本文關鍵詞：基于產業異質性的資本結構及其調整速度研究　出處：《南京財經大學》2015年碩士論文　論文類型：學位論文

  更多相關文章： 產業異質性 資本結構 調整速度

【摘要】：上市公司的資本結構一直是國內外學術研究關注的重點,因為資本結構在很大程度上影響了一家公司的存活,隨著我國產業的優化改革,產業異質對資本結構及其調整速度產生了一定的影響,不同產業的資本結構存在差異性,其調整速度是不同的。企業優化自身資本結構,追求目標資本結構,實現企業價值的最大化。只有這樣才能促進整個行業以及整個經濟的持續發展。本文先從理論的角度論述了現代資本結構的發展歷程,探討了資本結構及其調整速度的影響因素,發現企業的規模、資產結構、債務的期限結構、盈利能力、償付能力、流動性、增長機會、非債務稅盾以及有效稅率影響著公司的資本結構。本文的創新之處在于基于產業異質,研究了資本結構及其調整速度的影響因素。按照生產要素投入將制造業企業分成三大類：資金密集型、勞動密集型以及技術密集型,然后本文進行實證分析發現：技術密集型企業的規模對杠桿率的貢獻最大；資金密集型企業、勞動密集型企業的資產結構對杠桿率的影響不顯著；對于盈利能力的系數,資金密集型企業、勞動密集型企業和技術密集型企業都是負值；償付能力對資金密集型企業的杠桿影響是正向的,對勞動密集型企業是負向影響；勞動密集型企業和技術密集型企業都遵循了信號傳遞理論,它們的流動性和杠桿率之間存在正相關關系；對于勞動密集型企業,非債務稅盾和杠桿率成反比關系。與此同時,技術密集型企業的調整速度最快,勞動密集型企業次之,而資金密集型企業的調整速度為負值,可以認為根本沒有調整速度。文章最后總結全文并且從微觀和宏觀層面提出優化資本結構的政策建議。
[Abstract]:The capital structure of listed companies has been the focus of academic research at home and abroad, because the capital structure to a large extent has affected the survival of a company, with the optimization of China's industry reform. Industrial heterogeneity has a certain impact on the capital structure and its adjustment speed. Different industries have different capital structure and their adjustment speed is different. Enterprises optimize their own capital structure and pursue the target capital structure. Only in this way can we promote the sustainable development of the whole industry and the whole economy. This paper first discusses the development process of the modern capital structure from the perspective of theory. The paper discusses the influence factors of capital structure and its adjustment speed, and finds out the scale, asset structure, maturity structure of debt, profitability, solvency, liquidity, growth opportunity. Non-debt tax shield and effective tax rate affect the capital structure of the company. The innovation of this paper is based on industrial heterogeneity. This paper studies the factors influencing the capital structure and its adjustment speed. According to the input of production factors, manufacturing enterprises are divided into three categories: capital intensive, labor-intensive and technology-intensive. Then the empirical analysis shows that: the scale of technology-intensive enterprises has the greatest contribution to leverage ratio; The asset structure of capital-intensive enterprises and labor-intensive enterprises has no significant influence on leverage ratio; For the coefficient of profitability, capital-intensive enterprises, labor-intensive enterprises and technology-intensive enterprises are all negative; Solvency has a positive effect on the leverage of capital-intensive enterprises and a negative impact on the labor-intensive enterprises. Both labor-intensive enterprises and technology-intensive enterprises follow the signaling theory, and there is a positive correlation between their liquidity and leverage ratio. For labor-intensive enterprises, non-debt tax shield and leverage ratio are inversely proportional. At the same time, technology-intensive enterprises have the fastest adjustment rate, followed by labor-intensive enterprises. However, the adjustment speed of capital-intensive enterprises is negative, so it can be considered that there is no adjustment speed at all. Finally, the paper summarizes the full text and puts forward some policy suggestions on optimizing capital structure from micro and macro level.
【學位授予單位】：南京財經大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F275

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本文編號：1388752