【作者】 王立延；

【导师】 瞿宝忠；

【作者基本信息】 东华大学 ， 企业管理， 2013， 博士

【摘要】 现实的财务决策,如项目选择、融资渠道选择、股利政策制定、薪酬结构设计、资产定价,以及兼并和收购等,都与资本结构决策有着密切关系。财务学理论和经验表明,如何理解成本和收益对财务决策和公司治理安排有着根本性的影响。然而,现有的资本结构理论对成本和收益的解释很不一致。众所周知,现有的财务学理论主要是由行之有效的经验性决策方法构成的,而且,它是以欧美发育较完善的市场经济环境为背景发展起来的。值得思考的是,从成本和收益的涵义及构成来看,财务学理论推荐的最优资本结构选择方法,与新古典经济分析思想推崇的最优决策分析方法很不一致。建立一个资本结构理论必须回答两个关键的基本问题：第一,为什么不同来源和不同类型的资本具有不同的资本成本?第二,为什么不同的资本所有者具有不同的权力和利益要求(以下如无特别说明,本文将使用“权利”指代“权力和利益”)?本文认为,现实的市场环境是财务决策的基础。在过去建立资本结构理论的过程中,把市场、企业和融资契约等构成市场环境的理论要素做为外生给定的研究前提是不合理的。本文研究的目的和意义就是通过研究市场环境的决定或影响因素,提出一个对财务决策行为更有解释力和预测力的资本结构理论。本文的工作分为五部分,分别在七章中完成。第一部分主要完成选题介绍和文献研究工作,该部分工作分别由第一章和第二章承担。第一章介绍本文选题的意义和目标、研究思路、研究方法、技术路线、核心概念界定的经验可靠性,以及主要观点和结论的介绍。第二章着重进行文献研究。本章内容包括文献的宏观评价和微观评析两部分。文献的微观评析是按现有假说的核心概念及提出假说的相应历史时期为标志进行分类评析的。本文第二部分由独立的第三章构成。第三章是本文提出的研究资本结构决策行为的基本分析框架。本章在澄清成本和收益的理论涵义及成本与收益的理论关系的基础上以自利假设为基本前提,利用古典经济学的超边际分析方法,建立起一个具有理论完整性、以新的成本及其性质的形式化界定为基础的资本结构分析框架。本章既研究了债权与股权的起源和演进问题,以及资本结构决策的机制问题,还重点讨论了资本结构的影响因素。本文第三部分为第四章。第四章专题研究资本结构决策的现实基础——资本成本的决定问题,讨论不同来源和类型的资本对资本结构决策行为和企业价值的影响。本文第四部分包括第五章和第六章两章内容,这两章分别对本文提出的资本结构理论进行理论实证检验和经验实证检验。本文第五部分即第七章,总结全文并讨论本文研究成果的应用前景。本文的主要观点、结论和理论创新如下：1.本文比较全面广泛地分析和总结了各种现有资本结构理论的经济分析思想,提出了新古典供求分析框架和新制度经济学理论不适合做为资本结构研究的方法论的观点。本文发现,理论与实践的不一致,造成现实的资本结构决策行为中的两个关键问题得不到合理有效的解释：第一,现实企业的决策原则为什么不是给定成本目标下的企业收益最大化,相反,企业收益最大化是企业决策的财务目标,而成本最小化是实现企业财务目标的约束条件;第二,为什么预期资本成本的确定在名义上与“过去的融资成本”无关,但在财务现实中,确定预期成本的资产定价方法在实际上只是给“过去的融资成本”加了一个预期的风险溢价?换言之,为什么与新项目决策无关的“过去的融资成本”可以比较可靠的作为决策的参考依据?现有理论解释的无效及理论发展的停滞表明,很可能是已有理论使用的经济分析方法论存在缺陷。根据对融资经验的观察,本文认为,企业的最优资本结构是企业、外部投资者和企业产品的消费者三方博弈的均衡。因此,企业资本结构决策行为的形式化描述,必须是能够同时刻划要素供给行为、要素需求行为、产品消费行为和产品供给行为的一般均衡模型,而绝非是在天造地设相互对立的生产者与消费者两大基本经济部门之间,不断重复要素消费行为与产品消费行为的博弈。古典经济分析思想的超边际经济学是目前唯一具有形式化的企业制度模型的理论,而且该模型从基础模型起始终是一个一般均衡模型。基于上述讨论,如果超边际经济分析模型可被挖掘出财务下学涵义的话,则超边际分析框架就有可能成为突破资本结构理论建立难题、破解“资本结构之谜”的新希望。2.本文对超边际经济分析思想进行了财务学阐释,在其基本分析框架内,通过对成本概念及其性质进行具有数学严格性的形式化讨论,以新的成本概念及成本与收益的理论辩证关系为理论基点提出了新的资本结构理论,并得出一个明确结论——产权制度是一个经济的成本水平高低的唯一的决定因素,也是资本结构的唯一的根本影响因素。分工与专业化是构成一切现实的经济行为和现象的基础。因此,经济的本质和核心问题是如何突破有限的个人劳动时间约束与如何满足无限的个人消费欲望之间矛盾冲突的问题。由于产品的生产决策必须在消费决策之前进行,因此,资本结构决策的本质是生产的组织结构选择问题,即产品选择决策是资源配置决策的基础和先决条件,超出所需资源的总成本支付能力的产品不可能被选择,只有总成本最小化的产品才有可能成为决策的对象,只有成为决策对象的产品才有在边际上进行资源配置决策的必要。分工与专业化意味着融资是进行专业化生产的充分必要条件,同时也意味着一个人天然地拥有选择专业化生产组织形式的权利——契约控制权。产出的事后性特征决定了不确定性是一切决策的根本特征,因此,理性的决策前提必然是在决策之前就确定资源物的财产权利归属和价值量,而且,理性的融资契约在本质上都是债务契约,即融资者必须在事前作出可置信的偿付承诺。可置信的偿付承诺只有两种形式：抵押决策时点上融资者拥有的私人财产(包括不做生产要素使用的财产和生产组织过程形成的净资产两部分),或质押预期剩余收入的产权,即企业契约控制权。在事前明确资源的归属关系和转移数量,是融资双方定量地控制事前(ex ante)成本和事后(ex post)收益的唯一方式。产权和货币就是量化控制事后成本和收益的基本财务工具。产权是保证融资契约的支付及清偿条款可信的权利前提。产权制度的出现是交易双方必需相互信任和尊重对方产权的必然产物,它是被社会一致接受的、为一个人建立可信产权的产权建立规则。因此,产权制度是资本成本的根本影响因素,也是唯一的影响因素。现实社会所选择的产权制度,既有可能是以保护财产所有者的既得利益为目标的,也有可能是以保护资源需求者的财富创造能力为目标的。不同的制度目标决定着经济的成本水平。前一类制度通常导致融资者用企业契约控制权清偿债务的承诺不可信,造成企业家只能选择标准的债务契约,不得不承受非效率破产的威胁。由于举债能力受到实有财产数量的限制,债务融资的理论财务杠杆效应和实际效应都是很有限的。与之相反,企业产出的不确定性特征意味着企业契约控制权的融资能力在理论上是无限的,在融资者的企业契约控制权可信(即融资者拥有了企业契约控制权资源的产权)的条件下,股权融资的理论财务杠杆效应是无限的。