發(fā)布時(shí)間：2018-01-06 17:03

  本文關(guān)鍵詞：基于產(chǎn)業(yè)異質(zhì)性的資本結(jié)構(gòu)及其調(diào)整速度研究　出處：《南京財(cái)經(jīng)大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 產(chǎn)業(yè)異質(zhì)性 資本結(jié)構(gòu) 調(diào)整速度

【摘要】：上市公司的資本結(jié)構(gòu)一直是國(guó)內(nèi)外學(xué)術(shù)研究關(guān)注的重點(diǎn),因?yàn)橘Y本結(jié)構(gòu)在很大程度上影響了一家公司的存活,隨著我國(guó)產(chǎn)業(yè)的優(yōu)化改革,產(chǎn)業(yè)異質(zhì)對(duì)資本結(jié)構(gòu)及其調(diào)整速度產(chǎn)生了一定的影響,不同產(chǎn)業(yè)的資本結(jié)構(gòu)存在差異性,其調(diào)整速度是不同的。企業(yè)優(yōu)化自身資本結(jié)構(gòu),追求目標(biāo)資本結(jié)構(gòu),實(shí)現(xiàn)企業(yè)價(jià)值的最大化。只有這樣才能促進(jìn)整個(gè)行業(yè)以及整個(gè)經(jīng)濟(jì)的持續(xù)發(fā)展。本文先從理論的角度論述了現(xiàn)代資本結(jié)構(gòu)的發(fā)展歷程,探討了資本結(jié)構(gòu)及其調(diào)整速度的影響因素,發(fā)現(xiàn)企業(yè)的規(guī)模、資產(chǎn)結(jié)構(gòu)、債務(wù)的期限結(jié)構(gòu)、盈利能力、償付能力、流動(dòng)性、增長(zhǎng)機(jī)會(huì)、非債務(wù)稅盾以及有效稅率影響著公司的資本結(jié)構(gòu)。本文的創(chuàng)新之處在于基于產(chǎn)業(yè)異質(zhì),研究了資本結(jié)構(gòu)及其調(diào)整速度的影響因素。按照生產(chǎn)要素投入將制造業(yè)企業(yè)分成三大類(lèi)：資金密集型、勞動(dòng)密集型以及技術(shù)密集型,然后本文進(jìn)行實(shí)證分析發(fā)現(xiàn)：技術(shù)密集型企業(yè)的規(guī)模對(duì)杠桿率的貢獻(xiàn)最大；資金密集型企業(yè)、勞動(dòng)密集型企業(yè)的資產(chǎn)結(jié)構(gòu)對(duì)杠桿率的影響不顯著；對(duì)于盈利能力的系數(shù),資金密集型企業(yè)、勞動(dòng)密集型企業(yè)和技術(shù)密集型企業(yè)都是負(fù)值；償付能力對(duì)資金密集型企業(yè)的杠桿影響是正向的,對(duì)勞動(dòng)密集型企業(yè)是負(fù)向影響；勞動(dòng)密集型企業(yè)和技術(shù)密集型企業(yè)都遵循了信號(hào)傳遞理論,它們的流動(dòng)性和杠桿率之間存在正相關(guān)關(guān)系；對(duì)于勞動(dòng)密集型企業(yè),非債務(wù)稅盾和杠桿率成反比關(guān)系。與此同時(shí),技術(shù)密集型企業(yè)的調(diào)整速度最快,勞動(dòng)密集型企業(yè)次之,而資金密集型企業(yè)的調(diào)整速度為負(fù)值,可以認(rèn)為根本沒(méi)有調(diào)整速度。文章最后總結(jié)全文并且從微觀和宏觀層面提出優(yōu)化資本結(jié)構(gòu)的政策建議。
[Abstract]:The capital structure of listed companies has been the focus of academic research at home and abroad, because the capital structure to a large extent has affected the survival of a company, with the optimization of China's industry reform. Industrial heterogeneity has a certain impact on the capital structure and its adjustment speed. Different industries have different capital structure and their adjustment speed is different. Enterprises optimize their own capital structure and pursue the target capital structure. Only in this way can we promote the sustainable development of the whole industry and the whole economy. This paper first discusses the development process of the modern capital structure from the perspective of theory. The paper discusses the influence factors of capital structure and its adjustment speed, and finds out the scale, asset structure, maturity structure of debt, profitability, solvency, liquidity, growth opportunity. Non-debt tax shield and effective tax rate affect the capital structure of the company. The innovation of this paper is based on industrial heterogeneity. This paper studies the factors influencing the capital structure and its adjustment speed. According to the input of production factors, manufacturing enterprises are divided into three categories: capital intensive, labor-intensive and technology-intensive. Then the empirical analysis shows that: the scale of technology-intensive enterprises has the greatest contribution to leverage ratio; The asset structure of capital-intensive enterprises and labor-intensive enterprises has no significant influence on leverage ratio; For the coefficient of profitability, capital-intensive enterprises, labor-intensive enterprises and technology-intensive enterprises are all negative; Solvency has a positive effect on the leverage of capital-intensive enterprises and a negative impact on the labor-intensive enterprises. Both labor-intensive enterprises and technology-intensive enterprises follow the signaling theory, and there is a positive correlation between their liquidity and leverage ratio. For labor-intensive enterprises, non-debt tax shield and leverage ratio are inversely proportional. At the same time, technology-intensive enterprises have the fastest adjustment rate, followed by labor-intensive enterprises. However, the adjustment speed of capital-intensive enterprises is negative, so it can be considered that there is no adjustment speed at all. Finally, the paper summarizes the full text and puts forward some policy suggestions on optimizing capital structure from micro and macro level.
【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】：2015
【分類(lèi)號(hào)】：F275

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