【作者】 赵昶；

【导师】 王征兵；

【作者基本信息】 西北农林科技大学 ， 农业经济管理， 2008， 博士

【摘要】 我国农业上市公司被认为是国内农业最先进生产力代表群体，然而它们在资本市场的总体表现并不乐观，与以企业价值最大化为目标似乎相去甚远。作为公司金融理论探讨的核心内容，研究公司融资结构对公司价值的影响，不仅是国内外学者关注的热点，也是提高企业资本配置效率，增强企业价值创造能力的亟待解决的问题。本文以资本结构理论、公司治理理论为基础，沿着“公司融资结构-经济主体行为-公司价值”的分析主线，建立一个融上述理论为一体，规范分析和实证分析相结合的综合框架，研究不同阶段下的公司融资对公司价值的影响。论文的内容除第一章导论、第七章结论与建议外，从逻辑上分为两部分，形式上分为五章。第一部分是论文论述的基础，包括理论基础和现实情况分析，分为第二章、第三章。主要回顾企业融资理论发展历程，以及典型性代表理论和观点。然后，对农业上市公司价值成长阶段进行有效划分，描述不同阶段中的农业上市公司的融资结构特点和公司价值发展情况，为农业上市公司融资结构如何影响公司价值的论述展开提供理论基础和分析角度。第二章“融资结构影响公司价值的基础理论”。回顾了资本结构理论的重要发展阶段，以及各个阶段中代表理论和观点，包括早期资本结构理论和现代资本结构理论，从而奠定本论文研究所需要的基础理论。在疏理已有研究成果的基础上，提出公司治理“嵌入”在融资结构和公司价值发生链的间接研究范式观点。最后，对企业价值生命周期理论、农业上市公司、融资结构与资本结构、公司治理等相关概念进行了界定。第三章“农业上市公司融资结构现状”。本章首先对我国农业上市公司的基本情况作了概述，从时间、区域和子行业等分布较为全面地勘测农业上市公司基本概况；接着基于企业价值生命周期理论，提出系统的阶段划分方法。根据划分结果，提炼两种农业上市公司价值生命周期演进模式；最后分析农业上市公司在不同阶段中的融资结构、融资行为和公司价值特征和变化趋势，为全文下面分析建立事实依据和基础。第二部分是农业上市公司融资结构对公司价值的规范分析和实证研究，包括第四章至第六章。融资结构中的股权结构和债权结构对公司价值的影响纳入到同一个分析框架中，系统地研究债权和股权的各自和相互作用影响公司价值。在详实、多角度的论证基础上，得出农业上市公司融资结构在不同阶段中的影响公司价值的若干重要结论。第四章“农业上市公司融资结构中的债权结构对公司价值影响”。本章从债权结构的债务期限和负债水平两个方面研究债权结构对公司价值的影响。农业上市公司以短期负债为主，短期债务以其强有力的监督控制作用，减少股东从事风险项目投资，降低资产替代效应和代理成本而提高公司价值。公司负债水平和债务期限结构存在着某种关系，企业在选择资本结构时，会对这两个方面做出权衡；同时负债水平与产品市场竞争有密切关系，提出一个均衡博弈模型，说明负债的双重效应，即代理效应和策略效应；公司成长性与负债水平和债务期限结构之间内在关系是状态依存的。回归分析、相关分析和典型相关分析等实证方法表明农业上市公司的负债水平和债务期限选择是状态依存的，且两者负相关关系，债务结构发挥出有限的治理效应等结论。第五章“农业上市公司融资结构中的股权结构对公司价值影响”。股权结构包括股权集中度和股权的所有者结构，所有权结构体现为管理者所有者和机构投资者等方面。在股权所有者结构包括管理者持股与企业价值呈非线性结论和机构投资者在公司治理中会扮演积极角色；股权集中度与公司价值之间普遍存在一个倒U关系。股权结构对公司价值影响性会在不同成长性而变化。实证表明农业上市公司股权集中度与公司价值在成长阶段，是一个倒U关系，成熟阶段是U型。在对不同管理者持股比例区间划分下，通过均值比较，不同持股比例区间与公司内在价值是有显著性差异等结论。第六章“农业上市公司融资结构对公司价值与公司治理效率影响”。融资结构中的两种股权和债权治理方式之间是相关的，通过监督公司管理者来影响公司价值，而农业上市公司中主要代理成本是管理层代理问题。因此基于代理成本理论综合分析模型，来揭示债权与股权、公司价值、管理层私人收益比例、公司破产代价等之间的复杂关系。依据模型，建立联立方程组，利用非平衡面板数据进行实证。结果表明：农业上市公司的负债水平、股权集中度与公司价值是负相关关系；第一大股东持股水平与公司负债水平是正相关关系。第一大股东持股比例越高，越倾向于提高债权融资比例；成熟阶段农业上市公司比成长阶段公司选择更高的资本结构；目前农业上市公司的管理层年度报酬与资本结构没有显著性关系，管理层存在在职过度消费问题。最后，进一步利用非参数相对效率(DEA)方法，评价处于成长和成熟两个不同阶段农业上市公司的融资结构的治理效率，并获得有效治理状态下的最优狭义资本结构为51％水平；农业上市公司内在价值的上限在0.13左右，且与融资治理效率关系是倒U关系等结论。更多还原

