本文關(guān)鍵詞：中國上市公司融資偏好影響因素研究　出處：《山東大學》2014年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 融資結(jié)構(gòu) 股權(quán)融資 債權(quán)融資 影響因素 交易成本

【摘要】：我國的上市公司多是由原來的大型國有企業(yè)改制而來,一直到1992年股票市場才初步建立。經(jīng)過20多年的發(fā)展,我國上市公司仍然存在很多不完善之處。隨著我國市場經(jīng)濟的發(fā)展,融資關(guān)系到一個企業(yè)的發(fā)展命脈,而相應(yīng)的融資結(jié)構(gòu)也有著不可忽視的意義,因此融資結(jié)構(gòu)這一問題一直是學者們研究的熱點。融資結(jié)構(gòu),是企業(yè)通過不同的融資渠道獲得各項資金的組成以及比例關(guān)系,它決定著企業(yè)融資渠道的發(fā)展方向。 本文首先綜述了國內(nèi)外學者們的相關(guān)研究,包括理論基礎(chǔ)和中國上市公司融資結(jié)構(gòu)的主要研究成果。然后基于相關(guān)數(shù)據(jù)分析了我國上市公司的融資現(xiàn)狀,并分別與部分發(fā)達國家、發(fā)展中國家進行了比較,發(fā)現(xiàn)了我國上市公司的確存在股權(quán)融資偏好特征。接著文章選取交易成本這一制度性因素作為關(guān)鍵解釋變量,同時選取企業(yè)規(guī)模、行業(yè)因素、公司成長性、獲利能力、資產(chǎn)擔保價值、非負債類稅盾等因素作為控制變量,來解釋上市公司融資結(jié)構(gòu)的影響因素。 通過選取1992年-2012年我國部分上市公司的平衡面板數(shù)據(jù)分別進行了固定效應(yīng)、隨機效應(yīng)分析,并進行了Hausman檢驗,檢驗結(jié)果支持固定效應(yīng)模型。固定效應(yīng)結(jié)果中多數(shù)指標都很顯著,關(guān)鍵解釋變量交易成本系數(shù)不僅顯著而且數(shù)值較大,可見實證結(jié)果支持文章的猜想,即我國上市公司面臨的較高水平的交易成本是股權(quán)融資偏好的重要影響因素。為了進一步驗證文章的結(jié)論,本文選取不同的指標對關(guān)鍵解釋變量交易成本進行了穩(wěn)健性檢驗,結(jié)論與之前固定效應(yīng)模型的結(jié)果基本一致。另外,考慮到交易成本可能存在內(nèi)生性問題,文章采用工具變量法對交易成本的內(nèi)生性問題進行了討論,以期得到一致的估計結(jié)果,但是檢驗結(jié)果顯示交易成本并不存在內(nèi)生性,所以仍然采用前述固定效應(yīng)模型的結(jié)果。由此可以引申出完善上市公司治理結(jié)構(gòu)、加快債券市場的發(fā)展、鼓勵支持小微企業(yè)發(fā)展、加強上市公司監(jiān)管力度等相關(guān)政策含義。
[Abstract]:China's listed companies are mostly from the original large-scale state-owned enterprises to reform, until 1992, the stock market was initially established. After more than 20 years of development. There are still many imperfections in listed companies in China. With the development of market economy in China, financing is related to the lifeblood of an enterprise, and the corresponding financing structure can not be ignored. Therefore, the issue of financing structure has always been a hot topic for scholars. Financing structure is the composition and proportion of various funds obtained by enterprises through different financing channels. It determines the development direction of enterprise financing channel. This paper first summarizes the relevant research of domestic and foreign scholars, including the theoretical basis and the main research results of the financing structure of listed companies in China. Then, based on the relevant data, it analyzes the financing status of listed companies in China. And compared with some developed countries and developing countries, found that China's listed companies do have the characteristics of equity financing preference. Then the article selected transaction costs as the key explanatory variables. At the same time, factors such as enterprise size, industry factors, corporate growth, profitability, asset guarantee value, non-liability tax shield and other factors are selected as control variables to explain the financing structure of listed companies. By selecting the equilibrium panel data of some listed companies from 1992 to 2012, the fixed effect and stochastic effect are analyzed, and the Hausman test is carried out. The test results support the fixed effect model. Most of the indicators in the fixed effect results are significant. The transaction cost coefficient of the key explanatory variables is not only significant but also large. It can be seen that the empirical results support the conjecture of the paper. That is, the high level of transaction costs faced by listed companies in China is an important factor affecting equity financing preference. In order to further verify the conclusion of the article. In this paper, we select different indicators to test the transaction cost of key explanatory variables, and the conclusion is consistent with the results of the previous fixed effect model. In addition, considering that transaction costs may have endogenous problems. This paper discusses the endogenetic problem of transaction cost by means of instrumental variable method in order to obtain consistent estimation results, but the test results show that transaction cost does not exist endogenously. So we still use the results of the above fixed effect model. From this, we can improve the governance structure of listed companies, accelerate the development of the bond market, and encourage the development of small and micro enterprises. Strengthen the supervision of listed companies and other relevant policy implications.
【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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