我国纺织服装业资本结构影响因素研究
发布时间：2016-04-21 07:30
Abstract摘要
从现代资本结构理论、皮尔森相关分析、多元回归分析方法、以国内挂牌公司为研究对象的中国纺织服装企业，本文从资本结构入手，，对股票上市公司进行了全面梳理和回顾了国内外资本结构的研究成果。
通过对我国纺织服装业的现状和行业股票上市公司的现状分析，结果表明：我国纺织服装业负债资产比例较低，且逐步上升，短期负债率较高。实证结果表明，公司规模和非债务税盾与资本结构呈显著正相关。与资本结构显著负相关的总资产的担保价值、盈利能力、股利政策和资本结构。从企业视角和政府的角度提出了我国纺织服装行业最优资本结构的建议。
Textile and garment industries have been the mainstay and arteries of the world economy, which is of great importance in national economic development. The companies’ capital structure is closely related to company market value. It is important ways to improve corporate governmental structure, and to optimize capital structure and market value of the listed companies in China’s textile and garment industry.
From the theory of contemporary capital structure and methods, Pearson correlation analysis, multiple regression analysis method ,taking domestic listed company of Chinese textile clothing company as the research object , this article starts from capital structure of the listed companies and after fully sorted and reviewed the capital structure research results at home and abroad.
By analyzing the present situation of China's textile and garment industry and the listed companies in the industry, the results show that Debt Asset ratio is low, and gradually rising and short-term debts are high in China's textile and garment industry. The empirical results show that the company scale and non-debt tax shields show a significant positive correlation with capital structure. And the total assets’ collateral value, profitability, dividend policy, and capital structure was significantly negatively correlated to capital structure. Some suggestions are put forward from the business perspective and the perspective of government to achieve the listed companies’ optimal capital structure in China's textile and garment industry.
Keywords: Textile and garment industry; Capital structure; Influencing factors
Acknowledgements致谢
At the beginning of the dissertation, I would like to thank many people who have helped and encouraged me in the period of my dissertation. Without them, I could not finish my dissertation in time.
I would like to give special thanks to my supervisor, Lavinia Wilson-Youlden has given me greatest help to my dissertation. Without her professional and patient suggestions, this dissertation could not be improved so much. Sometimes, she was really tired and busy after long time classes and business trips, but she also took time off to guide my dissertation patiently. I still remember I was stuck with a specific chapter, and she explain to me every time patiently which really moved me. I should thank her sincerely and deeply.
I really appreciate my parents at first; they give me this opportunity to study in UK although this is beyond the economic capacity of our family. Besides, they always care and encourage me when I have the pressure on my dissertation, study and part time jobs even sometimes it is quite late at night for them.
I also want to thank my friends, they gave me many invaluable supports when I was depressed about some failures in some difficult parts.
Finally, I would like to thank many classmates; they help a lot about some computer techniques about Bloomberg systems so that I could get some basis and essential data smoothly.
List of Figures人物列表
Figures Description Page
Figure 1 The research path of this study 20
Figure 2 The first web page of RESSET/DB 26
Figure 3 The second web page of RESSET/DB 26
Figure 4 Summary of some definitions of capital structure 36
Figure 5 Summary of the descriptive indicators 37
Glossary词汇表
WACC– Weighted average cost of capital；
ROA– Return on assets
RONA– Return on net assets
EBIT– Earnings before interest and taxes
CVA– Collateral value of assets
GR– Growth opportunities:
PR– Profitability
DIV– Dividend policy
NDT– Non-debt tax shield
SDR– Short-term debt ratio
TDR– Total debt ratio
Contents目录
Abstract II
Acknowledgements III
List of Figures IV
Glossary V
Chapter 1 Introduction 1
1.1 Background review 1
1.2 Research purpose and objectives 2
Chapter 2 Literature review 4
2.1 Introduction 4
2.2 The theory on contemporary capital structure 4
2.2.1 MM theory and correction models 5
2.2.2 Capital structure theory considering agency costs 9
2.2.3 Asymmetric information model 10
2.3 Factors influencing capital structure 13
2.3.1 Company size 14
2.3.2 Profitability 15
2.3.3 Non-debt tax shield 16
2.3.4 The value of asset-backed 16
2.3.5 Growth 17
2.3.6 The macro factors 17
2.3.7 Shares system factors 18
2.4. Summary 18
Chapter 3 Research methods 19
3.1 Research methodology chosen and justification 20
3.2 Research process 21
3.2.1 Determine the key factors affecting capital structure in China’s textile and garment industry 21
3.2.2 Quantitative analysis 25
3.3 Ethics 29
Chapter 4 Findings and Discussion 30
4.1 The Analysis of China’s textile and garment industry 30
4.1.1 Analysis of the current situation of listed companies in China's textile and garment industry 32
4.1.2 Present situation and problems of capital structure of listed Companies in China’s textile and garment industry 33
4.1.3 Theoretical analysis of the influencing factors of listed companies in China's textile and garment industry 34
4.1.4 Definition of variables 35
4.2 Empirical Results Analysis 37
4.2.1 Descriptive statistical analysis 37
4.2.2 Multicollinearity test 38
4.2.3 Multiple regression results analysis 39
4.2.4 Hypothesis test 39
References 43
Appendix 1: Pearson correlation coefficients from 2006 to 2010 52
Appendix 2: Multiple regression results (the short-term debt ratio as the dependent variable) from 2006 to 2010 54
Appendix 3: Multiple regression results (the total liabilities ratio as the dependent variable) from 2006 to 2010 56
Chapter 1 Introduction 介绍
1.1 Background reviewModern business philosophy’s objective is to pursue maximization of corporate value. Capital structure is related to the security, growth and creditors of the enterprise. Therefore, how to properly finance to reach appropriate capital structure is the crucial matters for the management authorities. To construct capital structure is an important content of the corporate financial management. The reasonable capital structure will affect the future development of enterprises. The governance structure of the company has its particularity in different industries. The study on factors affecting listed companies’ capital structure in China’s textile and garment industry can enrich the empirical study of capital structure of labor-intensive industries. The study and exploration around this development issues, such as capital market, the corporate governance structure, can be further deepened. For the features of textile and garment industry, the listed companies need to study the influencing factors of the company's capital structure, find the direction to achieve the optimal capital structure. This will help companies to raise funds in a reasonable manner and adjust the capital structure of corporates.
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