本文選題：國有控股上市公司 + 資本結(jié)構(gòu)��； 參考：《河北經(jīng)貿(mào)大學(xué)》2017年碩士論文

【摘要】：企業(yè)不同的資本結(jié)構(gòu)往往會(huì)形成不同的治理結(jié)構(gòu),并帶來不同的治理效果。國有控股上市公司因控股股東的政府屬性或政府背景,形成了公司特有的股權(quán)結(jié)構(gòu)、資本結(jié)構(gòu),成為影響公司治理結(jié)構(gòu)和治理水平的重要因素。長期以來,國有控股企業(yè)績效不佳,與國有控股企業(yè)特殊的股權(quán)結(jié)構(gòu)、資本結(jié)構(gòu)有著密切的因果關(guān)系。結(jié)合國有控股企業(yè)的特殊股權(quán)結(jié)構(gòu)背景,研究國有控股企業(yè)的資本結(jié)構(gòu)特點(diǎn)、影響因素,探討資本結(jié)構(gòu)改進(jìn)的方法與條件,對(duì)改善國有控股公司的治理水平和經(jīng)營業(yè)績非常重要。本文利用41家國有控股上市企業(yè)2007-2015年間的財(cái)務(wù)指標(biāo),以資產(chǎn)負(fù)債率作為被解釋變量,以國有股持股比例、盈利能力等因素作為解釋變量。利用面板數(shù)據(jù)對(duì)資本結(jié)構(gòu)的影響因素進(jìn)行靜態(tài)檢驗(yàn),接著采用廣義距估計(jì)方法(GMM方法)對(duì)資本結(jié)構(gòu)進(jìn)行動(dòng)態(tài)研究。研究發(fā)現(xiàn),國有股持股比例和資本結(jié)構(gòu)顯著負(fù)相關(guān),即國有股比例越高,企業(yè)負(fù)債水平越低;其他解釋變量與資產(chǎn)負(fù)債率的關(guān)系是:盈利能力、流動(dòng)性、非債務(wù)稅盾與資產(chǎn)負(fù)債率顯著負(fù)相關(guān);相反,資產(chǎn)有形性、公司規(guī)模與資產(chǎn)負(fù)債率表現(xiàn)出顯著正相關(guān)。論文由五部分組成。(1)引言。主要介紹了本文研究背景、意義、核心概念以及國內(nèi)外對(duì)資本結(jié)構(gòu)的研究綜述。簡(jiǎn)要梳理了本文的研究方法、框架結(jié)構(gòu)以及創(chuàng)新點(diǎn)。(2)資本結(jié)構(gòu)相關(guān)理論概述。包括MM理論、權(quán)衡理論、代理成本理論、控制權(quán)理論等。(3)描述性統(tǒng)計(jì)分析。以樣本公司的財(cái)務(wù)數(shù)據(jù)為依據(jù),對(duì)國有控股上市公司的融資渠道、融資結(jié)構(gòu)現(xiàn)狀進(jìn)行了統(tǒng)計(jì)分析,指出了國有控股企業(yè)資本結(jié)構(gòu)存在的問題并對(duì)存在的問題進(jìn)行了分析。(4)實(shí)證檢驗(yàn)。以41家國國有控股上市公司的相關(guān)數(shù)據(jù)當(dāng)作樣本,從靜態(tài)和動(dòng)態(tài)兩個(gè)方面來進(jìn)行建模分析。和靜態(tài)固定效應(yīng)模型進(jìn)行對(duì)比,動(dòng)態(tài)模型的大部分參數(shù)估計(jì)值都和預(yù)期相吻合,并且具有較高的顯著性水平。(5)結(jié)論與建議。對(duì)國有控股上市公司資本結(jié)構(gòu)整體情況及影響因素進(jìn)行歸納,并就如何完善資本結(jié)構(gòu)提出了建議。
[Abstract]:Different capital structures often form different governance structures and bring different governance effects. State-owned holding listed companies have formed the company's unique ownership structure because of the government property or government background of controlling shareholders. The capital structure has become an important factor affecting the corporate governance structure and governance level. For a long time, state control has been controlled by state control. It has a close causal relationship with the special ownership structure and capital structure of the state-owned holding enterprises. Combining the special ownership structure background of the state-owned holding enterprises, this paper studies the characteristics of the capital structure of the state-owned holding enterprises and the influencing factors, and probes into the methods and conditions for the improvement of the capital structure, so as to improve the governing water of the state holding companies. In this paper, we use the financial indicators of the holding listed companies in 41 countries for 2007-2015 years, taking the asset liability ratio as the explanatory variable, taking the proportion of the state-owned shares and profitability as explanatory variables. The static test of the factors of the capital structure by the panel data is used, and then the generalized distance estimation is adopted. The study found that the share ratio of the state-owned shares and the capital structure are negatively related, that is, the higher the proportion of the state-owned shares, the lower the level of the debt, the relationship between the other explanatory variables and the asset liability ratio is that the profitability, liquidity, the non debt tax shield and the assets and liabilities rates are negatively correlated; on the contrary, the relationship between the GMM and the asset liability ratio is negatively related to the asset and liability ratio. There is a significant positive correlation between the size of the company and the ratio of assets and liabilities. The thesis is composed of five parts. (1) introduction. It mainly introduces the background, significance, core concept and the research summary of capital structure at home and abroad. It briefly combs the research method, frame structure and innovation point of this paper. (2) the related theory of capital structure. It includes MM theory, trade-off theory, agency cost theory, control right theory and so on. (3) descriptive statistical analysis. Based on the financial data of Sample Firms, this paper makes a statistical analysis on the financing channels of state-owned listed companies and the present situation of financing structure, points out the existing problems of capital structure of state-owned stock control enterprises and advances the existing problems. Analysis. (4) empirical test. Taking the related data of 41 state owned listed companies as samples, modeling analysis from two aspects of static and dynamic. Compared with static fixed effect model, most of the parameters of the dynamic model are consistent with expectations, and have higher significant level. (5) conclusion and construction. The overall situation and influencing factors of capital structure of state holding listed companies are summarized, and suggestions on how to improve the capital structure are put forward.

