我国上市公司资本结构动态调整模型及实证研究

发布时间：2017-12-31 15:29

本文关键词：我国上市公司资本结构动态调整模型及实证研究　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：资本结构主要是指公司各种资本的构成和比例问题。1958年，Modigliani和Miller提出著名的MM理论，被视为现代资本结构理论的基石，开启了资本结构科学化研究的进程。经过半个世纪的发展，已经形成了相对成熟的静态资本结构理论体系，而有关动态资本结构的理论和实证研究还正处于不断发展完善中，特别是动态资本结构的调整速度作为动态资本结构的核心问题，引起了学者们的研究热情。同时，公司资本结构一直以来也是公司经营管理的核心问题，为公司融资决策、风险管理等提供了指导意义，直接影响着公司资本成本与融资结构，以及公司价值最大化的实现，因此，，资本结构也同样成为管理者关注的重点。本文在资本结构动态理论的基础上，对资本结构动态调整速度以及自由现金流对动态调整的影响机制进行了详尽的阐述和分析，并基于传统的部分调整模型创新性的进行了拓展：资本结构动态调整速度的非对称性拓展；自由现金流作为调整成本的替代变量的拓展。从而将资本结构动态调整速度的研究向前推进了一大步。本文选择2006年-2011年我国上市公司的相关数据，对我国上市公司资本结构动态调整行为进行了分析和研究。结果发现：（1）我国上市公司的目标资本结构受到公司规模、资产有形性、盈利能力、资产流动性、成长性和非负债税盾等因素的影响；（2）公司资本结构存在主动调整和被动调整的行为，主动调整的速度要快于传统模型测算出的调整速度；（3）自由现金流是调整成本的一个很好的替代变量，但自由现金流的正负，对资本结构动态调整行为的影响是一致的，资本结构的调整速度只与自由现金流绝对值的大小相关，而与自由现金流的正负无关；（4）动态资本结构的调整行为存在显著的非对称性，并且向下调整的速度明显快于向上调整的速度。因此，本文的研究不仅为公司资本结构动态优化机制的建立提供了指导意义，也可为政府完善资本市场建设提供参考。
[Abstract]:In 1958, Modigliani and Miller put forward the famous MM theory. It is regarded as the cornerstone of the modern capital structure theory, which has opened the process of the scientific research of capital structure. After half a century of development, it has formed a relatively mature static capital structure theory system. However, the theoretical and empirical research on dynamic capital structure is still in the process of continuous development and perfection, especially the adjustment speed of dynamic capital structure as the core issue of dynamic capital structure. At the same time, the capital structure of the company has always been the core issue of corporate management, which provides guidance for corporate financing decisions, risk management and so on. It has a direct impact on the capital cost, financing structure and the realization of maximization of corporate value. Therefore, capital structure has also become the focus of managers' attention. Based on the dynamic theory of capital structure, this paper expounds and analyzes the influence mechanism of the dynamic adjustment speed of capital structure and free cash flow on the dynamic adjustment in detail. Based on the traditional partial adjustment model, the paper innovatively expands the speed of the dynamic adjustment of capital structure. The expansion of free cash flow as an alternative variable of adjustment cost brings forward the study of the dynamic adjustment speed of capital structure. This paper chooses the relevant data of Chinese listed companies from 2006 to 2011. This paper analyzes and studies the dynamic adjustment of capital structure of listed companies in China. The results show that the target capital structure of listed companies in China is affected by the scale of companies, the tangible property of assets and the profitability of listed companies. Assets liquidity, growth and non-liability tax shield and other factors; (2) the company's capital structure has the behavior of active adjustment and passive adjustment, and the speed of active adjustment is faster than that of the traditional model. Free cash flow is a good alternative to the adjustment cost, but the positive or negative free cash flow has the same effect on the dynamic adjustment of capital structure. The adjustment speed of capital structure is only related to the absolute value of free cash flow, but not to the positive or negative value of free cash flow. 4) the adjustment behavior of dynamic capital structure has significant asymmetry, and the speed of downward adjustment is obviously faster than that of upward adjustment. The research in this paper not only provides the guiding significance for the establishment of the dynamic optimization mechanism of the company's capital structure, but also provides a reference for the government to perfect the construction of the capital market.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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