【作者】 刘萍；

【导师】 殷仲民；

【作者基本信息】 西安理工大学 ， 技术经济及管理， 2007， 硕士

【摘要】 上市公司融资决策研究是现代财务理论中最重要的部分,一直是财务经济学研究中的热点。现代资本结构理论的发展只是证明了各种融资方式的必要性和重要性,新兴的证券设计理论则深入到融资决策各个环节并对其进行具体契约设计。融资过程中存在投资者与经理人、股东与债权人之间的冲突。证券设计理论致力于有效缓解这些冲突,把投资者行为与公司融资方式选择以及与之相适应的产权结构有机联系起来,建立高效合理的融资结构。全文以证券设计理论为基础,以融资为线索,借鉴国内外研究成果和方法,沿着最佳资本配置、融资决策优化展开,并构建模型来分析。本文综合运用委托代理理论、博弈论、不完全契约论、数理统计中的条件概率和Bayes方法,规范研究资本配置和融资方式选择过程,建立资本配置和融资决策模型,探索最佳证券设计。本文首先介绍了相关理论渊源,表述证券设计理论基础及研究内容,梳理了目前研究成果,建立上市公司融资决策分析框架。其次,从缓解由于信息不对称造成的投资者与经理人之间委托代理冲突的目的出发,本文设计了一个最佳资本配置模型和经理人的报酬激励契约,使得投资者了解项目真实质量和激励经理人付出适当努力水平,得到上市公司最佳资本配置额,提高了上市公司资本配置效率。最后,在确定的最佳资本配置额的基础上,基于证券设计理论,本文分析了融资决策过程中各参与主体的行为和相互影响及最终所达到均衡状态,研究融资方式选择过程,构建融资决策模型,确定最佳融资方案。更多还原

【Abstract】 Financing decision of listed company is the most important part in a modern financial theory. It has been a focus point in the financial economics research all the time. The development of modern capital structure theory only proved necessary and importance of the financing way, but new security design theory deeps into the every process of financing and designs the relevant provisions. In the financing course, there are two types of conflict among shareholder-managers and among shareholder-creditors. Security design applies itself to effectively alleviate the conflict, organically connects the choices of investor’s behavior and company’s financing way with the property right structure in conformity with the choices and way, sets up high-efficient and rational financing structure.This paper was evolved along the optimal capital disposal, the optimization of financing decision by referencing the achievements and methods of domestic and international financial scholars, based on security design, run through financing. The paper studied the course of the optimal capital disposal and the optimization of financing decision. The model was constructed to analyze.The paper studied in theory the optimal capital disposal, the process to choose the financing way , establishing the model of the capital disposal and the financing decision, exploring the best security design,by the principal-agent theory, the game theory ,the financial inncomplete indenture theory, the conditional probability and Bayes method in mathmatic-statistics.Firstly the paper introduced the relevant theory origin, stated the security design theoretical foundation and research contents, combed the research results at present and set up the analyzing frame of listed company financing decision. Secondly the paper proceeding from investment decision , designed a capital disposal model and manager remuneration encouraging indenture to have the investor understand the true quality of the project and encourage the manager to make the proper effort level,get the best capital disposal of listed companies , improved the capital disposal efficiency of listed companies.Based on the definite volume of capital disposal, because of security design theory, it analyzed the investors’choice of behavior and mutual affect as well as the equilibrium in the financing course, studied the choice of financing way and established the decision model and confirmed the financing scheme.更多还原