【作者】 徐云；

【导师】 陈仲常；

【作者基本信息】 重庆大学 ， 产业经济学， 2007， 硕士

【摘要】 充足的资金来源以及合理的资本结构是一个产业得以长足发展的重要保障。信息技术产业具有高投入、高风险、高收益的特点,信息技术的开发及产业化所需的资金往往数额巨大,这个特点将其区别于一般上市公司,并对其资本结构产生很大影响。鉴于此,本文拟采用定性分析与定量分析、理论分析与实证研究相结合的研究方法对我国上市信息技术企业的资本结构及融资效应问题进行研究。首先从研究资本结构理论出发,对影响我国上市信息技术企业的资本结构选择的宏微观因素进行了理论分析;然后采用因子分析和多元回归分析等统计分析方法对影响我国上市信息技术企业资本结构的重要因素进行了更细致的实证分析,最后对上市信息技术企业的融资效应做了实证考察,研究结论如下:(1)理论分析表明金融市场的不完善与信息技术企业资产的较强专用性限制了信息技术上市公司的融资选择渠道;国家对高技术企业的税收优惠政策使得长期负债对信息技术企业缺乏吸引力;对灵活性的看重激励着信息技术企业采用低资产负债率和相对较高的流动负债比例。(2)实证分析揭示出企业的盈利能力、资产抵押价值、成长能力和股权流通性对信息技术企业资本结构的选择有着决定性影响。(3)信息技术上市公司的融资结构安排缺乏效率。占大比例的股权融资对企业的经营绩效没有显著影响;商业信用融资比例虽然在提高,但对企业经营绩效的作用却为负;而存在积极作用的财政融资和内源融资,其比例却过低。这也说明信息技术企业的资金运用效率较低,提高财务杠杆传递着有关企业价值和经营绩效的负面信号。(4)从稳健的角度讲,目前我国信息技术上市公司选择较低的财务杠杆有其合理的一面,但资金使用效率和融资效应却令人担忧。管理者在进行融资决策时,重点考虑的是能否在低风险条件下得到资金的问题,而不是怎样的融资结构安排最为合理的问题。这一方面缘于公司内部治理的制衡机制缺失,另一方面则是由于我国金融市场不完善,企业融资渠道狭窄所致。更多还原

【Abstract】 An ample source of fund and a rational capital structure are important for the lasting development of an industry. IT industry is characterized by high investment, high risk and high returns. The fund needed for exploitation of information technology and its industrialization is always in a large sum. This is the character, which differentiates IT companies from other listed companies and has a huge effect on the capital structure.In light of this, this paper attempts to do a research on the problems concerning the capital structure and the financing effect of our listed IT enterprises based on the research method of a combination of qualitative analysis and quantitative analysis as well as that of theoretical analysis and empirical analysis. The paper will start from a study of the theory of the capital structure; make a theoretical analysis on both the macro and micro factors which have effect on the selection of the capital structure of our listed IT enterprises. Then, the method of statistical analysis such as factor analysis and multiple regression analysis will be adopted to make a further analysis of the important factors. Finally, an empirical investigation of the economic returns brought by the selection of capital structure of the listed IT enterprises will be made. The research conclusions are as follows:(1)The theoretical analysis indicates that the lagged financing market and the strict specialty of the assets limited the financing selecting channel of the listed IT enterprises. IT enterprises are not willing to use long-term debt because of the preferential policy of tax for the high-tech enterprises. The emphasis laid on flexibility stimulates IT enterprises to adopt a low liabilities/assets ratio and a relatively high current debt proportion.(2)The empirical analysis reveals that the profitability, mortgage value of assets, growing ability as well as the share negotiability of the enterprises have a decisive influence on the capital structure of IT enterprises.(3)The arrangement of the financing structure of the listed IT enterprises lacks in efficiency. The stock financing has no salient effect on the managing performance. Although the proportion of the mercantile credit financing is rising, the effect on the managing performance of the enterprises is negative, while the positive fiscal financing and internal financing are at a low proportion. It also shows that the capital use efficiency of IT enterprises is worrying, and the raising financial leverage gives people negative signals about the enterprise value and the managing performance.(4) The capital structure of our IT listed enterprises is rational from the point of steady. However, the capital use efficiency and the arrangement of the financing structure are worrying. When making financing decisions, managers take whether capital can be obtained under the circumstance of low risk rather than the more rational arrangement of financing structure. This is out of two reasons. On the one hand, it’s caused by the lack of restriction and balance mechanism. On the other hand, it’s caused by the imperfection of the domestic financing market and the narrowness of the enterprises’circulating channel.更多还原