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论文编号：	4409
作者编号：	2120102294
上传时间：	2012/6/8 11:16:51
中文题目：	风险资本、代理成本与企业资本结构研究
英文题目：	A Research on Venture Capital, Agency Costs
指导老师：	黄福广
中文关键字：	风险资本，代理成本，资本结构
英文关键字：	Venture Capital, Agency Costs, Capital Structure
中文摘要：	本文以2009-2010年我国创业板上市的153家企业作为研究样本，研究风险资本、代理成本与资本结构之间的关系，有助于深化认识和理解风险资本对于我国创业板上市企业代理成本的影响，考察创业企业资本结构的决定因素。我们将研究分成两个阶段进行，第一阶段研究风险资本对于代理成本的影响，第二阶段研究风险资本对于代理成本与企业资本结构关系的调节作用。通过研究我们发现，结果并不支持风险资本监督假设，风险资本未能起到降低代理成本的作用，反而，较其他企业风险资本持股企业的运营效率更低，并且风险资本持股比例越高，企业运营效率越低，部分支持了风险资本干涉假设。同样的，我们也发现并不存在风险资本的监督对负债的替代效应，在同等闲置现金流和过度投资水平下，风险资本持股企业有更高的负债水平，并且在同等资产运营效率和闲置现金流条件下，持股比例低的风险资本在促进企业提高资产负债率方面的作用更大，而较高的负债水平也与资金缺口无关，更加支持加强负债监督观。此外，我们还发现权衡理论无法解释我国创业板上市企业资本结构，代理理论和啄食理论的解释力度更强，研究发现盈利性、成长性和企业年龄与资产负债率显著负相关，而波动性、有形资产比率和企业规模与资产负债率显著正相关。
英文摘要：	This paper studies the relationship of venture capital, agency costs and capital structure based on a sample of 153 GEM listed companies which listed in 2009 and 2010. It helps to deepen the understanding of the influence of venture capital on agency cost for GEM listed companies and studies the deciding factors of new ventures’ capital structure. We separate study into two stages, the first stage studies the influence of venture capital on agency costs, and the second stage studies the adjusting effects of venture capital on the relationship of agency costs and capital structure. We find that the results do not support the monitoring assumption, venture capital can’t reduce agency costs. However, comparing with other companies, venture capital shareholding companies have a lower operation efficiency, and the higher the share ratio of venture capital hold, the lower operation efficiency is. This partly supports the interfering assumption. Also, we found that the substitution effect of monitoring of venture capital to debt does not exist, under the same level of idle cash flow and over-investment, venture capital shareholding companies have higher debt ratio. What’s more, under the same level of operation efficiency and idle cash flow, the lower share holding ratio group has a bigger influence on the debt ratio, and higher debt levels also has nothing to do with the financial gap, so the results more support strengthen monitoring view. In addition, we also found that the trade-off theory fails to explain GEM listed companies’ capital structure in our country, agency theory and pecking order theory have stronger explanation power. We found that the profitability, growth and age are negative correlated with debt ratio significantly and volatility, tangible assets ratio and scale are positive correlated with debt ratio significantly.
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