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论文编号：	117
作者编号：	2120051948
上传时间：	2007/6/22 15:32:33
中文题目：	资本结构和控制权对股权再融资方
英文题目：	The effect on the selection of
指导老师：	张晓农
中文关键字：	资本结构;股权再融资;控制权
英文关键字：	Capital structure;Secondary Pu
中文摘要：	80年代改革开放后，我国学术界和实务界逐渐认识到资本结构问题，开始了对资本结构的一系列研究。我国学术界主要从资本成本测算、股权融资偏好和影响因素等角度展开理论分析和实证检验，这些研究对优化我国上市公司资本结构有着重大的意义。但是，至今这些研究仍无法完整的解释我国上市公司资本结构中“重股轻债”和“重增发轻配股”的问题。随着控制权理论的出现，对于我国上市公司的股权融资偏好才有了新的解释。 根据代理成本，鉴于风险分散的目的，企业的普通股股权不能集中于单一股东手中，股东们需要将企业经营管理权委托给管理者经营，这就了产生权益代理成本。依据控制权理论，出于获取控制权的目的，股东倾向于股权再融资，且在面对配股还是增发的时候，出于不分散控制权的目的，不同控制权程度的企业会有不同的选择。在企业的运营活动中控制权、资本结构都会对股权再融资选择产生影响，应该将其作为一动态的系统，综合考虑。 基于对之前研究的文献分析和总结，本研究认为资本结构、控制权结构都会对企业股权再融资方式选择产生重要影响。本文系统地回顾了资本结构和控制权市场学派的理论观点和相关的实证研究，并基于中国特有的制度背景，选用进行股权再融资的上市公司作为研究对象，来考察资本结构变动、控制权结构和股权再融资方式选择之间的关系。现有文献往往将资本结构和股权再融资决策作为被解释变量，控制权仅被视为解释变量，采用单方程模型方法进行独立研究，参数估计难免有偏和不一致。基于此，本文通过建立资本结构、股权再融资选择及控制权之间关系的结构方程模型扩展了以往研究结果，并尝试用实证的方法来验证三者之间是否相互作用和如何互相作用的。本文选择2001年1月1日至2005年12月31日期间所有进行股权再融资的中国上市公司展开实证研究。检验结果表明，资本结构、控制权因素确实对企业的股权再融资方式选择有显著影响，实际操作中不应该将其割裂开，应该用相互影响相互联系的观点看待三者。
英文摘要：	After the 80's reformation and openness in China, Chinese academic circles and the practitioners gradually realized the capital structure question, and started a series of research on capital structure. China academic circles launches the theoretical analysis and positive tests mainly from the capital cost reckoning, equity financing preference and factors influencing capital structure. These researches have significant meanings to optimize Chinese listed companies’ capital structure problems. But these research still were unable to explain the capital structure problem——“prefer equity to debt” and “prefer new share issues to share allotment” in Chinese listed companies. As the control theory appears, there is a new explanation about the equity financing preference of Chinese listed companies. According to agent cost theory, in order to decentralize risk, the common shares of listed companies cannot concentrate in the sole shareholder’s hand. Therefore, the shareholders need to transfer manage right to managers, and the proxy cost come out. The companies with different levels of control right will have different selections, facing share allotment or new share issues. During the performance of the companies, both control right and capital structure will affect the selections of equity financing. That is why this dissertation makes a dynamic system including the above three factors to launch the research. Based on relative literature analysis and summary, the dissertation thought that both capital structure and control right will affect the motive of listed companies on the selection of secondary public offerings ways. This dissertation systematically reviewed the viewpoints and the relative positive tests of the capital structure theory and control right theory, and based on the Chinese unique system background, selects the listed companies that carried the secondary public offerings as study object to inspects the relationship between capital structure, control right and the motive of deciding the tools of secondary public offerings. The existing literature often takes capital structure and the decision-making of secondary public offerings as the dependent variables, control right as the independent variable, and take single equation model to conduct the independent research. This will lead to the parameter estimation biased and inconsistent. Considering all these reasons, this dissertation extends former researches by using structure equation model, which explains the relationships in capital structure, control right and the motive of selection on the tools of secondary public offerings. This dissertation also tried to validate the relationships of three factors through positive analysis. This dissertation chooses Chinese listed companies which carried secondary public offerings from 2001 to 2005. The examination result indicates that: capital structure and control right indeed have remarkable influence on the way choice of secondary public offerings, and in the operation of Chinese listed companies the controller should keep a point that these three aspects need to be together, not to separate them.
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