本文選題：上市公司 + 融資決策��； 參考：《天津大學(xué)》2012年博士論文

【摘要】：企業(yè)的融資決策是金融理論界研究的熱門(mén)話題之一,中國(guó)擁有世界上發(fā)展?jié)摿ψ畲蟮馁Y本市場(chǎng),其上市公司的融資行為特征尤其值得深入研究。 本文在第一章闡述了研究的選題背景、對(duì)象和范圍,介紹研究思路、框架和方法,在第二章系統(tǒng)回顧和梳理了資本結(jié)構(gòu)與公司價(jià)值的研究成果,并且分析它們應(yīng)用于中國(guó)資本市場(chǎng)的利弊。第三章從中國(guó)整個(gè)A股市場(chǎng)的資產(chǎn)負(fù)債率的演化趨勢(shì)及每個(gè)行業(yè)資本結(jié)構(gòu)的統(tǒng)計(jì)特征和差異出發(fā),運(yùn)用靜態(tài)與動(dòng)態(tài)面板數(shù)據(jù)模型,從多角度實(shí)證分析上市公司資本結(jié)構(gòu)的決定因素。第四章從時(shí)間序列的角度實(shí)證研究發(fā)現(xiàn)我國(guó)上市公司每年的債權(quán)融資成本均明顯高于股權(quán)融資成本,上市公司股權(quán)融資成本低是其股權(quán)融資偏好的直接動(dòng)因。第五章從債務(wù)融資、公司治理與公司價(jià)值的理論關(guān)系出發(fā),對(duì)資產(chǎn)負(fù)債率不同的上市公司進(jìn)行分段,實(shí)證檢驗(yàn)公司的負(fù)債融資率與公司價(jià)值的關(guān)系以及公司價(jià)值對(duì)負(fù)債融資的信號(hào)作用,發(fā)現(xiàn)資產(chǎn)負(fù)債率在30%~60%的上市公司負(fù)債融資率與公司價(jià)值成正比,公司價(jià)值越高,越有可能進(jìn)行債務(wù)融資。第六章運(yùn)用非參數(shù)檢驗(yàn)比較分析IPO以及再融資前后公司業(yè)績(jī)變化,發(fā)現(xiàn)股權(quán)融資后公司的業(yè)績(jī)普遍下滑,上市公司為了獲得配股資格和提高配股價(jià)格,具有通過(guò)調(diào)整可操縱應(yīng)計(jì)利潤(rùn)來(lái)提升報(bào)告盈余的強(qiáng)烈動(dòng)機(jī)。第七章先從理論上分析利潤(rùn)最大化、股東利益最大化以及公司價(jià)值最大化的資本結(jié)構(gòu)優(yōu)劣勢(shì),最后實(shí)證計(jì)算出12個(gè)行業(yè)基于公司價(jià)值最大化下最優(yōu)的資本結(jié)構(gòu),發(fā)現(xiàn)中國(guó)各個(gè)行業(yè)的上市公司最優(yōu)的資本結(jié)構(gòu)基本上在50%以下,這與國(guó)際上的有一定的差異。針對(duì)前文研究的結(jié)論,本文在最后一章提出了對(duì)策建議。
[Abstract]:The financing decision of enterprises is one of the hot topics in the field of financial theory. China has the most potential capital market in the world, and the characteristics of financing behavior of listed companies are especially worthy of further study. In the first chapter, the background, object and scope of the research are described, and the research ideas, framework and methods are introduced. In the second chapter, the research results of capital structure and corporate value are reviewed and combed systematically. And analyze the advantages and disadvantages of their application in Chinese capital market. In the third chapter, based on the evolution trend of asset-liability ratio and the statistical characteristics and differences of capital structure of each industry, the static and dynamic panel data models are used. This paper empirically analyzes the determinants of capital structure of listed companies from many angles. The fourth chapter from the perspective of time series empirical study found that the annual debt financing costs of listed companies in China are significantly higher than the cost of equity financing. The low cost of equity financing of listed companies is the direct cause of their equity financing preferences. The fifth chapter starts with the theoretical relationship among debt financing, corporate governance and corporate value, and segments the listed companies with different asset-liability ratios. The relationship between debt financing ratio and company value and the signalling effect of company value on debt financing are tested. It is found that the debt financing ratio of listed companies with asset-liability ratio of 3060% is directly proportional to the company value, and the higher the company value is, the higher the corporate value is. The more likely debt financing is. In chapter 6, we use non-parametric test to compare the performance of IPO and refinancing companies before and after refinancing, and find that after equity financing, the performance of the companies generally declined, and the listed companies in order to obtain the qualification of rights issue and raise the price of the rights issue. There is a strong incentive to increase the reported surplus by adjusting actionable accruals. Chapter 7 analyzes the advantages and disadvantages of the capital structure of profit maximization, shareholder benefit maximization and corporate value maximization. Finally, the optimal capital structure of 12 industries based on the corporate value maximization is calculated empirically. It is found that the optimal capital structure of listed companies in China is below 50%, which is different from that in the world. In view of the conclusion of the previous study, this paper puts forward the countermeasures and suggestions in the last chapter.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51

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