由于企业的事后实际产出数量是有限且确定的,出于自利的考虑,在确保不失去企业契约控制权的前提下,融资者将参照债务的市场利率来决策股权融资的实际数量规模和股权结构。股权融资和公司制企业的出现是与普通法传统的产权制度的建立相同步的。在第三章中,本文还研究了融资期限、资产定价、税盾价值、最优杠杆率等标准的财务学问题,还讨论了自利动机与利他行为、不对称信息、决策行为的理性与非理性特征、(剩余)控制权、委托-代理关系、激励与监督、公司治理等标准的经济学问题。本文研究认为,企业资本结构决策的影响因素是唯一的：产权制度。3.本文提出了一个新的融资来源分类方法,研究了这两类资本的资本成本(即收益率)的决定,以及两类资本的经济性质和特征。本文根据不同生产力涵义的资本在总人口中的分布特征,把融资来源分为集中型债务资本和分散型债务资本。通过研究这两类资本的市场均衡价格的决定机制,本文发现,第一,集中型资本的资本成本通常低于分散型资本;第二,集中型资本与分散型资本具有相反的资本成本变化趋势,前者呈持续下降状态,后者呈持续上升状态；第三,集中型资本内在的保守性特征,决定了此类资本对经济增长的贡献是不确定的,在一定的条件下,它可能会造成经济衰退,而分散型资本对经济增长的贡献通常是积极的。4.本文实从理论实证和经验实证两个方面对本文提出的资本结构理论进行了有效性检验,检验结论证实本文提出的资本结构理论为有效理论。本文第三章提出债务性是一切融资契约的基本特征的观点。直觉上,这个观点的财务学涵义是,在假定每个人事前完全相同的理论环境中,债务资本和股权资本的收益率应该是相等的。换言之,如果每个人都可以随机地选择职业的话,则不同产品生产者的最优资本结构是不同的,或者说是随机的,即一个特定企业的资本结构仅与该企业的企业价值高度相关,与其他企业的企业价值无关。这个直觉上的推论,与MM定理的核心结论有某些相似之处。而且,本文第五章用超边际分析方法证明该推论是正确的。但是,该推论与MM定理的根本区别是,证明MM定理的套利均衡分析对项目选择、资产定价、融资决策、股利分配和最优资本结构选择几乎没有任何的解释力和指导力。而本文所用的超边际分析方法几乎可以解释财务学中所有的基本概念、管理方法和重要的理论观点第六章对第三章提出的理论思想进行了经验实证检验。检验结论证实了本文理论思想的合理性和有效性。就经验实证而言,毋庸讳言,其实,从本文的第一章绪论至第五章内容,包含了大量现实的经验实证内容(包括资本结构研究工作中的行为和现象)。无论经济学家和财务学家的研究分析是从任何一个历史时点上展开的,都必需从人类财务管理行为的历史起点——分工与专业化上寻找理论的经验基础和经验证据。人类的理论探索经验清晰地表明,合理有效的经济学理论思想不仅要能够总结和概括现实的财务经验,更需要能够预测和指导现实的财务行为。“资本结构之谜”的答案全部隐藏在人类最基本、最浅显、最直观以至于最难刻划的财务决策经验当中——要得到,就必须付出代价；要得到最好的,就必须在代价承受限度内尽一切可能地降低代价。分工与专业化是一个经济赖以存在和运行的根本基础,它的现实表现形式就是资本结构。总之,资本结构是如何有效组织经济的结构选择问题；资本结构理论不仅是一部微观意义上的财务管理事务理论,更是一部有着坚实的经济分析思想基础和财务经验基础、涵盖了人类有史以来全部经济管理知识的管理学理论。更多还原

【Abstract】 The theory of capital structure occupies a pivotal position in the finance. Unfortunately, not only none of existing theories and models are "satisfactory" to comprehend the famous "capital structure puzzle", but also its progress has been at a standstill since about2000onwards.To establish a capital structure theory must answer two key basic problems: first, why different sources and different types of capital have different cost of capital? Second, why different capital owners have different powers and interests (the following if not specified, this article will use the " rights " to refer to the "powers and interests ")? This paper thinks that the real market environment is the foundation of financial decision-making. In the past course to establish some financial theory, it is not reasonable to constitute the theoretical elements of market environment as exogenous given assumptions, such as market, enterprise and financing instruments (bond&stock). This paper applys the approach of inframarginal analysis (not marginal analysis) to study real choice of capital structure, because inframarginal analysis uses a dealing-decision model to define financial cost and earning rather than a production function. The purpose and significance of this paper is to research the factors can determine or influence market environment, and puts forward a new theory of capital structure having more