基于面板数据的我国军工上市公司资本结构影响因素研究
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摘要
自MM资本结构定理首次公开之后,西方学术界有关资本结构问题的研究,逐渐成为公司财务研究的重点。资本结构及其影响因素与公司治理、公司成长、公司战略和公司价值之间存在着深刻的内在联系,如何选择公司的资本结构成为现代经济学家反复研究的“资本结构之谜”。由于我国特殊的制度环境,如资本市场发展不平衡、公司治理机制有缺陷、投资者法律保护不健全等,我国上市公司的资本结构影响因素之谜“更令人困惑”。
随着军工企业整体上市的全面推进,军工上市公司受到人们的普遍关注。军工上市公司作为军工企业的代表,是展示我国军工经济实力和军事技术水平的一个重要窗口,是国家战略安全的需要,其业绩好坏势必对我国国防产生重要的影响。本文借鉴国内外学者相关研究成果,以42家军工上市公司2004-2008年度财务数据为样本资料,运用stata10.0分析工具,进行军工上市公司资本结构影响因素的模型估计和相关检验。同时,采用滞后一期的因变量作为工具变量,利用广义矩估计对资本结构调整模型进行估计,对军工上市公司资本结构的调整速度以及影响因素进行进一步的分析。根据实证研究结果,结合军工上市公司自身特点,提出优化军工上市公司资本结构的策略。
The research on capital structure in the west has become one of the most critical issues of corporate finance since the MM theorem had been known. Capital structure and its influencing factors have contact with corporate governance, corporate growth, corporate strategy and corporate values. How to choose the companys’capital structure has become“The Mystery of Capital Structure”of modern economists. The puzzle of determinants of capital structures for Chinese listed companies is much tougher.
With the comprehensively promoting of military industry listed enterprises, people pay more attention to the military industry listed company. As representatives of the military defense industry, the military listed company is an important window demonstrating China’s military and economic strength and military-technical level. Meanwhile, it is the needs for the country’s strategic security .Its good or bad performance will be an important impact on China’s national defense. Therefore, this article draws on research related to domestic and foreign scholars’findings. With the analytical tools named stata10.0, the financial datas of 42 mlilitary industry listed company from 2004 to 2008 have been used to do model estimation and empirical analysis on the determinants of capital structure. Thus, doing those to test various factors on capital structure of the military industry listed company. Then, with the lagged dependent variable, this paper uses dynamic adjustment panel data model to estimate the capital structure adjustment model with GMM and further analyze the adjustment of the capital structure and its affecting factors. According to the conclusion of empirical study, suggestions on how to optimize the capital structure of military industry listed companies are presented.
随着军工企业整体上市的全面推进,军工上市公司受到人们的普遍关注。军工上市公司作为军工企业的代表,是展示我国军工经济实力和军事技术水平的一个重要窗口,是国家战略安全的需要,其业绩好坏势必对我国国防产生重要的影响。本文借鉴国内外学者相关研究成果,以42家军工上市公司2004-2008年度财务数据为样本资料,运用stata10.0分析工具,进行军工上市公司资本结构影响因素的模型估计和相关检验。同时,采用滞后一期的因变量作为工具变量,利用广义矩估计对资本结构调整模型进行估计,对军工上市公司资本结构的调整速度以及影响因素进行进一步的分析。根据实证研究结果,结合军工上市公司自身特点,提出优化军工上市公司资本结构的策略。
The research on capital structure in the west has become one of the most critical issues of corporate finance since the MM theorem had been known. Capital structure and its influencing factors have contact with corporate governance, corporate growth, corporate strategy and corporate values. How to choose the companys’capital structure has become“The Mystery of Capital Structure”of modern economists. The puzzle of determinants of capital structures for Chinese listed companies is much tougher.
