制度环境对我国上市公司融资决策的影响研究
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摘要
企业的融资决策一直是财务学中最重要的研究内容之一。企业的融资决策受到企业自身特征、公司治理、宏观经济、管理者行为特征等因素的影响。近年来,由LLSV开创的“法与金融”理论指出,法律制度以及产权保护等外部制度环境因素存在区域差异,这些差异对企业的融资决策具有显著影响,由此掀起制度环境对公司融资决策影响跨国比较研究的热潮。目前,中国的市场化进程取得了重要进展,但由于资源禀赋、地理位置等因素的不同,一国之内各区域制度环境发展不平衡现象存在,导致不同地区企业融资时面临的外部环境存在差异。有鉴于此,本文立足于我国特殊的制度背景,研究制度环境对上市公司融资决策的影响。
本论文共分为七章：第一章为绪论,介绍了本文的选题背景和选题意义、研究内容和技术路线；第二章为相关理论研究综述；第三章对中国上市公司资本结构的特征进行了分析；第四章验证了制度环境影响上市公司的融资方式选择；第五章探讨了制度环境各因素对公司债务期限结构的影响；第六章检验了制度环境各因素对公司资本结构的影响；第七章是全文的研究结论和展望。本文取得的主要研究成果如下：
(1)构建了制度环境与债务期限结构的多元回归模型,证实了制度环境较好地区的上市公司具有较短的债务期限水平,发现制度环境各因素对债务期限水平的影响存在区域差异。
针对债务期限结构问题,构建了制度环境影响债务期限水平的可检验假设,选取政府干预水平、金融市场发展水平以及法治水平作为制度环境的代理变量,运用最小二乘法(OLS)证实了政府干预程度较低、金融发展水平较高以及法治水平较好地区的上市公司具有较短的债务期限水平；基于地区差异的视角分组检验发现：与中西部地区相比,制度环境对我国东部地区的上市公司债务期限水平的影响程度更为明显。研究认为,同一国家不同地区的上市公司债务期限结构受到制度环境的影响存在异质性。
(2)构建动态面板模型,采用广义矩估计(GMM)方法,证实了制度环境影响上市公司资本结构,发现资本结构调整速度较快的地区呈“带状”分布在我国东部沿海和中部地区。
针对中国上市公司资本结构的影响因素及动态调整问题,通过构建动态面板模型,采用广义矩估计(GMM)方法,发现我国不同地区上市公司的资本结构不仅受到公司特征、公司治理、宏观经济因素的影响,还受制度环境的影响；采用我国各省(市)上市公司的数据进行实证研究,发现制度环境对上市公司资本结构的影响以及资本结构的调整速度存在区域差异；调整速度较快的地区呈“带状”分布在我国东部沿海和中部地区。研究在资本结构跨国比较分析范式的基础上,发现即使在一国之内,资本结构调整速度仍受制度环境影响而存在地区差异。
(3)利用Ordered-probit模型,证实了制度环境对融资方式选择的影响存在区域差异；研究发现上市公司融资顺序存在区域差异：东部地区上市公司优先使用内源融资,而中西部地区上市公司优先使用短期借款。
针对上市公司融资方式选择问题,利用Ordered-probit模型研究发现,上市公司面临的制度环境越好,其选择内源融资的可能性越高；分组检验发现,在我国东部地区,制度环境影响公司融资方式选择,融资方式遵循内部融资、短期借款、长期借款、债券融资、增发新股和配股；而中西部地区融资顺序为短期借款、内部融资、长期借款、增发新股、债券融资以及配股,融资顺序并未受到制度环境因素的影响。研究认为,地区的制度环境差异是解释融资顺序异质性的一个重要因素。
Corporate financing decision is one of the most crucial content in the research of finance. Corporate financing decision is affected by factors such as company characteristics, corporate governance, macro factors and manager's behavior. In recent years, cross-country research on the effects of institutional environment on the corporate financing decisions has become popular since LLSV's "law and finance" theory proves that regional difference exits in the external governance (such as legal system, property right protection, etc.), and it has a significant impact on corporate financing decisions. Nowadays, China's market-oriented process has made significant progress, but because of the differences of resources, locations etc., different regions of a country present unbalanced development, leading to the finance differences among companies from different regions. In the view of this, based on Chinese institutional environment, this dissertation studies the impact of institutional environment on financing decisions.
The dissertation is divided into seven chapters. Chapter one is introduction, introducing the research background, the research implication, the research content and technology route. Chapter two is literature review. Chapter three is an analysis of the capital structure characteristics of Chinese listed companies. Chapter four verifies that the factors of institutional environment have impact on listed company's financing choices. Chapter five is the empirical analysis that the factors of institutional environment have impact on corporate debt maturity structure. Chapter six examines the impact that the factors of institutional environment on corporate capital structure. Chapter seven is the conclusion and the perspective.