explanatory and predictive power to understand real financial decision-ma’:ings.This paper is divided into five parts, respectively, seven chapters share the work. The first part fulfills the introduction and literature review, Chapter One and Chapter Two bear them. Chapter One introduces the significance and goal, methodology, research approach, technical route, definitions of some core concepts of experience and reliability. Chapter Two is literature review. This chapter includes two parts, macroscopic review and microscopic review. The second part of this paper consists of only Chapter Three. The chapter is this paper’s basic analysis framework to study capital structure decision-making. In this chapter, the theoretical definitions of cost and earning refer to the cost and benefit brought by a dealing decision-making, not by a production decision-making. Clearly, based on such definition, the relationship between cost and earning accord with their economics meaning and our real financial experience. Moreover, this chapter discusses the origin and evolution of debt and equity, as well as the mechanism and the influencing factors of capital structure decision-making. The third part of this paper is Chapter Four. The fourth chapter studies the issues, the decision of capital cost, that is the basis in reality to make a capital structure decision. This chapter puts forward a new capital classification and discusses their different effects on capital structure decision-making. The fourth part of this paper includes Chapter Five and Chapter Six. The two chapters present separately a theoritical test and empirical test on the new capital structure theory. The fifth part is Chapter Seven. This chapter summarizes all works and discusses its prospect.The main points of this paper are as follows:1. This paper analyzes and summarizes the economic analysis thought of existing capital structure theories, puts forward a viewpoint that the neoclassical supply-demand analysis framework and the theories of new institution economics does not work effectively on the studies on capital structure.2. This paper is the first one and the only one to interpret two kinds of existing thought of economics in the view of financial management. Using inframarginal economic analysis, this paper puts forward a grand new capital structure theory and its analysis framework. On the framework, this draws a clear conclusion that the system and institutions of property rights is the only decisive factor to decide an economy’s cost level and firm’s capital structure.3. This paper puts forward a new classification of financing source, and researches financing dealing how to decide their equilibria capital cost (that is yield or interest rate) of this two kinds of capital as well as the economic nature and characteristics of this two equilibrium.4. This