發(fā)布時(shí)間：2018-06-19 22:34

  本文選題：融資行為 + 資本結(jié)構(gòu)　； 參考：《南京財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：融資問題在資本市場(chǎng)領(lǐng)域一直屬于熱點(diǎn)問題。國(guó)內(nèi)外學(xué)者對(duì)它也作了深入的研究，試圖找出企業(yè)最優(yōu)化融資的策略。合理的融資決策不僅可以為企業(yè)的發(fā)展提供資金支持，還能降低企業(yè)的融資成本。適當(dāng)?shù)娜谫Y結(jié)構(gòu)還可以發(fā)揮債權(quán)治理效應(yīng)，降低企業(yè)的代理成本。對(duì)于具備成長(zhǎng)前景、利潤(rùn)率高的公司，增加企業(yè)的財(cái)務(wù)杠桿，使得企業(yè)獲得快速發(fā)展的資金資源，對(duì)于提高公司價(jià)值有著非常重要的意義。總之，合理的融資決策為公司的長(zhǎng)期穩(wěn)步發(fā)展奠定了良好的基礎(chǔ)。 首先本文介紹西方學(xué)者在融資與資本結(jié)構(gòu)方面的研究，然后重點(diǎn)介紹了國(guó)外和國(guó)內(nèi)學(xué)者對(duì)融資和公司資本結(jié)構(gòu)關(guān)聯(lián)性方面的研究，在此基礎(chǔ)上得出本文的研究重點(diǎn)，，即探討我國(guó)上市公司融資所考慮的因素以及融資與資本結(jié)構(gòu)的關(guān)聯(lián)性，即杠桿率是怎樣影響企業(yè)的融資行為。本文立足我國(guó)實(shí)際，考慮到股權(quán)分置改革對(duì)中國(guó)公司融資行為的影響，引入非流通股比例變量。在正文論述中，通過(guò)對(duì)上市公司的融資特征進(jìn)行描述性統(tǒng)計(jì)與分析，通過(guò)融資規(guī)模及時(shí)間分布，上市公司融資結(jié)構(gòu)、債務(wù)結(jié)構(gòu)、債務(wù)水平等方面推出我國(guó)上市公司的融資特征，我們發(fā)現(xiàn)這些公司的融資行為受宏觀經(jīng)濟(jì)大背景、監(jiān)管部門的政策影響非常大，有明顯的規(guī)律。 在實(shí)證方面，本文以2000年的827家存續(xù)10年的非金融公司的數(shù)據(jù)為樣本，運(yùn)用非平衡面板回歸模型，權(quán)益凈融資、債務(wù)凈融資分別對(duì)資產(chǎn)負(fù)債比率、控制變量進(jìn)行面板回歸分析。實(shí)證的結(jié)果指出中國(guó)資本市場(chǎng)存在市場(chǎng)擇機(jī)行為，公司未來(lái)成長(zhǎng)性、可抵押資產(chǎn)規(guī)模、非流通股比例、負(fù)債率對(duì)公司的融資行為都有非常顯著的影響。市場(chǎng)擇機(jī)在我國(guó)資本市場(chǎng)顯著存在，成長(zhǎng)性好的公司傾向于權(quán)益融資，受限非流通股比例越高，受限非流通股股東與流通股股東的利益沖突越大，我國(guó)上市公司負(fù)債比例偏低。這與理論非常吻合。相機(jī)行事、權(quán)衡利弊的思想在上市公司的融資實(shí)踐中得到了貫徹。本文認(rèn)為這與我國(guó)的資本市場(chǎng)的特殊制度環(huán)境密不可分，特別是市場(chǎng)管制，比如說(shuō)股票增發(fā)、信貸規(guī)模的限制，回購(gòu)市場(chǎng)的未放開，國(guó)有股權(quán)的頑疾等。本文認(rèn)為企業(yè)在融資時(shí)要相機(jī)行事、權(quán)衡利弊才能作出恰當(dāng)?shù)娜谫Y決策。 最后，本文提出公司融資行為最優(yōu)化建議以及后續(xù)研究的展望。
[Abstract]:The issue of financing has always been a hot issue in the field of capital markets. Scholars at home and abroad have also made a deep study of it, trying to find out the optimal financing strategy. Reasonable financing decision can not only provide financial support for the development of enterprises, but also reduce the financing costs of enterprises. The proper financing structure can also exert the governance effect of creditor's rights and reduce the agency cost of the enterprise. It is of great significance to increase the financial leverage of the enterprise and to obtain the capital resources for the rapid development of the company, which is of great significance to the improvement of the value of the company. In short, reasonable financing decision for the company's long-term steady development laid a good foundation. First of all, this paper introduces the western scholars' research on financing and capital structure, and then focuses on the foreign and domestic scholars' research on the relationship between financing and corporate capital structure. This paper discusses the factors of financing of listed companies in China and the relationship between financing and capital structure, that is, how leverage ratio affects the financing behavior of enterprises. Based on the reality of our country, this paper introduces the non-tradable stock ratio variable considering the influence of the split share structure reform on the financing behavior of Chinese companies. In the text, through the descriptive statistics and analysis of the financing characteristics of the listed companies, the financing characteristics of the listed companies in China are put forward through the financing scale and time distribution, the financing structure of the listed companies, the debt level, and so on. We found that the financing behavior of these companies is subject to the macroeconomic background, regulatory policies are very big, there are obvious laws. On the empirical side, this paper takes the data of 827 non-financial companies in 2000 as a sample, applies non-equilibrium panel regression model, equity net financing, debt net financing to the ratio of assets to liabilities and control variables to panel regression analysis. The empirical results show that the market choice behavior, the future growth of the company, the scale of mortgaged assets, the proportion of non-tradable shares and the debt ratio have very significant effects on the financing behavior of the Chinese capital market. Market opportunities exist significantly in China's capital market. Companies with good growth tend to raise equity. The higher the proportion of restricted non-tradable shares, the greater the conflict between restricted non-tradable shareholders and tradable shareholders, and the lower the debt ratio of listed companies in China. This fits very well with theory. Camera acting, weighing the advantages and disadvantages of the idea of listed companies in the financing practice has been carried out. This paper holds that this is closely related to the special institutional environment of China's capital market, especially the regulation of the market, such as the additional issuance of stocks, the restriction of credit scale, the unliberalized repurchase market, the persistent disease of state-owned equity, and so on. In this paper, the author thinks that enterprises should act on their own camera and weigh the advantages and disadvantages in order to make appropriate financing decisions. Finally, this paper puts forward the optimization of corporate financing behavior and future research prospects.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224;F275

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