中小企业板上市公司资本结构和效率研究
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摘要
我国劳动力相对丰富和资本相对稀缺的要素禀赋特征决定了中小企业将是推动未来经济增长的强劲引擎。然而,由于中小企业规模较小,资本的原始积累不足,同时受现代金融体制影响,融资难一直是困扰中小企业发展的问题。为了解决这一问题,2004年深圳“中小企业板”获准设立,至2008年10月份已有274家。中小企业板上市公司,以低廉的融资成本获得了资金,成为稀缺资源的支配者。中小企业板上市公司首先必须做到最有效的运用资源,才能促进公司和宏观经济的共同发展,因此,中小企业板上市公司资本结构的选择应该以是否能够促进企业效率水平提高为标准。中小企业板上市以后,其资本结构必然发生变动,资本结构的变动带来经营效率的变动。这种变化不仅仅包括狭义的债权和股权的比率变化,同时还包括广义资本结构中债权结构和股权结构的改变。上市以后中小企业板上市公司股权被稀释,分散的股权结构是有利于企业的经营效率还是对企业的效率的提高不利?中小企业板上市公司,民营企业占绝大多数,民营公司相对于国有公司其具有产权更加明晰等特性,这些具有民营控股的特性的公司相比较国有控股的公司是否有利于企业的经营效率的提高?这些问题的实证研究结论不仅有利于掌握中小板上市公司特性,也能给中小企业板市场未来的发展和完善提供依据,而且为我国资本市场改革、制定相关扶持中小企业发展提供参考。
本文以我国中小企业板上市公司为对象,主要以公司治理为桥梁,研究中小企业板上市公司资本结构与效率的关系。
首先,对资本结构理论进行介绍,分别按时间顺序分为早期资本结构理论、现代资本结构理论和当代资本结构理论分析中小企业板上市公司资本结构与经营绩效的关系,为后文的实证分析做准备。
其次,以我国中小企业板上市公司为样本,从资本结构的特征入手,多维的角度分析：中小企业板内部中小企业行业间资本结构的相异性；中小企业板与主板上市公司资本结构的差异性；中小企业板和国外上市公司资本结构的不同。
再次,回顾企业绩效的评估方法的基础上,运用DEA方法评估中小企业板上市公司的效率并与同期主板上市的公司做比较。
最后,从比较静态角度分析公司效率的影响因素,并通过计量回归,验证公司效率与其相关性。
针对以上研究思路,本文结构如下：
第一章和第二章,是导论和理论回顾部分。在此阐述了研究的背景,并提出问题；同时说明了本文研究的意义；研究的基本框架及创新和不足之处。界定本文涉及的基本概念,对资本理论进行分析比较。为经验分析部分提供理论基础。第三章,资本结构与公司效率的理论分析。从理论上将详细论述两者之间的相关性。主要分析两种关系,债务融资和股权融资比例与公司效率的关系,以及资本结构在公司治理中如何影响公司的效率。第四章,中小企业板上市公司资本结构的特征分析。从中小企业板市场发展和作用入手分析中小企业板在丰富中小企业融资渠道以及建立我国多层次的资本市场中所起的作用,进而分析目前我国中小企业板上市公司的资本结构的特征。第五章,中小企业板上市公司效率的评估。介绍上市公司绩效评估方法,同时选择适当的评估方法,对我国中小企业板块上市公司效率进行评估。第六章,中小企业板上市公司效率影响因素分析。在评估绩效后用资本结构等因素对企业效率进行回归,以观察现有的中小企业板上市资本结构等因素对公司效率的影响。第七章,全文的总结以及政策建议。
通过分析,本文发现：中小企业板的上市公司在不同行业的资本结构具有差异性,通过多维分析,发现中小企业板上市公司资产负债率有“三低”现象；在对公司效率的研究中,发现中小企业上市公司上市前与上市后,公司效率存在差异,上市以后公司效率存在下降的趋势,并且中小板上市公司比主板效率高。同时发现中小企业板上市公司效率与资产负债率显著正相关；民营控股与企业效率正相关,股权集中度与公司绩效正相关但都不显著。最后根据研究的结论,针对中小企业板上市公司存在的问题,提出了政策建议。宏观方面,积极推进和完善中小企业板的建设；进一步完善债务融资市场；降低中小企业上市融资门槛,大力推进创业板的发展；加快实施、完善法规、政策建设。微观方面,慎重选择上市企业,保证中小企业板市场健康可持续性的发展；加强服务民营企业,激励国有企业进入市场化竞争；不盲目追求股权的集中或者分散。建立一套对中小企业上市公司有利于其公司效率提高,行之有效的扶持政策。
Small and Medium Enterprises (SME) will be the power engine for the future economy growth since China is a county with factor endowment of large labor force and small capital base. Nevertheless, because the enterprise size is relatively small and original capital accumulation is insufficient, and with affecting from modern financial system, whether with regarding to the way of raising funds or the difficulty level, to receive funds from financial markets has been always a serious problem for the development of SME. In order to solve this problem,'Small and Medium Enterprise Market'was approved in Shenzhen in2004. By October2008, there are274companies in this market.
