本文關鍵詞： 中國 越南 食品加工業(yè) 資本結(jié)構(gòu) 影響因素　出處：《湖南師范大學》2014年碩士論文　論文類型：學位論文

【摘要】：2010年1月1日,中國-東盟自由貿(mào)易區(qū)正式全面啟動,越南成為其中新成員。中-越既是發(fā)展中國家,又是農(nóng)業(yè)大國,2010年至2012年,越南對華的貿(mào)易結(jié)構(gòu)中,農(nóng)產(chǎn)品及其加工品比重分別為：13.79%、16.078%、24.56%,呈快速上升的趨勢。近幾年來,在越南政府的政策引導和支持下,越南食品加工業(yè)得以快速發(fā)展,特別是越南開始實行國有公司股份制,食品業(yè)開始迅猛發(fā)展。據(jù)統(tǒng)計,在HNX和HOSE兩市的上市公司中食品加工公司在制造業(yè)的19個細分行業(yè)中,公司數(shù)量處于第一位,占制造業(yè)的比重為32%。公司要發(fā)展必然形成對資金的需求,而資本結(jié)構(gòu)涉及到資金來源的比例關系,影響資金來源渠道、方式、成本、風險的因素都會影響到資本結(jié)構(gòu)。只有選擇到最佳資本結(jié)構(gòu)才能實現(xiàn)公司價值最大化。因此,筆者選擇對中越食品加工業(yè)上市公司的資本結(jié)構(gòu)影響因素進行比較分析,試圖找準食品行業(yè)資本結(jié)構(gòu)的關鍵影響因素從而優(yōu)化資本結(jié)構(gòu)并有利于越南食品公司借鑒中國的公司治理經(jīng)驗。 本論文共分為五章,其中三、四、五是主要內(nèi)容。第一章闡述了研究背景和意義,并對西方、中國、越南的資本結(jié)構(gòu)影響因素的研究成果進行綜述和比較,提出了本文的研究方法、內(nèi)容和創(chuàng)新之處。第二章闡述了資本結(jié)構(gòu)的內(nèi)涵、理論要點和本文的理論借鑒。第三章按宏觀和微觀因素分類,通過數(shù)據(jù)和文獻、案例等手段,比較了兩國食品業(yè)上市公司資本結(jié)構(gòu)影響因素的相同和不同點,該章重點放在定性分析上。第四章在理論分析的前提下,提出了系列理論假設,選擇中國的88家食品加工業(yè)上市公司與越南的72家食品加工業(yè)上市公司,采用多元回歸模型,借助SPSS軟件對兩國食品業(yè)上市公司資本結(jié)構(gòu)影響因素進行了實證分析。研究結(jié)果表明公司規(guī)模、成長性、公司經(jīng)營績效、公司抗風險能力、資產(chǎn)流動性和非債務稅盾是影響越南食品加工業(yè)上市公司資本結(jié)構(gòu)的顯著性因素；公司規(guī)模、成長性、公司經(jīng)營績效、公司抗風險能力和資產(chǎn)流動性是影響中國食品加工業(yè)上市公司資本結(jié)構(gòu)的顯著性因素。最后,本章總結(jié)全文的研究結(jié)果,提出優(yōu)化中-越兩國食品行業(yè)資本結(jié)構(gòu)的對策并指出本研究的局限性及后續(xù)研究方向。
[Abstract]:In January 1st 2010, the China-ASEAN Free Trade area was formally launched, and Vietnam became a new member. China and Vietnam are both developing countries and large agricultural countries. From 2010 to 2012, Vietnam's trade structure with China, The proportion of agricultural products and their processed products are respectively: 13.79%, 16.078% and 24.56%, showing a rapid upward trend. In recent years, with the policy guidance and support of the Vietnamese government, the Vietnamese food processing industry has been able to develop rapidly, especially with the implementation of the joint-stock system of state-owned companies in Vietnam. The food industry is beginning to grow rapidly. According to statistics, the number of food processing companies in the 19 subsectors of the manufacturing industry is the first in the listed companies in HNX and HOSE. The proportion of the manufacturing industry is 32. if the company wants to develop, it will inevitably form a demand for capital. However, the capital structure involves the proportional relationship of the source of funds, which affects the channel, mode, and cost of the capital source. The risk factors will affect the capital structure. Only the best capital structure can maximize the value of the company. Therefore, the author chooses to make a comparative analysis of the factors affecting the capital structure of the listed companies in the food processing industry of China and Vietnam. This paper tries to find out the key influencing factors of the capital structure of the food industry so as to optimize the capital structure and benefit the Vietnamese food companies to learn from the experience of corporate governance in China. This thesis is divided into five chapters, of which three, four and five are the main contents. The first chapter expounds the background and significance of the research, and summarizes and compares the research results of the factors affecting the capital structure of the West, China and Vietnam. The second chapter expounds the connotation of capital structure, the main points of theory and the theoretical reference of this paper. The third chapter classifies the capital structure according to macro and micro factors, by means of data, literature, case, etc. This paper compares the same and different factors affecting the capital structure of the listed companies in the food industry of the two countries. This chapter focuses on qualitative analysis. Chapter 4th puts forward a series of theoretical hypotheses under the premise of theoretical analysis. A multivariate regression model was used to select 88 listed food processing companies in China and 72 food processing companies in Vietnam. This paper makes an empirical analysis of the factors affecting the capital structure of the food industry listed companies in both countries by means of SPSS software. The results show that the company size, growth, corporate performance, and the ability of the company to resist risks. Asset liquidity and non-debt tax shield are the significant factors that affect the capital structure of the listed companies in the food processing industry of Vietnam. Corporate risk resistance and asset liquidity are significant factors that affect the capital structure of Chinese food processing companies. Finally, this chapter summarizes the research results of this paper. This paper puts forward the countermeasures of optimizing the capital structure of food industry in China and Vietnam, and points out the limitations of this study and the direction of further research.
【學位授予單位】：湖南師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.82

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