本文關(guān)鍵詞： 農(nóng)業(yè)上市公司 資產(chǎn)專用性 資本結(jié)構(gòu)　出處：《西北農(nóng)林科技大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：資產(chǎn)專用性是公司資產(chǎn)的一項(xiàng)重要特性,隨著市場(chǎng)經(jīng)濟(jì)和科學(xué)技術(shù)的迅速發(fā)展,公司依靠通用性資產(chǎn)生產(chǎn)大批量同質(zhì)化產(chǎn)品不能獲得獨(dú)特的競(jìng)爭(zhēng)優(yōu)勢(shì),而是不斷地增加專用性資產(chǎn)的投資,提高自身核心競(jìng)爭(zhēng)力。但專用性資產(chǎn)的重新調(diào)配性和流動(dòng)性較低,影響了資產(chǎn)的抵押擔(dān)保能力,不利于公司進(jìn)行債務(wù)融資,影響了公司的資本結(jié)構(gòu)。資本結(jié)構(gòu)影響公司的資本成本、市場(chǎng)信號(hào)、治理機(jī)構(gòu)、市場(chǎng)價(jià)值等多個(gè)方面,資本結(jié)構(gòu)的構(gòu)成及影響因素等方面的研究,是會(huì)計(jì)學(xué)術(shù)界研究的重要問題之一,但已有的研究通常是在資產(chǎn)為通用性資產(chǎn)的假設(shè)前提下進(jìn)行的,并沒有關(guān)注資產(chǎn)專用性對(duì)資本結(jié)構(gòu)帶來的影響。由于農(nóng)業(yè)的特殊性和農(nóng)產(chǎn)品生產(chǎn)經(jīng)營(yíng)的特殊性,農(nóng)業(yè)上市公司的資產(chǎn)專用性特征顯著。因此,本文分析農(nóng)業(yè)上市公司資產(chǎn)專用性特征,研究農(nóng)業(yè)上市公司資產(chǎn)專用性對(duì)資本結(jié)構(gòu)的影響。首先,本文在已有國(guó)內(nèi)外關(guān)于資產(chǎn)專用性研究成果的基礎(chǔ)上,界定資產(chǎn)專用性和資本結(jié)構(gòu)的概念,根據(jù)交易成本理論、信號(hào)傳遞理論和戰(zhàn)略管理理論,從理論上研究資產(chǎn)專用性與資本結(jié)構(gòu)的關(guān)系。其次,本文根據(jù)農(nóng)業(yè)上市公司資產(chǎn)的特點(diǎn),采用長(zhǎng)期資產(chǎn)比率、銷售費(fèi)用比率測(cè)度農(nóng)業(yè)上市公司資產(chǎn)專用性;將資本結(jié)構(gòu)劃分為兩個(gè)層次,采用總資產(chǎn)負(fù)債率、長(zhǎng)期負(fù)債率、內(nèi)源融資比例及金融性負(fù)債比例衡量資本結(jié)構(gòu);運(yùn)用2011年至2013年農(nóng)業(yè)上市公司的財(cái)務(wù)數(shù)據(jù),描述其資產(chǎn)專用性和資本結(jié)構(gòu)特征。再次,本文選取因變量、自變量和控制變量,利用2011年至2013年37家農(nóng)業(yè)上市公司的財(cái)務(wù)數(shù)據(jù),建立多元回歸模型,進(jìn)行擬合優(yōu)度檢驗(yàn)、多重共線性檢驗(yàn)和回歸分析,實(shí)證檢驗(yàn)農(nóng)業(yè)上市公司資產(chǎn)專用性對(duì)資本結(jié)構(gòu)的影響。最后,根據(jù)本文的研究結(jié)論,結(jié)合農(nóng)業(yè)上市公司內(nèi)源融資比例低、債券市場(chǎng)不發(fā)達(dá)等特征,為優(yōu)化農(nóng)業(yè)上市公司的資本結(jié)構(gòu),提出合理化建議。統(tǒng)計(jì)結(jié)果表明:我國(guó)農(nóng)業(yè)上市公司資產(chǎn)專用性程度較強(qiáng),呈現(xiàn)逐年上升的趨勢(shì),行業(yè)間差異較大;我國(guó)農(nóng)業(yè)上市公司資本結(jié)構(gòu)不合理,總資產(chǎn)負(fù)債率、長(zhǎng)期負(fù)債率及內(nèi)源融資比例偏低,債務(wù)融資主要渠道之一是金融機(jī)構(gòu)。實(shí)證結(jié)果表明:農(nóng)業(yè)上市公司資產(chǎn)專用性對(duì)債務(wù)性融資有顯著的負(fù)相關(guān)影響、對(duì)內(nèi)源融資有顯著的正相關(guān)影響、對(duì)金融性負(fù)債融資有顯著的正相關(guān)影響。本文據(jù)此研究結(jié)論提出以下建議:農(nóng)業(yè)上市公司進(jìn)行融資方式選擇時(shí)應(yīng)考慮資產(chǎn)專用性的影響、農(nóng)業(yè)上市公司應(yīng)提高內(nèi)源融資比例及應(yīng)該完善公司債券市場(chǎng)。
[Abstract]:Asset specificity is an important characteristic of the company's assets. With the rapid development of market economy and science and technology, the company can not obtain a unique competitive advantage by relying on universal assets to produce large quantities of homogeneous products. But the redeploying and liquidity of the special assets are low, which affects the ability of mortgage and guarantee of the assets, which is not conducive to the debt financing of the company. It affects the capital structure of the company. The capital structure affects the capital cost, the market signal, the governance organization, the market value, and so on. It is one of the important problems in the accounting academic field, but the existing research is usually carried out under the assumption that the asset is a universal asset. Due to the particularity of agriculture and the particularity of