我国股票市场再融资政策对上市公司资本结构影响的研究

发布时间：2018-03-07 22:01

本文选题：资本结构　切入点：再融资政策　出处：《东北师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文研究了股票再融资政策对资本结构的影响。由于我国上市公司并不能仅根据自身发展的需要自由的进行股权融资，而是受到了宏观再融资政策的严格管制，只有达到了增发配股要求的公司才能通过股权融资调整资本结构，因此，本文将从股票市场再融资政策这个角度来研究上市公司资本结构。首先，本文对国内外资本结构理论进行了回顾，按照资本结构理论的研究脉络梳理了该理论的发展过程与不同层面对资本结构研究的结论。接着介绍了配股与增发政策从1993年至今的变化阶段以及相对应的具体政策要求，并根据变更区间设定了虚拟变量。然后基于前人对于资本结构影响因素的实证研究，，对本文的指标选取的依据进行了详细的说明，并依此构建了一个实证模型，用股票再融资政策变更区间的虚拟变量以及其他控制变量来实证检验影响资本结构的因素。最终，通过实证分析检验结果证明：股票市场再融资政策在我国的确是上市公司资本结构的显著影响因素；控制变量公司规模、固定资产比例、收益的波动性以及市场时机与资本结构呈显著正向关系；公司的成长性和盈利能力两个指标与资本结构呈显著负向关系；公司的所有权性质对资本结构不具有显著影响。基于回归结果，文章得出以下结论，股票市场再融资政策是上市公司资本结构的重要影响因素。具体来说就是，不同时期政策的变换对于上市公司的融资行为有显著的影响，基于这个结果，再融资政策的制定在发挥宏观调控作用的同时还要注重资本市场的资源配置效率。
[Abstract]:This paper studies the influence of the stock refinancing policy on the capital structure. Because the listed companies in our country can not only carry out equity financing freely according to their own development needs, but also subject to the strict control of the macro refinancing policy. Only those companies that meet the requirement of issuing additional shares can adjust their capital structure through equity financing. Therefore, this paper will study the capital structure of listed companies from the perspective of the refinancing policy of the stock market. Firstly, this paper reviews the theory of capital structure at home and abroad. According to the research context of capital structure theory, this paper combs the development process of capital structure theory and the conclusions of capital structure research from different levels. Then it introduces the changing stage of the policy of rights issue and issuance from 1993 to now and the corresponding specific policy requirements. Then based on the previous empirical research on the influencing factors of capital structure, the basis of the selection of indicators in this paper is explained in detail, and an empirical model is constructed according to this. Using the fictitious variable of stock refinancing policy to change the range and other control variables to empirically test the factors that affect the capital structure. The results of empirical analysis prove that the refinancing policy of stock market is a significant influence factor of capital structure of listed companies in China, controlling variable company size and fixed assets ratio. There is a significant positive relationship between the volatility of income and market timing and capital structure, the negative relationship between the growth and profitability of the company and the capital structure, and the ownership of the company does not have a significant impact on the capital structure. Based on the regression results, the paper draws the following conclusions: the refinancing policy of the stock market is an important factor affecting the capital structure of listed companies. Specifically, the change of policies in different periods has a significant impact on the financing behavior of listed companies. Based on this result, the formulation of refinancing policy should pay attention to the resource allocation efficiency of capital market.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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