A股上市公司2006-2014年财务数据为研究样本,区分不同年份以及不同行业分析融资规模变动和融资方式选择的变动情况,并采用不同的测算方法对样本公司的股权资本成本和债务资本成本进行估算,在估测数据的基础上以样本公司的资产负债率为权数计算其加权平均资本成本,实证检验资本成本与融资规模、融资方式选择变动间的关系,回归结果表明加权平均资本成本与融资规模变动间显著负相关,债务资本成本与负债融资规模变动也显著负相关,而股权资本成本与权益融资规模变动之间呈现显著正相关的关系,这可以从中国资本市场的制度层面获得解释:配股、增发的成功与否以及规模大小被视为考核企业管理层履职能力以及公司业绩情况的一项指标,促使企业管理层在运用资本市场进行股权融资时,考虑更多的是发行的成功与否以及发行规模的大小,而股权资本成本并未能有效发挥约束的作用。
[Abstract]:As one of the important parts of financial decision, financing decision is the starting point of enterprise capital chain. Usually, the investment decision and dividend distribution policy are influenced by the change of the financing scale and the choice of the financing mode, and the sufficient financing scale can ensure the smooth development of the investment activities. Reasonable financing arrangement can effectively reduce the financing cost and reduce the financial risk, and improve the possibility of successful investment. At the same time, the choice of financing methods not only determines the ownership of corporate control. It is also the basis for enterprises to achieve the distribution of income. Modern financial theory believes. The optimal capital structure is the financing arrangement when the weighted average cost of capital is the lowest. The marginal financing cost increases with the increase of the financing scale. Among the many factors that affect the enterprise's financing decision, only the capital cost is taken as the "anchor" to determine the financing scale, financing mode and its proportion. In order to effectively reduce the single financing cost and the total cost of financing, and then realize the rationalization of financing decision. Firstly, this paper starts with MM theory, combing the theory of financing, and through combing the relevant literature. The paper summarizes the factors that have great influence on the financing decision of enterprises. The theoretical analysis shows that the single cost of capital has a great influence on the choice of financing mode. The weighted average capital cost plays an important role in determining the total amount of financing. On the basis of theoretical analysis, this paper takes the financial data of Shanghai and Shenzhen A-share listed companies from 2006 to 2014 as the research sample. Different years and different industries analyze the change of financing scale and financing mode, and use different measurement methods to estimate the cost of equity capital and debt capital of sample companies. On the basis of the estimated data, the weighted average capital cost is calculated based on the asset-liability ratio of the sample company, and the relationship between the capital cost and the financing scale and the choice of the financing mode is tested empirically. The regression results show that the weighted average capital cost is negatively correlated with the change of financing scale, and the debt capital cost is negatively correlated with the change of debt financing scale. There is a significant positive correlation between the cost of equity capital and the change of equity financing scale, which can be explained from the institutional level of China's capital market: rights issue. The success and size of the additional offering is seen as an indicator of the ability of the management to carry out their duties and the performance of the company, prompting the management to use the capital market for equity financing. More consideration is given to the success of the issue and the size of the issue, but the cost of equity capital does not play an effective role as a constraint.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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