【作者】 刘颖；

【导师】 钟田丽；

【作者基本信息】 东北大学 ， 会计学， 2021， 博士

【副题名】基于中小板上市公司的实证检验

【摘要】 基于公司治理的资本结构影响因素研究框架包括正式治理机制对资本结构的影响和非正式治理机制对资本结构的影响两个方面,前者因我国上市公司股权呈相对集中结构导致终极控股股东控制对资本结构影响成为近些年研究的主要问题,但研究结论存在正相关和负相关的争议;后者因社会资本治理机制的研究处于初步阶段导致其对公司治理影响的研究结论也不一致,且非正式治理机制与正式治理机制的交互对公司治理起到替代作用还是互补作用存在争议。因此,需要从社会资本构成要素出发,研究社会资本治理的作用机制及其与终极控股股东控制的交互作用对资本结构决策的影响。基于现实中企业资本结构决策是以确定目标资本结构为基础的事实,本文认为,考察企业资本结构是否合理,应当考察其实际资本结构是否接近于目标水平,即资本结构偏离度,研究公司治理对企业资本结构的影响也应当以企业资本结构偏离度而非实际资本结构作为关键指标。目前,我国中小板上市公司资本结构普遍存在实际资本结构与目标资本结构偏离程度较大问题。研究发现,主板企业资本结构偏离度随时间呈现平稳下降趋势,但中小板企业资本结构偏离度随时间呈平稳上升趋势,这反映出相对于主板企业,中小板企业的资本结构不合理,需要从企业治理视角研究影响中小企业资本结构的因素,为实践中优化企业资本结构提供理论依据。总之,鉴于中小企业资本结构不合理、企业控制权对资本结构影响的研究结论不一致,以及缺乏从社会资本等非正式治理与正式治理机制交互作用对资本结构的影响等相关研究,本文采用2007-2016年中小板上市公司作为样本数据,以企业资本结构偏离度作为关键指标,实证研究社会资本构成要素、终极控股股东控制及两者交互作用对企业资本结构的影响,其研究目的是优化中小企业资本结构,发挥企业治理的积极作用。与债权治理中只关注实际资本结构不同,本文重点考察资本结构偏离度问题,以资本结构偏离度作为资本结构问题研究的关键指标,考察社会资本构成要素、终极控股股东控制以及两者交互作用对企业资本结构的影响。主要研究内容有:首先提出研究问题,梳理相关文献和基本理论,寻找研究空间并为后续实证研究提供理论依据;其次对比分析中小板企业和主板企业资本结构现状,分析中小企业公司治理和社会资本基本特征,为实证研究提供现实基础;再次分别实证研究社会资本构成要素中的社会关系网络——连锁董事网络、信任水平——利益相关者信任水平和社会信任水平、非正式社会规范——儒家思想和宗教社会规范对企业资本结构的影响,终极控股股东控制对企业资本结构的影响,以及社会资本构成要素和终极控股股东控制两者交互作用对企业资本结构的影响;最后归纳总结研究结论、研究局限以及研究展望。本文的主要研究结论有:(1)社会资本不同构成要素对企业资本结构产生不同影响,即连锁董事网络地域趋同性和行业趋同性的提升能够降低企业资本结构偏离度,行业趋同性和中心度的提升能够降低企业过度负债水平,地域趋同性的提升能够降低企业负债不足水平;利益相关者信任水平的提升对企业资本结构偏离度的降低产生不利影响,会提高企业过度负债水平,但社会信任水平的提升能够降低企业资本结构偏离度,降低企业负债不足水平;企业受儒家思想和宗教社会规范影响越大,其资本结构偏离度越低,尤其能降低企业负债不足水平;(2)终极控股股东控制对企业资本结构产生不利影响,终极控股股东控制下的企业,其资本结构存在过度负债现象,强控股股东控制模式下和非国有控股股东控制的企业具有较大资本结构偏离度;(3)社会资本不同构成要素与终极控股股东控制对资本结构的交互影响存在差异,即连锁董事网络关系特征、社会信任水平与终极控股股东控制对资本结构的影响存在替代效应;但连锁董事网络结构特征、利益相关者信任水平与终极控股股东控制对资本结构的影响存在互补效应;宗教社会规范仅在有息负债考量的资本结构偏离度和不考虑竞争性股东约束的情况下,其与终极控股股东控制对资本结构的影响存在替代效应。本文的创新之处在于:一是将财务学资本结构影响机制的研究拓展到社会学领域,二是用偏离度指标反映资本结构比实际资本结构更加准确,三是将正式治理机制对资本结构影响的研究拓展到非正式治理机制。研究将财务学与社会学联系起来探讨资本结构的影响因素问题,有利于完善资本结构理论研究框架,丰富社会资本理论并拓展社会资本价值效应的研究,为优化企业资本结构、完善公司治理机制、促进社会信用体系建设和规范营商环境提供政策依据。更多还原

