企业资本结构选择的转型经济学分析

【作者】 李刚；

【导师】 董辅礽；

【作者基本信息】 中国社会科学院研究生院 ， 政治经济学， 2001， 博士

【摘要】 现有企业资本结构选择理论根植于成熟稳定的市场经济环境之中，建立在均衡分析方法基础之上，在用于解释我国目前既不成熟也不稳定的转型经济环境中的企业资本结构选择现象时，分析方法和应用环境之间的脱节往往使理论的解释能力大受影响。如何寻找并采用与转型经济环境相适应的分析方法，对我国企业资本结构选择领域的一些重要现象进行解释，已成为一个颇具挑战性的问题。 本文致力于将自然科学中的耗散结构思想引入到转型经济环境之中，着重在以下三个方面进行探索：一是提出独具特色的转型经济学分析方法；二是构建转型期间我国企业资本结构选择的耗散结构理论模型；三是按照“目标——行为——绩效”这样一个逻辑关系，提出优化我国企业资本结构选择的相应建议。文章内容摘要如下： 第一章对建立在均衡分析方法基础之上的现有企业资本结构选择理论进行介绍。传统理论、现代理论和契约理论等现有企业资本结构选择理论所采用的都是均衡分析方法，所研究和解释的对象都是“存在”，即企业在某一个时点或某一个短暂时段上的资本结构选择，而不是“过程”，即不是企业在某一个较长时期内的资本结构选择。 第二章剖析均衡分析方法的局限性和现有企业资本结构选择理论的不彻底性。均衡分析方法深受近代力学线性思维影响，强调经济要素之间的独立性、对称性和均匀性，适用于成熟稳定的经济环境；由于完全成熟稳定的经济环境在现实中并不存在，所以均衡分析方法总是存在局限性；而分析方法的局限性又导致现有企业资本结构选择理论的不彻底性：实证解释多种多样、新的分析方法五花八门、大量“过程”现象无法得到有效解释。 第三章针对均衡分析方法的局限性，引入耗散结构思想，提出转型经济学分析方法。耗散结构理论认为，一个远离平衡态的开放系统，在与外界不断交换物质和能量的过程中，会通过非线性作用机制产生自组织现象，形成稳定的有序结构，并以“涨落”的形式实现由无序到有序的转化。转型经济环境是一种耗散结构，从开放性、非线性和自组织等耗散结构特征着手对转型经济系统进行分析的方法即是转型经济学分析方法。 第四章针对现有理论的不彻底性，采用转型经济学分析方法，对我国企业资本结构选择的演变过程进行解释。企业资本结构选择可以理解为是“企业通过资本生成机制选择资本结构的行为”, 通过对企业资本生成机制的非平衡性特征、企业行为的自组织特征进行分析，可以解释转型期间我国企业资本结构选择远离平衡态现象的由来；来自市场经济系统的各种“负熵”会通过非线性作用机制影响我国企业的最优资本结构选择，通过由非线性作用机制促成“涨落”的机理，可以解释我国企业资本结构选择由无序向有序转化的演变过程。 第五章对现有企业资本结构选择理论和转型经济学分析方法进行嫁接，构建企业资本结构选择的耗散结构理论模型,并进行实证检验。在用非线性作用机制对负债的收益函数和成本函数进行重新诠释后，企业资本结构选择的耗散结构理论模型得以构建，转型期间我国企业资本结构（以权益负债比表示）选择的演变轨迹被描绘成为非线性曲线；在对我国大约800家企业20年的资本结构数据进行实证检验后发现，耗散结构理论模型以及据此描绘的非线性曲线与现实具有很好的拟合效果。 第六章分别从目标、行为利绩效角度对优化我国企业的资本结构选择提出相应建议。企业市场价值最大化和对成本收益进行权衡的市场行为分别是我国企业资本结构选择的目标优化方向和行为优化方向，为此一方面必须大力发展并规范资本市场，以使企业市场价值得以真上体现，另一方面必须尽快改变转型企业权益结构中非国有资本和国有资本的“仆平衡”局面，以使企业的所有者真正关心资本的成本和收益；同时，由于行为优化的币场方式和产权方式是影响选择绩效的非线性作用机制，所以，在改变转型期间我国企业权益结构中非国有资本和国有资本的“非平衡”局面时，应区分增量资本和存量资本结构选择的优化，分别侧重采用市场方式和产权方式，以实现最佳的优化效果。更多还原

【Abstract】 This dissertation, based on the dissipative structure theory in the natural science, attempts to explore the capital structure choice of the enterprise that is under the circumstance of transition economy. It first puts forward a unique analysis method of transition economics and uses it to explain the evolvement of Chinese enterprises’ capital structure choice. Then it is devoted to establishing a dissipative structure model of enterprise’s capital structure choice in the transition economy. Finally, it brings forward some proposals for optimizing the enterprises’ capital structure following the analysis logic of ’objective-behavior-efficiency’. The main content of the dissertation consisting of six chapters can be generalized as follows:Chapter one introduces the present capital structure choice theories, founding on the equilibrium analysis method, including traditional theory, modern theory and contracts theory that respectively use the marginal analysis, the general equilibrium analysis, game theory and information economics analysis method. The object of above theories is the capital structure in a certain time or in a short period of time, that is, those theories focus on being not becoming, which is an enterprise’s capital structure in a long period of time.Chapter two analyzes the limitation of equilibrium analysis method and the present capital structure choice theories. The equilibrium analysis method is deeply affected by the linear thought of latter-day mechanics and emphasizes the independence, symmetry and uniformity of economic factors. So it is applicable for the mature and stable economic conditions. Since this is not always true in practice, equilibrium analysis method has certain limitations, which cause the imperfection of present theories. The imperfection is expressed by the diversity of empirical results and the absence of authoritative analysis method. What is more, many becoming phenomena can not be well explained.Chapter three puts forward the transition economy method by introducing the dissipative structure thought. The thought thinks that an open system far from equilibrium will constantly exchange substance and energy with its environment, give rise to the phenomenon of self-organization by the mechanism of coherence, non-uniformity and asymmetry, and finally evolve from disorder to order in the form of ’eat and flow’. Since the transition environment can be deemed as an open system similar to the dissipative structure, the transition economics analysis method is such a method that to start to analyze the transition economic system from those dissipative structure characteristics such as opening, non-linearity and self-organization.Chapter four adopts the analysis method of transition economics to explain the evolvement of capital structure choice of Chinese enterprises. Because capital structure choice can be comprehended as a kind of behavior that the enterprise chooses its capital structure by the capital formation mechanism, we can make clear the reason why capital structure choice of Chinese enterprises is far away from equilibrium by analyzing the imbalance of capital formation mechanism and the self-organization characteristic of enterprise behavior. Because all the information that leads to market-oriented capital structure choice can be thought of as a series of negative entropy and the inflow of them will work through different kinds of nonlinear mechanisms, the evolvement of capital structure choice of China enterprises can be interpreted as a process from disorder to order in the form of eat and flow that is promoted by all the nonlinearmechanisms.Chapter five combines the present capital structure choice theories with the analysis method of transition economics, establishes a dissipative structure model of capital structure choice, then makes an empirical test of the model. After the tax advantages and the cost of financial distress are reinterpreted by the nonlinear mechanism, the market model of the present capital structure choice theory (taking更多还原