【作者】 夏晓辉；

【导师】 华民；

【作者基本信息】 复旦大学 ， 世界经济， 2004， 博士

【摘要】 本文的内容主要由资本结构的理论、模型和实证三部分构成,目的在于回答我们所关注的两个问题:(1)企业资本结构的决定因素是什么?(2)中国上市公司的资本结构由什么决定?有什么特点?现有的资本结构理论从不同的角度(包括税收、代理成本、不对称信息、产品和投入市场的相互作用以及公司控制权等)对资本结构进行了探讨。这些理论表明存在大量的影响资本结构的潜在决定因素,然而到目前为之,还没有一个统一的框架能够将这些理论综合在一起。在现有理论的基础上,我们构造了一个代理成本、信息成本与资本结构模型,探讨代理成本和信息成本及其他变量对债务的数量和期限以及最优风险策略之间的关系。我们发现企业的经营风险和破产成本可能对杠杆率有正面影响,而股息支付率则与杠杆率负相关。关于中国上市公司的实证研究发现,中国上市公司的杠杆水平显著低于发达国家和部分发展中国家,长期负债比率尤其低。与其他国家相比,中国企业更加偏好于股票融资。此外,所有制结构、经济发展程度和行业也会显著影响企业的资本结构。关于上市公司杠杆决定因素的回归分析基本上与现有的理论预测和其他人的实证结果相一致,另外,我们在模型重所得到的可检验因素也在实证研究中得到了良好的验证。我们认为,对于中国的资本市场来说,最根本性的改革在于改变资本市场的功能定位。股票市场应该从服务于特定目标企业群的融资,转变为优化资源的社会配置。另一方面,中国的债券市场还处于早期发展阶段,加快债券市场发展对于中国企业和资本市场而言也具有重要的意义。更多还原

【Abstract】 The dissertation is composed of three parts, which are theories of capital structure, models and case studies. The objective is to find a solution for the following two major issues such as 1) what are the major influential factors for capital structure of enterprises? 2) What determine the capital structure of listed companies in China and what are the features for those factors?The existing theories of capital structure have explored the perplexed problems from different angles such as taxations, agent costs, unbalanced information, correlatives between product and marketing, control interest of company, etc. All these theories indicate that there are lots of potential determinants to capital structure. However, we do not have an integrated framework that can synthesize all these theories up till now.On the basis of current theories, we designed a capital structure model combined with agent cost and information cost. We tried to probe into relationships between the effects on quantities and durations of liabilities and the effects on optimum risk strategies caused by ageing cost, information cost and some other variables. We found that operation risks and bankrupt costs of enterprises could have positive impacts on leverage ratio, while pay-out ratio of dividends may have negative impact on leverage ratio.In accordance with some case studies performed on listed companies in China, we noted that leverage ratios of listed companies in China are far below that of listed companies in developed countries and some developing countries and the ratios of long-term liabilities are exceptionally low. Compared with other countries, companies in China prefer to have stock investment. Meanwhile, ownership structure, degree of economical and industrial development can also have great impact on capital structure of enterprises. The results we obtained from regress ional analysis on determinants of listed companies’ leverage ratios are consistent with other existing theories. In addition, factors verified in our model have all been well-proved in other case studies.We think it will be the most fundamental reform of our China’s capital market to re-orient the function of our capital market. Stock market should be transformed from acting as the financing tool of some targeted enterprises to be a social scheme for optimizing financial resources. On the other hand, due to that China’s bond market is still in the early development stage, it will contribute a lot to China’s enterprises and capital market to expedite the development of bond market.更多还原