paper practices the methodology of positivism economics. From two aspects theoritical positivism and empirical positivism, this paper tests its validity of the new capital structure theory. And the test results prove the theory proposed in this paper as an effective theory.In a comparatively absolute words, at least in the eyes of most financial experts, all of human’s history is just a history of financial management. No matter economists and financial experts do their analysis work at any time or any where, they must begin outspread their theories from the theoretical origin, that is division of labor and specialization, to understand and to interpret man’s financial decision-making and its cost and income. Moreover, this research process would emerge the dynamic nature of decision. In a simple word, it is unnecessary using a parameter or variable of time painstakingly usually. At the same time, a proper understanding on the economic definition of costs and benefits would not lead these so-called empirical literatures that their substantive contents are to find some empirical evidences into the mainstream of positivism economics research. Why do we need a theory and to renew it? Because man’s practical financial practices are so abundant, complicated and full of levity that man has to create and use a concise theoretical system to summarize, to predict and direct his financial decision-making. The answer of "capital structure puzzle" hides in the human’s the most basic, the most simple, the most intuitive and the most difficult to describe his experiences of financial decision-making, that is, to get, you must pay its costs; to get the best, you must reduce your costs as possible in the limits you can bear and pay for it. The modern theories of neoclassical economics, finance and financial management mistakes a real firm’s capital structure, that is a result lead by the division of labor and specialization, as the given premise condition to research and develop the division of labor and specialization. These theories reversed order have resulted in many paradoxes and puzzles which the theories of neoclassical paradigm cannot interpret and describe effectively. Division of labor and specialization is the basis which an economy is built upon and runs continuously. In another word, the capital structure, that is how to organize economic resources most economically, is just an expression form of division and specialization. In short, the nature of capital structure choices and decisions is how to select effectively an organized economy; the capital structure theory behaves not only a theory of financial management full of microscopic meaning but also a management science built upon solid economic analysis thoughts and financial experiences and covered all knowledge of economic management in the mankind history.更多还原