利率市场化对上市公司资本结构的影响研究

发布时间：2018-01-14 09:35

本文关键词：利率市场化对上市公司资本结构的影响研究　出处：《陕西科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：资本结构作为“财务理论的主流”之一,一直备受关注。资本结构受到宏观制度因素与企业自身特质的共同影响,而利率市场化改革作为宏观货币政策的一项重要举措,直接影响企业的融资环境与融资决策。利率市场化改革从1996年拉开帷幕,到2015年央行彻底放开了对金融机构的利率管制,取得了实质性成果。利率市场化在不断推进的过程中,对上市公司资本结构的影响日益凸显,不仅表现在静态的债务规模上,也表现在动态的资本结构调整速度上。由于我国“金融双轨制”以及政府干预企业的特殊背景,利率市场化改革对不同产权性质的上市公司影响效应存在差异。本文选取1996-2015年利率市场化改革进行时的20年间,沪深A股2481家上市公司的非平衡面板数据,研究利率市场化对上市公司资本结构的影响效应。首先,分别从静态和动态角度构建了资本结构多元回归模型,为充分分析与测度我国利率市场化改革现状,以欧拉数指数函数和模糊综合评价法等方法构建了利率市场化指标体系;其次,以利率市场化指数为核心解释变量,用固定效应和OLS实证研究利率市场化对不同产权性质的上市公司负债比率与资本结构调整速度的影响情况。为保证实证结果的稳健性,还采用一系列替代变量进行稳健性检验。实证结果表明:(1)利率市场化改革显著促进了上市公司资本结构调整的速度。随着利率市场化改革的深入推进,资本结构调整速度在不断加快。(2)相比国有企业,非国有企业随着利率市场化程度的提高其资本结构调整速度更快。(3)不同产权性质企业在利率市场化改革过程中所受影响不同,国有企业负债率随利率市场化呈显著下降趋势,而非国有企业则逐渐上升。最后,根据实证结果,本文从利率市场化进一步改革完善、金融体制跟进创新、企业适应经济环境合理选择融资以及国有企业改制等角度提出了针对性建议,旨在改善我国资本市场环境,缓解企业融资约束问题,从而提高资本利用率。研究主要价值表现在:采用更为平滑的欧拉数指数函数与模糊综合评价法构建我国利率市场化指数,优化利率市场化进程的定量度量方法;动态与静态模型相结合比较全面地研究利率市场化对资本结构的影响方式与影响程度;从“金融双轨制”背景出发,综合考察宏观经济环境与企业自身产权性质等特征对资本结构的影响,较为全面细致地反映我国资本市场的实情。研究方法丰富了量化利率市场化进程的理论体系,对同类研究具有一定参考价值;研究结果可以为深化利率市场化改革、完善金融市场体制提供依据。
[Abstract]:As one of the mainstream of financial theory, capital structure is always concerned. The capital structure is influenced by macro institutional factors and enterprises' own characteristics. As an important measure of macro-monetary policy, market-oriented interest rate reform has a direct impact on the financing environment and financing decisions of enterprises. Interest rate marketization reform began in 1996. In 2015, the central bank completely liberalized the interest rate control of financial institutions, and achieved substantial results. In the process of continuous promotion of interest rate liberalization, the impact on the capital structure of listed companies has become increasingly prominent. Not only in the static debt scale, but also in the dynamic speed of capital structure adjustment, because of the "two-track financial system" and the special background of government intervention in enterprises. The effect of interest rate marketization on listed companies with different property rights is different. This paper selects the 20 years of interest rate marketization reform from 1996 to 2015. The non-equilibrium panel data of 2481 listed companies of Shanghai and Shenzhen A shares to study the effect of interest rate marketization on the capital structure of listed companies. In order to fully analyze and measure the current situation of China's interest rate marketization reform, this paper constructs the multiple regression model of capital structure from the static and dynamic angles. The index system of interest rate marketization is constructed by means of Euler number exponential function and fuzzy comprehensive evaluation method. Secondly, take the interest rate marketization index as the core explanatory variable. Using fixed effect and OLS to study the influence of interest rate marketization on debt ratio and capital structure adjustment speed of listed companies with different property rights. The empirical results show that the market-oriented interest rate reform has significantly promoted the speed of capital structure adjustment of listed companies. The speed of the adjustment of capital structure is speeding up continuously) compared with state-owned enterprises. With the increase of interest rate marketization, non-state-owned enterprises have different influences on the reform of interest rate marketization in the process of interest rate marketization. The debt ratio of state-owned enterprises decreases significantly with the marketization of interest rate, while that of non-state-owned enterprises increases gradually. Finally, according to the empirical results, this paper further reforms and perfects from the interest rate marketization, and the financial system follows up and innovates. In order to improve the capital market environment of our country and alleviate the problem of financing constraints, the paper puts forward some suggestions from the angle of reasonable choice of financing and reform of state-owned enterprises in order to improve the capital market environment of our country. So as to improve the utilization of capital. The main value of the study is: the use of a smoother Euler number index function and fuzzy comprehensive evaluation method to construct China's interest rate marketization index. Optimizing the quantitative measurement method of interest rate marketization process; Combining the dynamic and static models, the paper comprehensively studies the influence of interest rate marketization on the capital structure. Based on the background of "financial dual track system", this paper comprehensively investigates the influence of macroeconomic environment and the nature of enterprise's own property right on the capital structure. The research method enriches the theoretical system of the process of quantitative interest rate marketization and has certain reference value for the similar research. The results can provide the basis for deepening the reform of interest rate marketization and perfecting the financial market system.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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