The Small and Medium Enterprises obtain the capital by low financing cost, and it becomes dominator of scarce resources. In order to improve the co-development of the company and micro-economic, the SME must use resources most effective, and it need the SME must have a higher production efficiency.After listed, the capital structure of SME must be changed, also make the management efficiency changed. The change of capital structure not only maintain the ratio change of credit and stock, but also concludes change of credit structure and stock structure. As to the listed company of SME, is the debt financing or the equity financing benefit to the improvement of company's management efficiency? Private enterprise is the main body of listed company of SME, and it has the feature of clear property relative to state-owned company, then, does the private holding company benefit to the improvement of management efficiency relative to the state-owned company? After listed, the stock of SME will be diluted, dose the dispersed ownership structure benefit to improve the company's management efficiency? The research conclusions of this problem is not only beneficial to master the characteristics of listed company of SME, but also can provide evidence for the development of SME broad, and it also can provide reference for the reform of capital market and the supporting policy making for SME.
According to the stated research ideas, this paper is structured as follows:
The first chapters Ⅰ and Ⅱ are introduction and theoretical review. It describes the background, asks questions, and illustrates the significance of this study and study of the basic framework and innovation, and weaknesses. This involves defining basic concepts of analysis and comparison of capital theory. It provides theoretical basis for empirical analysis. Chapter III, theoretical analysis on operating performance and Capital Structure. From the theory discussed in more detail the correlation between the two aspects, the main analysis of the debt financing and equity financing ratio and the relationship between company performance and capital structure in corporate governance, which can affect the operating efficiency of enterprises. Chapter IV, the analysis of the SME board capital structure characteristics. From the development and the role of the SME board, the roles played by the SME board in establishing a multi-layered capital market after enriching financing channels for SMEs in China were analyzed and thus analyzed the features of current capital structure of China's SME board. Chapter V, analysis of influence factors in capital structure in China's SME board and main board market. Introduction to effect factors models of SMEs'Capital Structure, data processing and analysis of the results, which help to find the factors regulating the capital structure and optimizing the allocation of resources. Chapter VI, the thesis offers impact analysis of capital structure affecting corporate performance assessment in China's SME board and main board market. To evaluate the companies'performance in China's SME market after introduction of SME market corporate performance assessment methods and selection of proper assessment methods. Chapter VII, after assessing the performance, it regress business performance by applying capital structure and other factors to observe the impact of existing capital structure of the SME market to business performance. Chapter VIII, the summary of this thesis and policy recommendations.
Focusing on the listed companies in the SME board, the thesis intends to study the relationship between their capital structure and operation performance, from the angle of corporate governance. The framework of this paper is arranged as below:
Firstly, the former theories about capital structure are introduced in chronological order, divided into early capital structure theory, modern capital structure theory and contemporary capital structure theory. The researches on the relationship between capital structure and operation performance of SMEs are indispensable references for empirical analysis in this paper.
