联系我们

论文查询结果	返回搜索

论文编号：	4192
作者编号：	2120102245
上传时间：	2012/6/5 12:07:31
中文题目：	中国上市公司资本结构动态调整速度与融资决策
英文题目：	The Dynamic Adjustment Speed and Financing Decisions of Listed Companies‘Capital Structure in China
指导老师：	刘志远
中文关键字：	资本结构，动态权衡理论，调整速度，融资
英文关键字：	Capital Structure，The Dynamic Trade-off Theory，Adjustment Speed，Financing
中文摘要：	企业资本结构的研究一直是公司财务领域的核心课题之一。自Modigliani和Miller（1958）进行了开创性的研究以来，关于资本结构的学说和理论发展起来了。Myers（1984）将这些理论归结为（静态）权衡理论和融资优序理论。资本结构理论的发展是从静态的角度开始的，但后来研究者们意识到企业的最优资本结构并不是静态不变的，而是会随着环境条件、时间以及企业对未来投资需求预期的变化而变化的。大量学者的实证研究表明，动态的模型似乎比静态理论能更好地对企业的融资行为作出解释（Frank和Goyal，2007）。 本文对已有的资本结构国内外经验研究成果进行了梳理，论证了中国上市公司的资本结构调整行为符合动态权衡理论的预期。由此，本文将基于动态权衡理论的视角来研究中国上市公司的资本结构调整行为。 本文首先选择被学界广泛认可的部分调整模型考察了中国上市公司的资本结构调整速度，实证结果表明在总体上调整速度为账面财务杠杆0.4730，市值财务杠杆为0.4394。并且在调整模型中加入了宏观制度因素，发现调整速度和国家持股比例成倒U形关系，市场化程度与调整速度正相关。 本文的创新在于对企业的不同资本结构调整类型进行了分类统计，发现约有27%的企业没有对其账面资本结构进行调整，约有15%不对其市值资本结构进行调整。约有16%-20%的企业进行了过度调整，约有30%-33%的企业进行了反向调整，部分调整的企业约占总样本的27%-32%。本文还通过对2003-2010年样本公司在各种资本结构调整类型中的融资特点，发现融资的分类统计结果与动态权衡理论的预期相符合。
英文摘要：	The study of firm capital structure is always one of the core problem in corporation finance field. Since Modigliani and Miller(1958),the capital structure theories was developing. The capital structure theory was origin from the static state view, but the scholars discovered that he firms’ optimization capital structure is dynamic, which is charged with the time, circumstance and the expectation on the variety of future investment requirement. A great deal of demonstration studies indicated that the dynamic models was more power than static theories in interpret firms’ financing behaviors(Frank and Goyal,2007). This paper review the dynamic capital stucture’s hypothesis conditions, then illuminate that the Pecking-order Theory and the Market-timing Theory was restrict to the Chinese listed companies, this paper demonstrate that the Chinese listed companies’ capital structure adjustment was accord with the Dynamic Trade-off Theory abased in analyzing the capital structure’ empirical evidences. Firstly, this paper study the capital structure adjustment speed of Chinese listed companies with partial adjustment model,we find that the Chinese listed companies’capital structure adjustment speed is 0.4730 per year for book leverage and 0.4394 per year for market leverage. Secondly, this paper statistic the capital structure adjustment speed in term of adjustment types, we find that there are 27% companies not to adjust their book leverage, there are 15% not to adjust their market leverage, and discovery that there are 16%-20% excess adjust their leverage, and there are 30%-33% reverse adjust their leverage, the partial adjustment companies occupy 27%-32% of total companies. Finally, this paper statistic the total finance characteristic of difference adjustment type. We find that the statistic results is accord with the dynamic Trade-off theory.
查看全文：	预览  下载(下载需要进行登录)