我国上市公司资本结构影响因素的地区性差异研究

【作者】 宋培；

【导师】 陈关聚； 王满仓；

【作者基本信息】 西北大学 ， 金融学， 2014， 硕士

【摘要】 改革开放30多年以来,中国的经济发展取得了举世瞩目的成就,成功的实现了计划经济体制向市场经济体制的转变,国家综合实力显著增强,国际地位也日渐提升。但是,在我国经济迅速发展的同时,由于我国政治制度背景、政策倾斜、地理位置、资源环境等因素的影响,使得我国区域经济发展、区域金融体系构成、区域资本市场发展都存在不平衡性,东、中、西部地区在经济金融发展水平和资本市场发育状况方面都呈现出各自的特征。区域发展的不平衡性使得我国东、中、西部地区上市公司在融资偏好和融资渠道等方面存在很大的差异,这些差异将如何影响上市公司融资行为和资本结构的选择?各地区上市公司资本结构影响因素又将呈现怎样的特征?针对此类问题的提出,本文首先对资本结构的理论及实证研究成果进行了梳理,然后根据我国经济金融发展水平、资本市场发育状况在各地区呈现出不同特点和发展趋势的实际情况,对区域经济发展水平、上市公司负债融资现状和融资行为等进行了深入的比较分析。通过研究发现东部地区的经济发展水平明显高于中西部地区,且东部地区企业的融资渠道更加多元化,而中、西部地区企业的融资渠道则较为狭窄,融资效率也较为低下。在此基础上,以地区性差异作为研究视角,将上市公司按照所处地域的不同,分为东、中、西部三类地区上市公司来进行对比研究,并采用2008-2012年沪市非金融类A股上市公司的财务数据,对各地区上市公司的负债经营水平进行分析,研究结果显示相较于东部和中部地区,西部地区上市公司的资产负债率水平明显较高。然后,运用静态面板数据模型对我国各地区上市公司资本结构影响因素进行了实证研究,研究发现公司规模、成长性、盈利能力、营运效率、非债务税盾、税收效应、偿债能力、资产有形性等因素对于各地区上市公司资本结构的影响方向和大小都有所差异。具体来看,公司规模和盈利能力因素显著影响各地区上市公司的资本结构,但在影响方向上不尽相同；税收效应因素对东部、中部、西部地区上市公司资本结构的影响都不显著；成长性、营运效率、非债务税盾、偿债能力、资产有形性因素对各地区上市公司资本结构的影响表现出了迥异的特征。最后,针对本文的研究结果,结合我国特殊的国情和区域特征,为了进一步拓展资本结构的研究视角和研究内涵,本文从资本市场建设、税收体制的完善、中西部地区的经济实力的增强、企业自身经营管理水平的提高、融资渠道的多元化发展等方面提出了相应的对策建议,以求从根本上实现金融市场的完善和企业资本结构的优化。更多还原

【Abstract】 With over30years of reform and opening-up, China’s economic development has made remarkable achievements, the successful implementation of the planned economy system to market economic system, significantly enhance the comprehensive national strength, and also international status is rising. However, at the same time of rapid economic development in our country, due to the impact of political system background, policy preferences, geographical position, resources, environment and other factors, making China’s regional economic development, regional financial system structure, regional capital marker development a great imbalance, so the eastern region, the central region, the western region show their own characteristics in development level of economic, financial and capital market. The imbalance of regional development has made great difference in financing preference and financing channels of listed companies in different regions. How these differences affect listed companies’financing behavior and the choice of capital structure? What features will be presented by impact factors of capital structure in each region?Raised against such problems, first of all, we sort out the theoretical and empirical research on capital structure in this paper, and then according to the actual situation that the level of economic, financing development and the condition of capital market development in each region presents different characteristics and developing trend, we conducted an in-depth comparative analysis of regional economic development level, debt financing situation and financing behavior of listed companies. Through the study, we found that the eastern region’s economic development level is significantly higher than the central and western regions, the financing channels for enterprises is more diversified in eastern region, while the channels are relatively narrow and the financing efficiency is relatively low in central and western regions.On this basis, with regional differences as the research angle of view, according to the different regions, the listed companies will be divided into the eastern, central and western regions for comparative studies. We analyzed debt and management level in various regions by using the2008-2012shanghai non-financial a-share data of listed companies, the results showed that western region has the highest asset-liability ratio level. Then, using a static panel data model, the paper has carried on the empirical research on the influencing factor of capital structure. The study found that effect of company size, growth, profitability, operating efficiency, non-debt tax shields, tax effects, solvency, asset tangibility to capital structure are different in direction and size. In specific, the company size and profitability significantly affect the capital structure of listed companies in various areas while the impact direction is different; tax effect is not significantly affect the capital structure of listed companies on the eastern, central and western regions; the effect of growth, operating efficiency, non-debt tax shields, solvency, asset tangibility showed different characteristics on various regions.Finally, according to the results of this article, combined with China’s special national conditions and regional characteristics, in order to further expand the research perspective and research connotation of capital structure, the article put forward the corresponding suggestions such as the capital market construction, the perfection of tax system, the improvement of economic strength in the Midwest and management of enterprise, the diversification of financing channels and other aspects aim to achieve the improvement of financial market and the optimization of enterprise capital structure.更多还原