【作者】 旷国栋；

【导师】 何进日；

【作者基本信息】 湖南大学 ， 会计学， 2006， 硕士

【摘要】 成长型企业无论是对宏观经济的良性增长还是资本市场的健康发展都具有十分重大的意义。站在资本市场的角度,本质上,一个资本市场是否发达、完善、规范和健康,关键看它是否能够最有效地动员储蓄并将之分配到最具成长性、最有效益的投资方向上去;另一方面,从企业的角度说,企业在高速成长阶段若不重视其融资结构的优化,无视自身资金和管理能力而盲目扩张、只求规模不讲利润,最终都难免失败结局。那么,处于高速成长阶段的成长型企业,如何利用有限的资本资源优化自己的融资结构,使得企业稳定的成长就显得尤为重要了。国外的理论与实证研究表明成长性是影响企业融资结构的一个重要因素。而国内学者在相关方面的实证研究不仅研究结论极不一致,而且相比国外的研究,在研究变量的选取、样本的选择以及研究方法上都存在一定程度上的不足。鉴于此,笔者在大量吸收前人研究成果的基础上,做了一些探索研究。本文收集了深、沪两市2002年至2004年868家仅发行A股的公司的数据,在控制企业规模、盈利能力、行业因素、资产担保价值、非债务税盾、偿债能力对融资结构产生影响基础上,分析企业成长性对资产负债率、债务到期结构和债务来源结构的影响,其中成长性以资产的市值账面值比、单位资产净利增长率、单位资产营业利润增长率、主营业务收入增长率、单位资产主营业务利润增长率、总资产增长率、资本性资产增长率7个指标通过因子分析构建公共因子进行测量。研究结果显示,企业成长性对其融资结构有显著的影响,成长性越高,企业越倾向于采用较低的债务水平,而且债务期限结构中长期债务的比重越大,债务来源结构中银行借款相对于商业信用比例越低,验证了代理成本说和战略公司财务的观点。更多还原

【Abstract】 The growth enterprise is extremely significant both to the capital market healthy development and the macroscopic economic growth. In the view of the capital market , essentially, a capital market be developed, perfect, standard, health or not is decided whether it will be able to mobilize and assign the deposit effectively to the most growth potential and the most profitable investment trends. On the other hand, in the view of the enterprise, if the enterprise which is in high speed growth stage does not take its financing structure to optimization, and disregards own fund and the managed capacity expands blindly and only asks the scale not to speak the profit, the result is unavoidably defeated. So, how the enterprise which is at the high speed growth stage uses the limited capital resources to optimize its financing structure and ensure the enterprise stable growth t is important.The theoretical and empirical studies in western countries suggested that growth is an important factor that influences a company’s capital structure. But the empirical studies in the same area of our country got conflicting conclusions. Furthermore, compared with foreign studies, there are some shortages in the selection of variables, scope of sample and study methods in our country’s studies. Consequently, based on the previous studies, this paper makes some improvements in these aspects and does some groping studies.This paper, using pooled cross-sectional observations of companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2002 to 2004, examines the relationship between growth opportunities and capital structure. Results show that growth have significant influences on capital structure after controlling for firm size, profitability, industry, collateral value of assets, non-debt tax shields and refunding ability. The higher growth a corporate has, the lower debt level it will hold, the higher the proportion of long-term debt to total debt will be, and the lower the proportion of bank loan to total debt will take. The findings have confirmed the proxy cost theory and the strategy corporate finance viewpoint.更多还原