【Abstract】 The research framework of influencing factors of capital structure based on corporate governance includes two aspects:formal governance and informal governance.In terms of formal governance,the influence of ultimate controlling shareholder’s control on capital structure has become a major issue in recent years due to the relatively centralized ownership structure of China’s listed companies,but there are positive and negative disputes in the research conclusions.In the aspect of informal governance,the relevant research on social capital governance is still in the initial stage,whether it has a positive or negative impact on corporate governance has not reached a unified conclusion.At the same time,it is controversial whether the interaction of informal governance mechanism and formal governance mechanism plays an alternative or complementary role in corporate governance.Therefore,it is necessary to study the mechanism of social capital governance and its interaction with the ultimate controlling shareholder’s control on capital structure decision-making from the perspective of social capital elements.In reality,the decision of enterprise capital structure is based on the target capital structure,and its financing decision is usually based on its target capital structure.Therefore,whether the actual capital structure deviates from the target capital structure should be examined.The research on the impact of corporate governance on corporate capital structure should also take the deviation degree of corporate capital structure rather than the actual capital structure as the key index.At present,the capital structure of China’s small and medium-sized board listed companies generally deviates from the target capital structure.It is found that the deviation degree of capital structure of main board enterprises presents a steady downward trend over time,but the deviation degree of capital structure of small and medium-sized board enterprises presents a steady upward trend over time,which reflects that the capital structure of small and medium-sized board enterprises is unreasonable compared with that of main board enterprises.Therefore,it is necessary to study the factors that affect the capital structure of enterprises from the perspective of corporate governance,so as to provide a theoretical basis for optimizing the capital structure of enterprises in practice.Different from the debt governance which only focuses on the actual capital structure,this paper focuses on the deviation degree of capital structure.Taking the deviation degree of capital structure as the key index of capital structure research,this paper studies the influence of the elements of social capital,the ultimate controlling shareholder control and their interaction on the capital structure of enterprises.The main research contents are as follows:firstly,this paper puts forward research questions,combs the relevant literature and basic theories,so as to find research space and provide theoretical basis for the follow-up empirical research;secondly,this paper analyzes the current situation of capital structure,corporate-governance and basic characteristics of social capital of small and medium-sized enterprises,so as to provide a realistic basis for the empirical research;thirdly,this paper empirically studies the influence of social relationship network,trust level and informal social norms on corporate capital structure,and the influence of ultimate controlling shareholder control on corporate capital structure,and the interaction of social capital components and ultimate controlling shareholder control on capital structure;finally,the research conclusions,research limitations and research prospects are summarized.The main conclusions of this paper are as follows:(1)Different components of social capital have different effects on corporate capital structure,that is,the improvement of regional convergence-and industry convergence of director network can reduce the deviation of corporate capital structure,and the improvement of industry convergence and centrality can reduce the level of excessive debt,the improvement of regional convergence can reduce the level of corporate debt shortage.The improvement of stakeholders’ trust level has a negative impact on the reduction of capital structure deviation,and improves the level of excessive debt.However,the improvement of social trust level can reduce the deviation of capital structure and reduce the level of insufficient debt.The greater the influence of Confucianism and religious social norms,the lower the deviation of capital structure,especially they can reduce the level of corporate debt shortage.(2)The ultimate controlling shareholder’s control has a negative impact on the capital structure.Under the control of the ultimate controlling shareholder,the capital structure of the enterprise has the phenomenon of excessive debt.Under the strong control mode of ultimate shareholders and under the control of non-state-owned ultimate shareholders,there is a large degree of capital structure deviation.(3)The interaction between different elements of social capital and ultimate controlling shareholder’s control on capital structure is different.The results show that the relationship characteristics of the director network,social trust and ultimate controlling shareholder control have substitution effect on capital structure;but the structural characteristics of the director network,special trust of stakeholders and ultimate controlling shareholder control have complementary effect on capital structure.Only in the case of capital structure deviation considering interest bearing liabilities,and without considering the constraint of competitive shareholders,religious social norms and ultimate controlling shareholder control have substitution effect on capital structure.The innovation of this paper lies in:firstly,expand the research on the influence mechanism of capital structure in finance to the field of sociology;secondly,use deviation index to reflect the capital structure more accurately than the actual capital structure;thirdly,expand the research on the influence of formal governance mechanism on capital structure to informal governance mechanism.This study combines finance and sociology to explore the influencing factors of capital structure.The research is helpful to improve the theoretical research framework of capital structure,enrich the theory of social capital and expand the research on the value effect of social capital.The research provides policy basis for optimizing enterprise capital structure,improving corporate governance mechanism,promoting social credit system construction and standardizing business environment.更多还原