Secondly, choosing listed companies in China's SME market as samples, multi-angle studies are carried out by the features of capital structure, including:the differences of capital structure among the SMEs in its board, that between listed companies in the SME market and main board listed company, and that between listed companies in the SME market and foreign markets as well.
Thirdly, after reviewing the evaluation approaches of enterprise efficiency, the paper assesses the performances of listed companies in China's SME market by DEA methods and then compared them with other synchronous companies in China stock market.
Finally, the factors which influence the operation performance are studied from the comparative static angle. In that case, the impact of the factors on operation performance can be concluded by regression, concerning capital structure of listed companies in China's SME market and other factors.
本文以我国中小企业板上市公司为对象,主要以公司治理为桥梁,研究中小企业板上市公司资本结构与效率的关系。
首先,对资本结构理论进行介绍,分别按时间顺序分为早期资本结构理论、现代资本结构理论和当代资本结构理论分析中小企业板上市公司资本结构与经营绩效的关系,为后文的实证分析做准备。
其次,以我国中小企业板上市公司为样本,从资本结构的特征入手,多维的角度分析：中小企业板内部中小企业行业间资本结构的相异性；中小企业板与主板上市公司资本结构的差异性；中小企业板和国外上市公司资本结构的不同。
再次,回顾企业绩效的评估方法的基础上,运用DEA方法评估中小企业板上市公司的效率并与同期主板上市的公司做比较。
最后,从比较静态角度分析公司效率的影响因素,并通过计量回归,验证公司效率与其相关性。
针对以上研究思路,本文结构如下：
第一章和第二章,是导论和理论回顾部分。在此阐述了研究的背景,并提出问题；同时说明了本文研究的意义；研究的基本框架及创新和不足之处。界定本文涉及的基本概念,对资本理论进行分析比较。为经验分析部分提供理论基础。第三章,资本结构与公司效率的理论分析。从理论上将详细论述两者之间的相关性。主要分析两种关系,债务融资和股权融资比例与公司效率的关系,以及资本结构在公司治理中如何影响公司的效率。第四章,中小企业板上市公司资本结构的特征分析。从中小企业板市场发展和作用入手分析中小企业板在丰富中小企业融资渠道以及建立我国多层次的资本市场中所起的作用,进而分析目前我国中小企业板上市公司的资本结构的特征。第五章,中小企业板上市公司效率的评估。介绍上市公司绩效评估方法,同时选择适当的评估方法,对我国中小企业板块上市公司效率进行评估。第六章,中小企业板上市公司效率影响因素分析。在评估绩效后用资本结构等因素对企业效率进行回归,以观察现有的中小企业板上市资本结构等因素对公司效率的影响。第七章,全文的总结以及政策建议。
通过分析,本文发现：中小企业板的上市公司在不同行业的资本结构具有差异性,通过多维分析,发现中小企业板上市公司资产负债率有“三低”现象；在对公司效率的研究中,发现中小企业上市公司上市前与上市后,公司效率存在差异,上市以后公司效率存在下降的趋势,并且中小板上市公司比主板效率高。同时发现中小企业板上市公司效率与资产负债率显著正相关；民营控股与企业效率正相关,股权集中度与公司绩效正相关但都不显著。最后根据研究的结论,针对中小企业板上市公司存在的问题,提出了政策建议。宏观方面,积极推进和完善中小企业板的建设；进一步完善债务融资市场；降低中小企业上市融资门槛,大力推进创业板的发展；加快实施、完善法规、政策建设。微观方面,慎重选择上市企业,保证中小企业板市场健康可持续性的发展；加强服务民营企业,激励国有企业进入市场化竞争；不盲目追求股权的集中或者分散。建立一套对中小企业上市公司有利于其公司效率提高,行之有效的扶持政策。
Small and Medium Enterprises (SME) will be the power engine for the future economy growth since China is a county with factor endowment of large labor force and small capital base. Nevertheless, because the enterprise size is relatively small and original capital accumulation is insufficient, and with affecting from modern financial system, whether with regarding to the way of raising funds or the difficulty level, to receive funds from financial markets has been always a serious problem for the development of SME. In order to solve this problem,'Small and Medium Enterprise Market'was approved in Shenzhen in2004. By October2008, there are274companies in this market.
