本文關(guān)鍵詞：企業(yè)融資決策中資本成本的“錨定效應(yīng)”研究　出處：《山東財(cái)經(jīng)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 融資決策 融資方式 資本成本

【摘要】：融資決策作為企業(yè)財(cái)務(wù)決策的重要組成部分之一,是企業(yè)資金鏈條的起點(diǎn),通常是通過融資規(guī)模以及融資方式選擇的變動(dòng)來影響企業(yè)的投資決策以及股利分配政策的。足夠的融資規(guī)模,可以保證其投資活動(dòng)的的順利開展;合理的融資方式安排,能有效降低企業(yè)融資成本并降低財(cái)務(wù)風(fēng)險(xiǎn),提高企業(yè)投資成功的可能性。同時(shí),選擇何種融資方式不僅決定了企業(yè)控制權(quán)的歸屬問題,也是企業(yè)對實(shí)現(xiàn)收益進(jìn)行分配的依據(jù)�，F(xiàn)代財(cái)務(wù)理論認(rèn)為,最優(yōu)的資本結(jié)構(gòu)是當(dāng)企業(yè)加權(quán)平均資本成本最低時(shí)的融資安排。企業(yè)以何種形式從哪一渠道募集資金,單一資本成本是其首要考慮因素,邊際融資成本隨著融資規(guī)模的增長而遞增。在影響企業(yè)融資決策的眾多因素中,只有以資本成本作為“錨值”去確定融資規(guī)模和融資方式及其比例,才能有效降低單一融資成本以及融資的總成本,進(jìn)而實(shí)現(xiàn)融資決策的合理化。本文首先自MM理論開始,梳理了與融資相關(guān)的理論,并通過梳理有關(guān)文獻(xiàn),總結(jié)出對企業(yè)融資決策具有重大影響的因素。理論分析發(fā)現(xiàn),單一資本成本對企業(yè)融資方式的選擇、加權(quán)平均資本成本對融資總額的確定都具有重要作用。在理論分析的基礎(chǔ)上,本文以中國滬深A(yù)股上市公司2006-2014年財(cái)務(wù)數(shù)據(jù)為研究樣本,區(qū)分不同年份以及不同行業(yè)分析融資規(guī)模變動(dòng)和融資方式選擇的變動(dòng)情況,并采用不同的測算方法對樣本公司的股權(quán)資本成本和債務(wù)資本成本進(jìn)行估算,在估測數(shù)據(jù)的基礎(chǔ)上以樣本公司的資產(chǎn)負(fù)債率為權(quán)數(shù)計(jì)算其加權(quán)平均資本成本,實(shí)證檢驗(yàn)資本成本與融資規(guī)模、融資方式選擇變動(dòng)間的關(guān)系,回歸結(jié)果表明加權(quán)平均資本成本與融資規(guī)模變動(dòng)間顯著負(fù)相關(guān),債務(wù)資本成本與負(fù)債融資規(guī)模變動(dòng)也顯著負(fù)相關(guān),而股權(quán)資本成本與權(quán)益融資規(guī)模變動(dòng)之間呈現(xiàn)顯著正相關(guān)的關(guān)系,這可以從中國資本市場的制度層面獲得解釋:配股、增發(fā)的成功與否以及規(guī)模大小被視為考核企業(yè)管理層履職能力以及公司業(yè)績情況的一項(xiàng)指標(biāo),促使企業(yè)管理層在運(yùn)用資本市場進(jìn)行股權(quán)融資時(shí),考慮更多的是發(fā)行的成功與否以及發(fā)行規(guī)模的大小,而股權(quán)資本成本并未能有效發(fā)揮約束的作用。
[Abstract]:As one of the important parts of financial decision, financing decision is the starting point of enterprise capital chain. Usually, the investment decision and dividend distribution policy are influenced by the change of the financing scale and the choice of the financing mode, and the sufficient financing scale can ensure the smooth development of the investment activities. Reasonable financing arrangement can effectively reduce the financing cost and reduce the financial risk, and improve the possibility of successful investment. At the same time, the choice of financing methods not only determines the ownership of corporate control. It is also the basis for enterprises to achieve the distribution of income. Modern financial theory believes. The optimal capital structure is the financing arrangement when the weighted average cost of capital is the lowest. The marginal financing cost increases with the increase of the financing scale. Among the many factors that affect the enterprise's financing decision, only the capital cost is taken as the "anchor" to determine the financing scale, financing mode and its proportion. In order to effectively reduce the single financing cost and the total cost of financing, and then realize the rationalization of financing decision. Firstly, this paper starts with MM theory, combing the theory of financing, and through combing the relevant literature. The paper summarizes the factors that have great influence on the financing decision of enterprises. The theoretical analysis shows that the single cost of capital has a great influence on the choice of financing mode. The weighted average capital cost plays an important role in determining the total amount of financing. On the basis of theoretical analysis, this paper takes the financial data of Shanghai and Shenzhen A-share listed companies from 2006 to 2014 as the research sample. Different years and different industries analyze the change of financing scale and financing mode, and use different measurement methods to estimate the cost of equity capital and debt capital of sample companies. On the basis of the estimated data, the weighted average capital cost is calculated based on the asset-liability ratio of the sample company, and the relationship between the capital cost and the financing scale and the choice of the financing mode is tested empirically. The regression results show that the weighted average capital cost is negatively correlated with the change of financing scale, and the debt capital cost is negatively correlated with the change of debt financing scale. There is a significant positive correlation between the cost of equity capital and the change of equity financing scale, which can be explained from the institutional level of China's capital market: rights issue. The success and size of the additional offering is seen as an indicator of the ability of the management to carry out their duties and the performance of the company, prompting the management to use the capital market for equity financing. More consideration is given to the success of the issue and the size of the issue, but the cost of equity capital does not play an effective role as a constraint.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275

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