【作者】 孔小文；

【导师】 云冠平；

【作者基本信息】 暨南大学 ， 产业经济学， 2005， 博士

【摘要】 中国正处于计划经济向市场经济转轨进程中,上市公司资本结构的形成有着特殊的制度环境。通过分析上市公司资本结构选择行为特征,可以揭示市场参与各方的利益博弈和公司融资选择中所面临的问题与矛盾,对于促进中国资本市场健康发展,完善上市公司治理结构,优化上市公司资本结构选择等都具有重大的理论和实践意义。 本文按照理论研究——实证检验——对策建议的研究思路展开论述。MM理论作为现代资本结构理论的基石,近半个世纪以来对资本结构的研究产生了巨大的影响。沿着MM理论研究的思路,融合了不对称信息理论、契约理论以及产业组织理论等发展起来的资本结构选择模型,极大地拓展了资本结构研究的空间,使资本结构理论研究进入了一个崭新的阶段。理论分析表明,公司资本结构选择与代理成本、融资次序、控股权争夺、行业特征及公司的市场策略等密切相关。在发达市场经济国家的实践中,这些理论已在很大程度上得到了验证,也为中国上市公司资本结构选择提供了十分有益的借鉴。 在理论分析的基础上,本文对中国上市公司资本结构选择进行了一系列的实证分析。结果发现,中国上市公司仍然存在股权融资偏好,在与非上市公司的比较中可以看出,上市公司以股本注入为主和非上市公司以债务注入为主的二元化资本结构现象十分明显。通过利用中国股票市场研究数据库(CSMAR)提供的数据信息,本文构建了多元回归分析模型,并应用了主因子分析等多种方法来检验公司资本结构的行业差异和影响资本结构选择的决定因素。实证结果表明,不同行业门类与大类的资本结构有着显著的差异,而同一行业各大类的资本结构差异较小;盈利能力、增长变动性、股权流动性和公司规模等因素都对公司资本结构选择产生影响,但各项因素产生影响的程度都较小,进一步证明了中国资本市场以及上市公司独特的制度安排对资本结构选择产生着重要的影响。 本文最后对优化上市公司资本结构选择提出了对策建议,包括:加强资本市场制度建设,形成一个多元化的资本市场体系;调整上市公司治理的制衡关系以改善资本结构;建立有效的市场融资风险配置机制。更多还原

【Abstract】 China is progressing a transit from planned-economy to market-economy, the capital structure formulation of listed companies possesses a special system environment. Some problems and contradictions in terms of market stakeholder benefit gambling and company finance selection can be revealed by analyzing capital structure selection behavior characters of listed company, possessing a big significance in theory and practice for further developing capital market healthily, perfecting listed companies governance structure, and optimizing capital structure selection of listed companies.This paper is based on research ideas, such as theory research, empirical testing, and countermeasure suggestions. As a footstone of modern capital structure, MM theory has great influence on capital structure research for nearly half century. Based on MM theory research idea, capital structure selection model built by combining asymmetry information theory, contractual theory and industrial organizational theory makes it possible to extend research field in capital structure, and also let it get into a new phase of capital structure theory. Theory analysis suggests that corporate capital structure selection is closely correlated with agency cost, finance order, equity holding contest, industrial character, and company’s market strategy. These theories have been tested in practice to great extent in full market economy countries, providing great beneficial use for reference for listed companies capital structure in China.On the basis of theory analysis, a series of empirical analysis have been conducted in terms of listed companies capital structure of China. We found that China listed companies have preference in equity financing, indicating a very remarkable phenomena of binary capital structure compared with unlisted companies, listed companies stock investment focus, and unlisted companies debt investment focus. A multi regression analytical model has been built by means of China stock market research database (CSMAR), testing industry difference of corporate capital structure and determined factors of impacting capital structure selection by use of many kinds of methods, such as main factorial analysis. Empirical results suggest that there is a remarkable difference between different industry and capital structure, and there is a little difference in all kinds of capital structure of same industry, some factors, such as company size, profitability, business growth mobility, equity liquidity have little impact on corporate capital structure selection, testifying further that China capital market and China listed companies specific system arrangement have an important impact on capital structure selection.Finally, some countermeasures suggestions are proposed in optimizing listed companies structure selection, including strengthening system construction of capital market, formulating multi capital market system, modifying some restrained relations of listed corporation governance in order to improve capital structure, building an effective risk allocation system of market finance.更多还原