agricultural production and management, the characteristics of asset specificity of agricultural listed companies are remarkable. This paper analyzes the characteristics of asset specificity of agricultural listed companies, and studies the impact of asset specificity on capital structure of agricultural listed companies. Firstly, based on the research results of asset specificity at home and abroad, Define the concept of asset specificity and capital structure, according to transaction cost theory, signal transfer theory and strategic management theory, theoretically study the relationship between asset specificity and capital structure. According to the characteristics of the assets of agricultural listed companies, this paper uses the ratio of long-term assets and the ratio of sales expenses to measure the specificity of the assets of agricultural listed companies, divides the capital structure into two levels, adopts the total asset-liability ratio, the long-term debt ratio, the total asset-liability ratio and the long-term debt ratio. The proportion of endogenous financing and the proportion of financial liabilities are used to measure the capital structure, and the financial data of agricultural listed companies from 2011 to 2013 are used to describe the characteristics of asset specificity and capital structure. Thirdly, this paper selects dependent variables, independent variables and control variables. Based on the financial data of 37 agricultural listed companies from 2011 to 2013, a multivariate regression model was established, and the goodness of fit test, multiple collinear test and regression analysis were carried out. Finally, according to the conclusion of this paper, combined with the low proportion of endogenous financing of agricultural listed companies, the bond market is underdeveloped and so on. In order to optimize the capital structure of agricultural listed companies, some reasonable suggestions are put forward. The statistical results show that the degree of asset specificity of agricultural listed companies in China is relatively strong, showing a rising trend year by year, and there are great differences between industries; The capital structure of agricultural listed companies in China is unreasonable, the total asset-liability ratio, the long-term debt ratio and the proportion of endogenous financing are on the low side. One of the main channels of debt financing is financial institutions. The empirical results show that the asset specificity of agricultural listed companies has a significant negative impact on debt financing and a significant positive correlation on endogenous financing. This paper puts forward the following suggestions: the influence of asset specificity should be considered in the selection of financing methods for agricultural listed companies. Agricultural listed companies should increase the proportion of endogenous financing and improve the corporate bond market.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F302.6;F324

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