【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 金健文;目標(biāo)資本結(jié)構(gòu)的確定探析[J];華東經(jīng)濟(jì)管理;2002年04期

2 鄧智明;淺析資本結(jié)構(gòu)的影響因素[J];時(shí)代財(cái)會(huì);2003年08期

3 李曜;上市公司的雙層資本結(jié)構(gòu)——加拿大的經(jīng)驗(yàn)及對(duì)我國的啟示[J];證券市場(chǎng)導(dǎo)報(bào);2003年06期

4 鄒芳莉,洪正;最優(yōu)資本結(jié)構(gòu)還是有效資本結(jié)構(gòu)?[J];河北經(jīng)貿(mào)大學(xué)學(xué)報(bào);2004年01期

5 吳可夫;資本與資本結(jié)構(gòu)的影響因素[J];企業(yè)經(jīng)濟(jì);2004年01期

6 李志國;;試論我國中小企業(yè)資本結(jié)構(gòu)的現(xiàn)狀及其優(yōu)化[J];常州工學(xué)院學(xué)報(bào);2006年03期

7 楊楓;;資本結(jié)構(gòu)經(jīng)典文獻(xiàn)簡(jiǎn)介——稅收與公司資本結(jié)構(gòu)關(guān)系研究[J];北方經(jīng)濟(jì);2006年20期

8 呂娜;;試析資本結(jié)構(gòu)的評(píng)價(jià)及優(yōu)化[J];理論界;2006年12期

9 趙勇;薛軍;;遼寧國有資本結(jié)構(gòu)調(diào)整對(duì)策研究[J];合作經(jīng)濟(jì)與科技;2007年02期

10 陽玉香;;資本結(jié)構(gòu)的行業(yè)模式:來自中國上市公司的經(jīng)驗(yàn)證據(jù)[J];商場(chǎng)現(xiàn)代化;2007年18期

相關(guān)會(huì)議論文 前10條

1 吳尚宗;;企業(yè)整體資本結(jié)構(gòu)評(píng)級(jí)和優(yōu)化問題研究[A];中國會(huì)計(jì)學(xué)會(huì)2006年學(xué)術(shù)年會(huì)論文集（下冊(cè)）[C];2006年

2 王培欣;李文華;向廷勛;;我國上市公司終極控制權(quán)與資本結(jié)構(gòu)關(guān)系的實(shí)證研究[A];中國會(huì)計(jì)學(xué)會(huì)高等工科院校分會(huì)2010年學(xué)術(shù)年會(huì)論文集[C];2010年

3 楊慧輝;;“中小企業(yè)板”對(duì)改善中小企業(yè)資本結(jié)構(gòu)的實(shí)證分析[A];中國會(huì)計(jì)學(xué)會(huì)高等工科院校分會(huì)2005年學(xué)術(shù)年會(huì)暨第十二屆年會(huì)論文集[C];2005年

4 范蕊;;貨幣政策、企業(yè)性質(zhì)和資本結(jié)構(gòu)[A];中國會(huì)計(jì)學(xué)會(huì)2012年學(xué)術(shù)年會(huì)論文集[C];2012年

5 侯金旺;侯衛(wèi)強(qiáng);;揭開資本結(jié)構(gòu)之迷[A];第三屆海峽兩岸會(huì)計(jì)學(xué)術(shù)研討會(huì)論文集[C];2011年

6 納鵬杰;納超洪;;產(chǎn)品市場(chǎng)、資本結(jié)構(gòu)與公司戰(zhàn)略[A];中國會(huì)計(jì)學(xué)會(huì)2006年學(xué)術(shù)年會(huì)論文集（下冊(cè)）[C];2006年

7 李小軍;王平心;;終極控制權(quán)、股權(quán)結(jié)構(gòu)與資本結(jié)構(gòu)[A];中國會(huì)計(jì)學(xué)會(huì)高等工科院校分會(huì)2007年學(xué)術(shù)年會(huì)暨第十四屆年會(huì)論文集[C];2007年

8 趙自強(qiáng);熊筱燕;易秋e，

本文編號(hào)：1800263