The Small and Medium Enterprises obtain the capital by low financing cost, and it becomes dominator of scarce resources. In order to improve the co-development of the company and micro-economic, the SME must use resources most effective, and it need the SME must have a higher production efficiency.After listed, the capital structure of SME must be changed, also make the management efficiency changed. The change of capital structure not only maintain the ratio change of credit and stock, but also concludes change of credit structure and stock structure. As to the listed company of SME, is the debt financing or the equity financing benefit to the improvement of company's management efficiency? Private enterprise is the main body of listed company of SME, and it has the feature of clear property relative to state-owned company, then, does the private holding company benefit to the improvement of management efficiency relative to the state-owned company? After listed, the stock of SME will be diluted, dose the dispersed ownership structure benefit to improve the company's management efficiency? The research conclusions of this problem is not only beneficial to master the characteristics of listed company of SME, but also can provide evidence for the development of SME broad, and it also can provide reference for the reform of capital market and the supporting policy making for SME.
According to the stated research ideas, this paper is structured as follows:
The first chapters Ⅰ and Ⅱ are introduction and theoretical review. It describes the background, asks questions, and illustrates the significance of this study and study of the basic framework and innovation, and weaknesses. This involves defining basic concepts of analysis and comparison of capital theory. It provides theoretical basis for empirical analysis. Chapter III, theoretical analysis on operating performance and Capital Structure. From the theory discussed in more detail the correlation between the two aspects, the main analysis of the debt financing and equity financing ratio and the relationship between company performance and capital structure in corporate governance, which can affect the operating efficiency of enterprises. Chapter IV, the analysis of the SME board capital structure characteristics. From the development and the role of the SME board, the roles played by the SME board in establishing a multi-layered capital market after enriching financing channels for SMEs in China were analyzed and thus analyzed the features of current capital structure of China's SME board. Chapter V, analysis of influence factors in capital structure in China's SME board and main board market. Introduction to effect factors models of SMEs'Capital Structure, data processing and analysis of the results, which help to find the factors regulating the capital structure and optimizing the allocation of resources. Chapter VI, the thesis offers impact analysis of capital structure affecting corporate performance assessment in China's SME board and main board market. To evaluate the companies'performance in China's SME market after introduction of SME market corporate performance assessment methods and selection of proper assessment methods. Chapter VII, after assessing the performance, it regress business performance by applying capital structure and other factors to observe the impact of existing capital structure of the SME market to business performance. Chapter VIII, the summary of this thesis and policy recommendations.
Focusing on the listed companies in the SME board, the thesis intends to study the relationship between their capital structure and operation performance, from the angle of corporate governance. The framework of this paper is arranged as below:
Firstly, the former theories about capital structure are introduced in chronological order, divided into early capital structure theory, modern capital structure theory and contemporary capital structure theory. The researches on the relationship between capital structure and operation performance of SMEs are indispensable references for empirical analysis in this paper.
Secondly, choosing listed companies in China's SME market as samples, multi-angle studies are carried out by the features of capital structure, including:the differences of capital structure among the SMEs in its board, that between listed companies in the SME market and main board listed company, and that between listed companies in the SME market and foreign markets as well.
Thirdly, after reviewing the evaluation approaches of enterprise efficiency, the paper assesses the performances of listed companies in China's SME market by DEA methods and then compared them with other synchronous companies in China stock market.
Finally, the factors which influence the operation performance are studied from the comparative static angle. In that case, the impact of the factors on operation performance can be concluded by regression, concerning capital structure of listed companies in China's SME market and other factors.
引文
1胡竹枝：《中国中小企业融资》,北京：中国经济出版社,2006.3。
2规模报酬不变的假设是为了使单位等产量线可以表示技术。
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2规模报酬不变的假设是为了使单位等产量线可以表示技术。
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