【作者】 汤海溶；

【导师】 黄登仕；

【作者基本信息】 西南交通大学 ， 管理科学与工程， 2006， 博士

【摘要】 公司资本结构是金融学术界与公司实务界长久关注的课题，是公司财务研究的重要内容之一。现有资本结构理论大致可分为：以委托代理理论为基础的资本结构假说，以信息不对称理论为基础的资本结构假说，考虑公司控制权竞争的资本结构理论假说，以及以产品／投入品市场相互作用为基础的资本结构理论假说，这些资本结构理论是在基于对公司环境进行假设、以及对公司面临的矛盾冲突进行分析的基础上提出来的，每一个理论假说都主要是从某一方面对影响公司资本结构的因素进行研究。通常，由于公司所处的市场经济环境不同，公司所面临的主要矛盾不同，因此在不同市场环境中主要影响公司资本结构的因素不同。 考虑公司控制权竞争的近期研究成果，主要以管理者考虑自身利益从而对资本结构产生影响为研究背景，其研究的背景环境与当前我国上市公司管理者处于实际控制人地位、管理者利益严重地影响公司盈利能力和资本结构的现实情况相似。然而控制权竞争资本结构理论的现有研究成果大多是以西方发达市场经济环境为假设条件的，而我国现有的市场环境与西方发达国家存在很大差异，特别是两者在公司管理者利益来源以及公司融资约束条件的较大差异会对研究结论产生影响。关于我国上市公司资本结构特征，现有文献主要是从经验研究方面进行，加入我国市场特征的理论研究相对较弱。总之，已有资本结构理论不能完全解释我国上市公司管理者自利行为对公司盈利能力和资本结构的影响。并且关于资本结构与公司盈利能力的关系，不同的理论模型和不同实证研究得到的结论差异较大，此外，在已有的研究中，关于公司规模、固定资产、股票价格等因素影响资本结构的结论也不一致。这些都需进一步研究。 本论文立足于我国上市公司的市场环境和经营环境，研究在我国当前的制度背景下公司盈利能力与资本结构方面的相关问题。以公司控制权竞争理论假说的后期研究成果为基础，放宽公司破产和被接管等约束条件，本文建立了一个新资本结构理论模型，并基于理论模型对管理者自利行为对公司盈利能力的影响，以及盈利能力对资本结构的影响进行分析。此外，以1992年度至2004年度我国沪深两市上市公司年度数据为样本，从上市存活年度时间序列和日历时间序列两个角度，采用实证研究方法，对提出的模型进行检验。本论文具体研究内容如下：更多还原

【Abstract】 Corporations’ capital structure is a question for discussion which is payed attention to long by finance academe and corporation managers, is also one of the important contents on corpotation finance study. These theories on capital structure in existence could be identified to four categories of determinants of capital structure: models based on agency costs, models based on asymmetric informations, models based on corporate control considerations and models based on product/input market interactions. These theories on capital structure which are put forward are mainly based on hypotheses on corpotations’ environments and analysis about corpotations’ conflicts. The researchs of every capital structure theories mainly describe some factors that determine the capital structure on one side. Commonly, there are different conflicts in different market economy environment, so there are different factors which determine the corporation capital structure.These literature about models based on corporate control considerations in the near future mostly study start from affects on capital structure which managers conside self benefits, its background of research is resemble with the real situation which those managers of Chinese listed companies are fact controler and managers’ benefit badly affect profitability and capital structure. However, there are many differences between those literature mostly based on west developed market economy with the market enviroments in existence in China. Especialy the obvious differences on source of managers’ benefit and condition on corporation financing restrict would affect the conclusion on capital structure in China. These literature in existence about capital structure characteristic of Chinese listed companies mainly carry empirical study, there are less theoretic study which could consider Chinese market characteristics. In a word, capital structure theories in existence could not entirely explain the influence on profitability and capital structure of Chinese listed companies which were made by managers’ self-behavior. About the relation between capital structure and profitability, there are different conclusions in different theoretical models and emperical studies. Otherwise, those conclusions were different about how such factors affected capital structure as corporations’ size, fixed assets and stock price. So we think there need farther study on such problems.更多还原