联系我们

论文查询结果	返回搜索

论文编号：	1694
作者编号：	041902
上传时间：	2010/5/24 16:06:17
中文题目：	中国上市公司财务保守行为影响因素研究
英文题目：	financing structure, cost of capital, financial conservatism
指导老师：	张晓农
中文关键字：	融资结构 资本成本 财务保守
英文关键字：	financing structure, cost of capital, financial conservatism
中文摘要：	财务保守行为即公司在较长时间内持续采取的一种低财务杠杆且高资金持有量的一种行为，目前，财务保守政策为许多上市公司所采用，成为现实中一种比较普遍的一种现象，然而这种有悖于经典资本结构理论的现象，传统的理论并不能够给予很好的解释。 本研究首先对财务保守理论进行系统的回顾，并对中国上市公司财务保守行为进行了描述，进一步将财务保守理论与中国上市公司的实际情况相结合，界定了财务保守行为的定义。并在此基础上，主要运用单因素方差分析以及线性回归模型等统计方法，运用SPSS13.0统计软件，对上市公司中财务保守行为进行了分析，通过对上市135家公司的810个样本数据的研究，得出了影响上市公司财务保守行为的主要因素，研究发现，企业财务保守政策中资产负债率的选择受企业规模、收入变异程度、成长性、盈利性、股权集中程度、股东性质六个因素影响比较显著，而高管控制力因素对企业的资产负债率不存在显著影响。企业财务保守政策中现金政策的选择受盈利性、成长性两个因素影响比较显著，而其他五个因素对企业的资产负债率不存在显著影响。 同时，在影响因素研究过程中发现了与国外不同的地方，如变异程度因素和国外得出相反的结论，高管控制力因素对财务保守行为的选择不产生影响等等，从这些与国外相悖的结论中也反映出中国目前资本市场上存在的一些问题，如公司治理问题等等，为中国的资本市场的发展指出了一个改进的方向。
英文摘要：	Financial conservatism refers to the behavior that the company adopts both low-leverage and high cash-holding policy in a long term. In these days, many companies choose the financial conservatism policy, and it becomes to be a pervasive phenomenon. However, classical theory can not explain this phenomenon reasonably. This dissertation firstly reviews financial conservatism behavior theory, and then gives a description on the financial conservatism of China List Company. Based on the theory reviewed and the actual behavior of financial conservatism in China, this dissertation gives the financial conservatism behavior a clear definition, then use statistic software SPSS13.0 and statistic methods such as linear regression and one-way ANOVA to analyze 135 list companies. From the analysis, we found some factors that influence the financial leverage policy adopting. Company size, income fluctuation, growth, profitability, ownership concentration and shareholder’s character are important influence factors to the company conservative financial policies adopting. But Managerial ownership doesn’t make a prominent impact. Meanwhile, profitability and growth influence the cash-holding policy’s adopting, and other factors not. During the research, we got some conclusions that differ from the conclusions abroad. Some factors that make impact on abroad don’t impact the policy adopting in China and even make the opposite impact. We can found that some problems exit in capital market in china, and some places we should do some improvement.
查看全文：	预览  下载(下载需要进行登录)