【作者】 许峥；

【导师】 杜金岷；

【作者基本信息】 暨南大学 ， 金融学， 2012， 硕士

【摘要】 中小企业的融资问题一直是社会的热点话题，投资者在投资过程中对小市值的中小企业板上市公司也一直非常热衷，本文结合上述两个热点议题作为出发点，采用当前在学界展开广泛讨论的资本结构与股票流动性的关系作为研究视角，尝试为中小企业的融资问题和投资者的投资决策提出指导性意见。首先，本文针对学界对资本结构与股票流动性关系的研究进行文献综述，了解到学者们的看法不一。笔者采用资本结构和股票流动性的相关理论进行分析，并提出理论假设。同时为保证实证研究模型的完整性与合理性，对资本结构和股票流动性的主要影响因素做理论分析，并将相关因素指标加入实证模型的联立方程组中。然后，笔者介绍了目前我国中小板上市公司的现状及本文选题的具体传导机制，并选取2006‐2010年的中小板上市公司作为样本，选取资产负债率、长期负债率和短期负债率作为资本结构指标，选取换手率作为股票流动性指标，采用构建联立方程组的方法，对资本结构与股票流动性的相互关系进行实证分析。最后，本文得出结论为中小板上市公司的股票流动性受到资本结构即财务杠杆的正向影响，但股权融资比例不受股票流动性的影响。即财务杠杆的提高，会使公司经营者做出更好的投资，减小了代理成本，同时会选择高收益的项目，为公司股票带来较高的预期收益率，从而增强了股票的流动性。而中小板上市公司股票流动性的增强，并不能使股权融资比重提升。可以从这个角度了解到中小板上市公司乃至中小企业在股权融资过程中存在着除成本以外的多方面因素制约，股权融资存在一定的困难。在文章结尾，笔者从融资行为与投资行为两个方面，给出相关政策建议，希望进一步解决目前市场上中小板上市公司及更大范围的中小企业所面临的问题。更多还原

【Abstract】 The small and medium-sized enterprise financing problem is always the hot issueof the society. In the investment process, the investors have been very keen on theSME Board companies. We integrate the two hot topics as the starting point, andmake research with the relations between the capital structure and the stock liquiditywhat have been discuss extensively in the current in the academia. We try to offerguiding opinions for the small and medium-sized enterprise financing options andinvestment decisions of investors.First of all, this paper reviews the literature on the capital structure and the stockliquidity. We use the theories of the capital structure and the stock liquidity to makeanalysis, and puts forward the theory assumption. At the same time, to ensure theempirical model integrality and rationality, we analyze the main influence factors ofthe capital structure and the stock liquidity, and put the related factors to the empiricalmodel of the simultaneous equations.Then, we introduce the present situation of small and medium enterprises boardcompany, and the transmission mechanism of selected topic. We select the ones of2006-2010years’ SME board listed companies as samples. We select ratio of liabilitiesto assets and long-term liabilities ratio as capital index, select the turnover as the stockliquidity index, and use2SLS to make mutual empirical analysis of the relationbetween the capital structure and the stock liquidity. In order to ensure the validity ofresults, we make another empirical analysis between Short term debt ratio and turn.Finally, this paper draws a conclusion that the capital structure and the stockliquidity are negative correlate, namely financial lever improving will make the smalland medium-sized board companies operate at increased risk. So the managers tend tochoose equity financing, and the reducing of the expected stock returns wil reducestock liquidity. At the same time the stock liquidity enhancement can cause the cost ofequity financing lower than the cost of debt financing. Thus the managers will tend tochoose equity financing, and company financial level will be reduced. At the end of the article, this paper try to give relevant policy recommendations from the small andmedium-sized enterprise financing present situation and the interests of investorspoint of view, and hope to solve the problems faced by the current market.更多还原