杠杆率调节速率对上市公司成长性的影响研究

发布时间：2018-01-16 09:51

本文关键词：杠杆率调节速率对上市公司成长性的影响研究　出处：《哈尔滨工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着中国证券市场的发展和上市公司数量的增加，越来越多的企业在成长过程中选择发行股票和借贷这两种融资形式。负债的增加对于高成长性的企业带来杠杆效应和税盾效应，但同时也会带来债务风险。因此合理调节企业的杠杆率，对企业发展有着重要意义。国家为了促进国民经济的发展，会针对重点企业出台各种扶持政策，从而解决这些企业融资难的问题。然而在降低企业融资成本，，即提高企业杠杆率调节速率的情况下，企业成长性能否随之得到提升，国内外学者之间存在不同见解。所以充分认识杠杆率调节速率与企业成长性的关系是一个必要的研究课题。本研究通过运用局部调整模型、面板数据、混合样本回归、层次回归等处理方法，计算出中国上市公司杠杆率调节速率（LAS）并研究其与企业成长性的关系。样本包括26个行业2293家企业2006年至2012年的年报数据。通过混合样本处理方法和面板数据处理方法对每个行业的杠杆率调节速率进行测算，并且利用层次回归的方法对混合样本处理方法和面板数据处理方法的结果进行优化处理，然后以企业投资现金流为调节变量来研究杠杆率调节速率与企业成长性的关系。结果显示杠杆率调节速率与企业未来成长性呈现显著负相关，但是当以企业投资活动所产生现金流量为调节变量的时候，杠杆率调节速率与企业成长性呈现正相关。结果显示有23个行业的杠杆率调节速率和最优杠杆率可以通过混合样本处理方式计算出来，有20个行业的杠杆率调节速率和最优杠杆率可以通过面板数据处理方式计算出来。但是综合两种处理方式，其结果都说明杠杆率调节速率与企业未来成长性呈显著负相关，但是当以企业投资活动所产生现金流量为调节变量的时候，杠杆率调节速率与企业成长性呈现正相关。
[Abstract]:With the development of China's securities market and the increase of the number of listed companies. More and more enterprises choose to issue stock and borrow in the process of growth. The increase of debt brings leverage effect and tax shield effect to high-growth enterprises. But at the same time it will also bring debt risk. So it is of great significance to adjust the leverage ratio of enterprises reasonably. In order to promote the development of national economy, the state will introduce various supporting policies for key enterprises. In order to solve these enterprises financing difficult problem. However, in order to reduce corporate financing costs, that is, to increase the rate of corporate leverage adjustment, corporate growth can be enhanced. There are different opinions between domestic and foreign scholars, so it is a necessary research topic to fully understand the relationship between the rate of leverage ratio regulation and the growth of enterprises. This study uses local adjustment model, panel data, mixed sample regression, hierarchical regression and other processing methods. Calculate the rate of leverage Regulation of Chinese listed companies (LASs). The relationship between the data and the growth of enterprises was studied. The sample includes the annual report data of 2293 enterprises from 2006 to 2012 in 26 industries. Each row is processed by mixed sample processing method and panel data processing method. The rate of leverage adjustment of the industry is measured. The results of mixed sample processing and panel data processing are optimized by hierarchical regression method. Then the paper studies the relationship between the rate of leverage regulation and the growth of the firm with the investment cash flow as the regulating variable. The results show that the leverage rate is negatively correlated with the firm's future growth, but when the cash flow generated by the firm's investment activities is taken as the adjustment variable. The results show that there are 23 industries in which the rate of leverage regulation and the optimal leverage ratio can be calculated by mixed sample processing. There are 20 industries where the rate of leverage adjustment and the optimal leverage ratio can be calculated through panel data processing. The results show that the rate of leverage regulation is significantly negative correlation with the future growth of the firm, but when the cash flow generated by the enterprise investment activities as the adjustment variable. The rate of leverage regulation is positively correlated with the growth of enterprises.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272;F276.6;F832.51

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