高管财务背景与资本结构决策的实证研究

发布时间：2019-01-20 15:55

【摘要】：资本结构决策作为企业的财务决策之一对企业的发展壮大至关重要,直接影响着企业的价值与股东财富。尤其在我国经济处于转型的特殊时期,资本市场瞬息万变,资本结构难免地会偏离企业的目标资本结构,为了提高经营效率、提升企业夹着,经营决策者需要运用财务相关专业的知识及丰富的财务工作经历等优势,不断地对资本结构作出调整使其尽可能的接近目标资本结构。因此,高管的财务背景对资本结构决策有着重大的影响。基于以上研究背景,本文通过对国内外相关研究成果进行了归纳分类,借鉴国内外学者的研究成果并结合相关的理论基础,分别从理论分析和实证检验两方面,进行了上市公司高管财务背景对资本结构决策的影响的研究。首先,本文对资本结构、资本结构决策和高管及高管财务背景的概念进行了严格的界定,运用委托代理理论、管理防御理论、高层梯队理论等高管对企业行为决策影响的理论与资本结构动态调整理论分析了高管财务背景与资本结构决策之间的相关性,构建了实证研究的理论基础部分。在理论分析的基础上,提出了研究假设。其次,根据理论分析及研究假设,本文选取了2010年至2014年沪深两市的A股上市公司年报中的财务相关数据作为研究样本,按照严格的规则对数据进行了筛选,并定义了研究所需的各个变量,建立了多元回归模型。最后,对高管财务背景与资本结构决策的影响进行实证研究,运用统计软件进行描述性统计分析以及多元回归分析,并分析实证的结果。研究结果表明具有财务背景的高管对资本结构决策有着显著的正向影响。在实证研究结论的基础上,本文提出了相关的政策建议。
[Abstract]:As one of the financial decisions, capital structure decision is of great importance to the development and growth of enterprises, which directly affects the value of enterprises and the wealth of shareholders. Especially in the special period of economic transformation in our country, the capital market is changing rapidly, the capital structure will inevitably deviate from the target capital structure of the enterprise. Management decision makers need to make use of financial related professional knowledge and rich financial work experience to constantly adjust the capital structure to make it as close as possible to the target capital structure. Therefore, the financial background of executives has a significant impact on capital structure decisions. Based on the above research background, this paper summarizes and classifies the relevant research results at home and abroad, draws lessons from the domestic and foreign scholars' research results and combines the relevant theoretical basis, respectively from the theoretical analysis and empirical testing. The influence of financial background on capital structure decision of listed company is studied. First of all, this paper strictly defines the concept of capital structure, capital structure decision and the financial background of executives and executives, and applies principal-agent theory, management defense theory. The theory of top echelon theory and the theory of dynamic adjustment of capital structure analyze the correlation between executive financial background and capital structure decision, and construct the theoretical foundation of empirical research. On the basis of theoretical analysis, the research hypothesis is put forward. Secondly, according to the theoretical analysis and research hypothesis, this paper selects the financial data from the annual report of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2014 as the research sample, and selects the data according to strict rules. The variables needed for the research are defined and the multivariate regression model is established. Finally, the paper makes an empirical study on the influence of executive financial background and capital structure decision, uses statistical software to carry out descriptive statistical analysis and multiple regression analysis, and analyzes the empirical results. The results show that executives with financial background have a significant positive impact on capital structure decisions. Based on the conclusions of empirical research, this paper puts forward relevant policy recommendations.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

【相似文献】