我国家电业上市公司资本结构动态调整的实证研究

发布时间：2018-01-01 18:15

本文关键词：我国家电业上市公司资本结构动态调整的实证研究　出处：《湖北大学》2013年硕士论文　论文类型：学位论文

【摘要】：近代资本结构理论是现代公司金融的研究基石,其探讨的重点在于追求企业价值最大化的情况下,确定一个成本最低的融资组合,从而实现资本结构优化。动态资本结构理论认为,企业内外环境的变化使得企业目标资本结构的选择成为一个动态过程,信息不对称、代理成本等因素的存在使得企业的实际资本结构偏离其目标资本结构,因此,企业需要在不断变化的环境中不断调整其资本结构达到最优状态。本文在国内外研究现状的基础上,首先介绍了家电行业的特点及其上市公司资本结构的现状,分析了影响资本机构的微观及宏观因素。并在此基础上利用我国家电业上市公司2004-2011年的平衡面板数据,对我国家电业上市公司资本结构的影响因素及其动态调整的过程进行了理论研究和实证分析,实证结果表明：担保价值、信贷规模以及股票市场的发展情况与资本结构正相关,盈利能力、非债务税盾、产品市场竞争能力与资本结构负相关,成长性与GDP增长率对资本结构的影响不显著。资产负债率的前期值、信贷规模与资本结构偏离目标水平的绝对程度显著正相关,产品市场竞争能力、企业的担保价值与资本结构偏离目标水平的绝对程度显著负相关,成长性、非债务税盾、盈利能力对偏离程度的影响不显著。目标资本结构偏离程度与资本结构调整速度呈显著的负相关关系,信贷规模、股票市场发展情况与资本结构调整速度显著正相关,对于我国家电业上市公司来说,制度成本才是调整成本的主要组成部分。我国家电业上市公司资本结构的平均调整速度为0.4511,高于我国制造业的平均水平,但低于美国上市公司1990-1996年0.592的平均水平,说明我国家电业上市公司对资本结构进行了部分调整,并且具有相对较高的调整速度,但调成成本相对于发达国家依旧较高。本文的研究弥补了以往以静态模型研究资本结构的不足,从行业层面分析影响家电企业资本结构及调整速度的影响因素更具有现实意义。
[Abstract]:Modern capital structure theory is the cornerstone of modern corporate finance. The focus of its discussion is to determine a lowest cost financing combination under the condition of maximizing enterprise value. The dynamic capital structure theory holds that the change of internal and external environment makes the choice of the target capital structure a dynamic process with asymmetric information. The existence of agency cost makes the actual capital structure deviate from its target capital structure. Therefore, the firm needs to adjust its capital structure to the optimal state in the changing environment. Based on the domestic and foreign research status, this paper first introduces the characteristics of the household appliances industry and the current situation of capital structure of listed companies. This paper analyzes the micro and macro factors that affect the capital institutions and makes use of the balance panel data of the listed companies in China's household appliances industry from 2004 to 2011. This paper makes theoretical research and empirical analysis on the influencing factors of capital structure and the process of dynamic adjustment of listed companies in China's household appliances industry. The empirical results show that: guarantee value. The scale of credit and the development of the stock market are positively related to the capital structure, profitability, non-debt tax shield, the competitiveness of the product market is negatively related to the capital structure. Growth and GDP growth rate have no significant impact on capital structure. The initial value of asset-liability ratio, credit scale and the absolute degree of capital structure deviating from the target level are significantly positive correlation, and the competitiveness of product market. The guarantee value of enterprises is negatively related to the absolute degree of capital structure deviating from the target level, growth, non-debt tax shield. Profitability has no significant effect on the degree of deviation. There is a significant negative correlation between the degree of deviation of target capital structure and the speed of capital structure adjustment. The development of the stock market is positively related to the speed of the adjustment of the capital structure, for the listed companies of the household appliances industry in China. The system cost is the main component of the adjustment cost. The average adjustment speed of the capital structure of the listed companies in China's household appliances industry is 0.4511, which is higher than the average level of our manufacturing industry. However, it is lower than the average level of 0.592 in 1990-1996, which indicates that the listed companies of home appliance industry have made some adjustments to the capital structure and have a relatively high speed of adjustment. However, the cost of adjustment is still higher than that of developed countries. The research in this paper makes up for the lack of static model to study capital structure in the past. It is of practical significance to analyze the influencing factors of the capital structure and adjustment speed of the household appliance enterprises from the industry level.
【学位授予单位】：湖北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F426.6

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