【Abstract】 The listed agribusiness were regared as the most advanced productive organizations inChina, but their performances toally in capital market is not excellent for forgoing theobjective of maximizing of firm value. Being a core issue in financing theory, Corporatefinance structure have effective on firm value which not only fascinates scholars, but also canimprove capital efficiency and creat firm value in the end.Based on capital structure theory and corporate governance, the paper adopts the mainpath of’finance sturucture-conducts-firm value, and it study the effects in different stageswith a synthetic framework of combing the qualitative with the quantitative analysis methods.The content except the first chapter of introductory remarks and the seventh chapter ofconclusion is divided into two parts logically and five chapters in the form.The first part is the rationale, including the second chapter and the third chapter. Firstly,it mainly analyses the classical theories in the history of financing theory. Secondly, the paperdevelops a method to divide the listed agribusiness into several stages with which arrives acompletely characteristics of financial structure and firm value in different phase.The second chapter analyses literatures including the former and modern capitalstructure theory on which the next research is based. Therefore, it raised a option thatcorporate governance is embedded in the chain of financial structure to firm value. At last itdefines and explains several most important concepts of the life cycle of firm value, the listedagribusiness and so on.The third chapte firstly introduces basic condtions of the listed agribusiness, and thenputs up with a system method to mark off the listed agribusiness, fortunately sum up twogrowth models. In the end it can compare the characteristics of finance structure and firmvalue in different phase which provides the rational facts for next chaptes.The second part is the real diagnosis analysis in financial structure mechanics processand the applied research, including fourth chapter to sixth chapter. Financial structureincludes the share structure and capital structure which are discussed exclusively andmutually in the effects on firm value. With the empirical test, several conclusions areachieved in different stages. The fourth chapte begins with two parts of capital structure.According to the fact ofshort-term debt only in the listed agribusiness, it studies the short-term debt’controling effectwhich can reduce the risk investment behavior of shareholder, and cut off asset replaceagency cost to creat firm value. Firm has to balance debt maturity structure with debtleverage in choicing of capital structure. At the same time, debt leverage has the closingrelationship with product market competition. The chapte introduce play game theory toillustrate the double effect of debt of agency effect and strategy effect.and still it deduces thatthe relationship between debt maturity and debt leverage is state relay in firm groth. Theformer opion is confirmed in empirical test of regression and canonical correlation methods,and capital structure has really the limited governance effect.The fivth chapte study the shanre structure which is compared of ownship structure andownship concentration. The ownship structure includes mainly managerial ownsip andinstitution investmenter. Alothough the relation of managerial ownsip and firm value isnon-linear, institution investmenter play an active role in corporate governance. There existpopularly a inverse U sharp between ownship concentration and firm value. Shanre structuremay change its effect on firm value in different stages. Empirical test reveal that theproportion of stock-hold-ing of the number one major stockholder has the inverse U sharpand U sharp in growth stage and mature stage of listed agribusiness value. Still comparedwith firm value mean, different managerial ownsip intervals is significant.The sixth chapte is designed to study corporate financial structure how to influence firmvalue. As the two aspects of financial structure all have effect on firm value by superingmanagers, whose agency cost is most important in listed agribusiness, it constructs asynthetic agency cost model to illustrate the complex relationship between capital structureand share structure and so on. Along with this model, a combined founctions is set up to testrules above in unbalanced data. Firstly, debt leverage is negative relation with firm value aswell as ownship concentration. Secondly, the proportion of stock-hold-ing of the number onemajor stockholder has positive relation with debt leverage. Thirdly, listed agribusiness haschoice more high capital structure in mature than in growth stage. Lastly, managers haveexpropriation behaviour and their salary has no signifinancy with capital structrure. In thenext section, it utilizes DEA method to evaluate governance efficiency. There exist a mostoptimization capital structure in 51%, and a upper limitation of frim value in 0.13, which isinverse U sharp relationship with governance efficiency.更多还原