本文選題：制造業(yè) + 資本結(jié)構(gòu)　； 參考：《中原工學(xué)院》2013年碩士論文

【摘要】：論文不同于以往文獻(xiàn)中將全部上市公司作為研究對(duì)象的做法，，而是選取制造業(yè)這一具體行業(yè)進(jìn)行研究。論文從資本結(jié)構(gòu)的概念和相關(guān)理論入手，分析了我國(guó)制造業(yè)上市公司資本結(jié)構(gòu)的特征，并在此基礎(chǔ)上提出了部分影響我國(guó)制造業(yè)企業(yè)資本結(jié)構(gòu)的因素及影響調(diào)整速度的因素，進(jìn)而構(gòu)建資本結(jié)構(gòu)動(dòng)態(tài)調(diào)整模型并對(duì)模型進(jìn)行估計(jì)。論文對(duì)資本結(jié)構(gòu)特征的研究發(fā)現(xiàn)，我國(guó)制造業(yè)上市公司的資本結(jié)構(gòu)存在以下特征：一是內(nèi)部融資所占比重低于外部融資，且債務(wù)融資優(yōu)先于股權(quán)融資；二是資產(chǎn)負(fù)債率較之發(fā)達(dá)國(guó)家相比，偏低，但有緩慢上升的趨勢(shì)；三是負(fù)債結(jié)構(gòu)中流動(dòng)負(fù)債占比過(guò)高，負(fù)債結(jié)構(gòu)不合理。而對(duì)于實(shí)證部分，論文則選取了332家制造業(yè)上市公司2007-2011年的數(shù)據(jù)，利用Gauss-Seidel迭代、非線性最小二乘法（Nonlinear LeastSquare）對(duì)模型進(jìn)行了估計(jì)。估計(jì)結(jié)果顯示，資本結(jié)構(gòu)與企業(yè)規(guī)模、成長(zhǎng)性及資產(chǎn)有形性等因素正相關(guān)，而與盈利能力、資產(chǎn)流動(dòng)性、非債務(wù)稅盾、收益波動(dòng)性以及實(shí)際貸款利率、通貨膨脹率兩個(gè)宏觀經(jīng)濟(jì)因素負(fù)相關(guān)；調(diào)整速度則與所選的三個(gè)解釋變量（偏離最優(yōu)資本結(jié)構(gòu)的程度、企業(yè)規(guī)模、成長(zhǎng)性）顯著正相關(guān)；調(diào)整速度在0.3-0.35左右。同時(shí)，論文還對(duì)動(dòng)態(tài)模型和靜態(tài)模型作了比較，兩個(gè)模型的估計(jì)結(jié)果顯示，動(dòng)態(tài)模型較之靜態(tài)模型有更好的解釋力，而且動(dòng)態(tài)模型還能提供企業(yè)隨時(shí)間變化的調(diào)整速度。最后，論文在理論與實(shí)證分析的基礎(chǔ)上，從外部宏觀環(huán)境和企業(yè)自身發(fā)展兩個(gè)方面提出了部分政策建議。論文彌補(bǔ)了以往靜態(tài)模型在研究資本結(jié)構(gòu)方面的不足，從行業(yè)層面分析制造業(yè)企業(yè)資本結(jié)構(gòu)的影響因素、調(diào)整速度及調(diào)整速度的影響因素，其結(jié)果更有針對(duì)性且更具指導(dǎo)意義。
[Abstract]:The paper is different from the previous literature that all listed companies are regarded as the research object, but choose the manufacturing industry as the specific industry to study. Starting with the concept and related theories of capital structure, this paper analyzes the characteristics of capital structure of listed manufacturing companies in China, and puts forward some factors that affect the capital structure of manufacturing enterprises and the factors affecting the adjustment speed. Then the dynamic adjustment model of capital structure is constructed and the model is estimated. The capital structure of listed manufacturing companies in China has the following characteristics: first, the proportion of internal financing is lower than that of external financing, and debt financing takes precedence over equity financing; Second, the ratio of assets to liabilities is lower than that of developed countries, but it has a tendency of rising slowly; third, the proportion of current liabilities in debt structure is too high, and the structure of liabilities is unreasonable. In the empirical part, the data of 332 listed manufacturing companies from 2007 to 2011 are selected, and the model is estimated by using Gauss-Seidel iteration and nonlinear least square method. The results show that the capital structure is positively related to the size of the firm, growth and physical properties of assets, but to profitability, asset liquidity, non-debt tax shields, volatility of returns, and real interest rates on loans. The rate of adjustment is positively correlated with the three explanatory variables (the degree of deviation from the optimal capital structure, the size of the firm, and the growth), and the adjustment rate is about 0.3-0.35. At the same time, the paper also compares the dynamic model with the static model. The estimation results of the two models show that the dynamic model has better explanatory power than the static model, and the dynamic model can also provide the adjustment speed of the enterprise over time. Finally, on the basis of theoretical and empirical analysis, this paper puts forward some policy recommendations from the external macro environment and the development of enterprises themselves. The paper makes up for the deficiency of the static model in the study of capital structure, analyzes the influencing factors of the capital structure, the adjustment speed and the adjustment speed of the manufacturing enterprises from the industry level. The results are more targeted and more instructive.
【學(xué)位授予單位】：中原工學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.4

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本文編號(hào)：1937094