With the comprehensively promoting of military industry listed enterprises, people pay more attention to the military industry listed company. As representatives of the military defense industry, the military listed company is an important window demonstrating China’s military and economic strength and military-technical level. Meanwhile, it is the needs for the country’s strategic security .Its good or bad performance will be an important impact on China’s national defense. Therefore, this article draws on research related to domestic and foreign scholars’findings. With the analytical tools named stata10.0, the financial datas of 42 mlilitary industry listed company from 2004 to 2008 have been used to do model estimation and empirical analysis on the determinants of capital structure. Thus, doing those to test various factors on capital structure of the military industry listed company. Then, with the lagged dependent variable, this paper uses dynamic adjustment panel data model to estimate the capital structure adjustment model with GMM and further analyze the adjustment of the capital structure and its affecting factors. According to the conclusion of empirical study, suggestions on how to optimize the capital structure of military industry listed companies are presented.
引文
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[14]李青原,陈晓和王永海.产品市场竞争、资产专用型与资本结构—来自中国制造业上市公司的经验证据[[J].金融研究,2007(4):100~114
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[17]Huang,G & Song, F. The determinants of capital structure:Evidence from China[J].China Economic Review,2006(17):14~36
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[20]王宗军,邓晓岚,李红侠等.基于面板数据的中国医药制造行业资本结构影响因素实证分析[J].数理统计与管理,2006(2):232~239
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[22]吕长江,韩慧博.上市公司资本结构特点的实证分析[J].南开管理评论,2001(5):26~29
[23]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析[J].厦门大学学报(哲学社会科学版,2000(3):41~47
[24]王娟,杨凤林.中国上市公司资本结构影响因素的最新研究[J].国际金融研究,2002(8):45~52
[25]吕长江,王克敏.上市公司股权结构、股利分配及管理股权比例相互作用机制研究[J].会计研究,2002(3):39~48
[26]敬辉蓉,赵静.竞争环境动态性对资本结构选择的影响—基于中国上市公司经验研究[J].商场现代化,2007(5):256~258
[27]陈维云.对资本结构财务影响因素的实证研究[J].财经理论与实践,2002(1):76~77
[28]胡国柳,黄景贵.资本结构选择的影响因素—来自中国上市公司的新证据[J]经济评论.2006(1):35~40
[29]冯根福,马亚军.上市公司高管人员自利对资本结构影响的实证分析[J].财贸经济,2004(6):16~22
[30]肖作平.公司治理结构对资本结构类型的影响—一个Logit模型[J].管理世界,2005 (9):137~148
[31]胡国柳,董屹.上市公司股权结构与资本结构选择的实证分析[J].财经科学2005(5):90~98
[32]张敦力,赵纯祥.公司治理对资本结构选择的影响—一项经验分析[J].经济评论,2006(3):82~90
[33]De Angelo,H. & Masulis,R. W. Optimal capital structure under corporate and personal taxation [J]. Journal of Financial Economics,1980,8(1):3~29
[34]Kim,M. K. & Wu,C. Effects of inflation on capital structure [J].The Financial Review,1988,23(2):183~200
[35]Duffee,G R. The relation between treasury yields and corporate bond yield spreads [J]. Journal of Finance,1998,53(6):2225~2241
[36]Booth,L.,Aivazian,V.,Demirguc~Kunt,A. et al. Capital structures in developing countries[J]. Journal of Finance,2001,56(1):87~130
[37]Hall,G C.,Hutchinson,P. T. & Michaelas,N. Determinants of the capital structure of EuropeanSMEs [J].Journal of Business Finance & Accounting,2004,31 (6) :711~728
[38]Scott,D. F. Evidence on the importance of financial structure [J]. Financial Management,1972,1(2):45~50
[39]Myers,S.C. Capital structure puzzles [J]. Journal of Finance,1984,39(3):575~592
[40]Kester,C. W. Capital structure and ownership structure:a comparison of United States and Japanese manufacturing corporations [J].Financial Management,1986,15 (1) :5~16
[41]Aggarwal,R.International differences in capital structure norms:An empirical study of large European companies[J]. Management International Review,1981,21(2):75~88
[42]Phillips,G Increased debt and industry product markets:An empirical analysis[J]. Journal of Financial Economics,1995,37(2):189~238
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