财政政策对我国上市公司动态资本结构影响的研究

发布时间：2018-06-14 15:34

本文选题：财政政策 + 资本结构　；参考：《厦门大学》2014年硕士论文

【摘要】：资本结构决策对企业有着至关重要的意义,长久以来,学术界一直试图来解开“资本结构之谜”。资本结构理论自提出以来经历了传统资本结构理论,现代资本结构理论和新资本结构理论的发展。关于资本结构各项理论的实证检验也随之大量展开,其中一大研究方向就是资本结构影响因素的实证研究。目前,资本结构影响因素的相关研究正逐渐从微观走向宏观,从早期考察微观企业特征对资本结构的影响转向考察宏观经济政策对资本结构的影响。从研究方法上来看,也从静态走向动态,产生了一系列关于资本结构动态调整的研究。而本文正是着眼于宏观经济政策中的财政政策,应用资本结构的动态调整模型,来考察财政政策对于企业动态资本结构的影响。这不仅能帮助我们更好地理解企业的财务行为,而且也能对政府宏观经济政策的调控效果进行检验,为政府经济政策的制定提供参考。本文以624家我国沪深A股上市公司为样本,选用其在2003-2012年间的资本结构及相关财务数据,并结合我国在此期间的企业所得税和政府支出数据,应用资本结构的部分调整模型进行实证检验。本文以企业季度平均资产负债率和行业年度平均资产负债率作为目标资本结构的替代变量。实证结果表明：财政政策确实会对企业目标资本结构产生影响。企业所得税税率的下降使企业的季度平均资产负债率显著降低。而财政支出规模的扩大则会使企业的季度平均资产负债率和行业年度平均资产负债率显著提高。同时,企业的资本结构存在均值反转,并且财政政策会影响企业资本结构向其季度平均资产负债率和行业年度平均资产负债率调整的速度。全国企业所得税收入增长的加快,会显著降低企业资本结构向其行业年度平均资产负债率调整的速度；而财政支出增长的加快,则会同时显著提高企业的资本结构向其季度平均资产负债率和行业年度平均资产负债率调整的速度。另外,本文的实证结果还发现,企业规模、盈利能力、成长性、有形资产的抵押价值、非债务税盾、破产风险和行业因素也对企业资本结构及其调整速度有显著影响。
[Abstract]:Capital structure decision is very important to enterprises. For a long time, academic circles have been trying to solve the mystery of capital structure. The capital structure theory has experienced the development of the traditional capital structure theory, the modern capital structure theory and the new capital structure theory since it was put forward. The empirical tests on the capital structure theories are also carried out, and one of the major research directions is the empirical research on the influencing factors of capital structure. At present, the related research on the influencing factors of capital structure is gradually moving from micro to macro, from the early study of the influence of micro enterprise characteristics on capital structure to the study of the influence of macroeconomic policies on capital structure. From the point of view of research methods, a series of studies on the dynamic adjustment of capital structure have emerged from static to dynamic. This paper focuses on the fiscal policy in macroeconomic policy and applies the dynamic adjustment model of capital structure to investigate the impact of fiscal policy on the dynamic capital structure of enterprises. This can not only help us understand the financial behavior of enterprises better, but also test the effect of government macroeconomic policy, and provide reference for the formulation of government economic policy. This paper takes 624 Shanghai and Shenzhen A-share listed companies as samples, selects its capital structure and related financial data from 2003 to 2012, and combines the enterprise income tax and government expenditure data of China during this period. Using the capital structure adjustment model to carry on the empirical test. In this paper, the quarterly average asset-liability ratio and the annual average asset-liability ratio of the industry are taken as the alternative variables of the target capital structure. The empirical results show that fiscal policy does have an impact on the target capital structure of enterprises. The decline in corporate income tax rates has significantly reduced the quarterly average asset-liability ratio. The expansion of fiscal expenditure will make the quarterly average asset-liability ratio and industry average asset-liability ratio significantly higher. At the same time, the capital structure of the enterprise has the mean reversal, and the fiscal policy will affect the speed of the adjustment of the capital structure to its quarterly average asset-liability ratio and the industry annual average asset-liability ratio. The acceleration of income growth in the national enterprise income tax will significantly reduce the rate of adjustment of the capital structure of enterprises to the annual average asset-liability ratio of their industries, while the growth of fiscal expenditure will accelerate, At the same time, it will significantly improve the speed of the adjustment of the capital structure to the quarterly average asset-liability ratio and the industry average asset-liability ratio. In addition, the empirical results show that firm size, profitability, growth, mortgage value of tangible assets, non-debt tax shield, bankruptcy risk and industry factors also have a significant impact on the capital structure and its adjustment speed.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.0;F275

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