The main conclusions of this dissertation are as follows.
(1) Building a multiple regression model between institutional environment and debt maturity structure, we find that listed companies in better institutional environment have shorter debt maturities and regional differences existed in the impacts of institutional environment on debt maturities.
For the issue of debt maturity structure, by taking government intervention, financial market development and legality as the proxy variables of the institutional environment and using ordinary least square (OLS) method, this paper verifies the hypotheses that listed companies in the region with lower government intervention, higher financial market development and better legal system have shorter debt maturities; Grouping tests based on regional difference found that institutional environment have greater impact on eastern listed companies'debt maturities than central and western ones. This dissertation supports regional difference exists in the impact that institutional environment on listed companies'debt maturities among different regions in the same country.
(2) By building dynamic panel model and using the GMM estimator method this paper verifies institutional environment have impact on listed companies capital structure and find regions with higher adjustment speed are distributed in China's eastern coastal and central regions.
For the issue of impact factors and dynamic adjustment of the capital structure of listed companies in China, by building dynamic panel model and using the GMM estimator method, this paper find listed companies'capital structure was not only affected by company characteristics, corporate governance and macro-economic factors but also by institutional environment; Empirical research with listed company data of provinces(cities) find the existence of the regional difference in the impact that institutional environment on listed companies'capital structure and capital structure adjustment speed; Regions with higher adjustment speed are distributed in China's eastern coastal and central regions. It has been verified that capital structure adjustment speed difference exist in different countries, while this study further analyze and find even in the same country, regional difference still exists in the impact that institutional environment on capital structure adjustment speed.
(3) By using Ordered-probit model, this paper verifies the existence of regional difference about the effect of the institutional environment on the choices of finance. Tests based on regional difference perspective find that eastern listed companies use internal financing in preference while central-western ones prefer short-term loans.
Focusing on the issue of the choices of finance, by using Ordered-probit model, this paper find that listed companies in better institutional environment are more likely choosing internal financing. Grouping tests find that in eastern China, institutional environment affect the choices of corporate finance, and companies follow the financing order of internal financing, short-term loans, long-term loans, bond financing, new share issuance and allotment, while the central and western listed companies institutional environment doesn't affect the choices of corporate finance, they follow the financing order of short-term loans, internal financing, long-term loans, new share issuance, bond financing and allotment. This paper considers that regional institutional environment difference is a key factor to explain the financing order difference.
本论文共分为七章：第一章为绪论,介绍了本文的选题背景和选题意义、研究内容和技术路线；第二章为相关理论研究综述；第三章对中国上市公司资本结构的特征进行了分析；第四章验证了制度环境影响上市公司的融资方式选择；第五章探讨了制度环境各因素对公司债务期限结构的影响；第六章检验了制度环境各因素对公司资本结构的影响；第七章是全文的研究结论和展望。本文取得的主要研究成果如下：
(1)构建了制度环境与债务期限结构的多元回归模型,证实了制度环境较好地区的上市公司具有较短的债务期限水平,发现制度环境各因素对债务期限水平的影响存在区域差异。
针对债务期限结构问题,构建了制度环境影响债务期限水平的可检验假设,选取政府干预水平、金融市场发展水平以及法治水平作为制度环境的代理变量,运用最小二乘法(OLS)证实了政府干预程度较低、金融发展水平较高以及法治水平较好地区的上市公司具有较短的债务期限水平；基于地区差异的视角分组检验发现：与中西部地区相比,制度环境对我国东部地区的上市公司债务期限水平的影响程度更为明显。研究认为,同一国家不同地区的上市公司债务期限结构受到制度环境的影响存在异质性。
(2)构建动态面板模型,采用广义矩估计(GMM)方法,证实了制度环境影响上市公司资本结构,发现资本结构调整速度较快的地区呈“带状”分布在我国东部沿海和中部地区。
针对中国上市公司资本结构的影响因素及动态调整问题,通过构建动态面板模型,采用广义矩估计(GMM)方法,发现我国不同地区上市公司的资本结构不仅受到公司特征、公司治理、宏观经济因素的影响,还受制度环境的影响；采用我国各省(市)上市公司的数据进行实证研究,发现制度环境对上市公司资本结构的影响以及资本结构的调整速度存在区域差异；调整速度较快的地区呈“带状”分布在我国东部沿海和中部地区。研究在资本结构跨国比较分析范式的基础上,发现即使在一国之内,资本结构调整速度仍受制度环境影响而存在地区差异。
(3)利用Ordered-probit模型,证实了制度环境对融资方式选择的影响存在区域差异；研究发现上市公司融资顺序存在区域差异：东部地区上市公司优先使用内源融资,而中西部地区上市公司优先使用短期借款。
针对上市公司融资方式选择问题,利用Ordered-probit模型研究发现,上市公司面临的制度环境越好,其选择内源融资的可能性越高；分组检验发现,在我国东部地区,制度环境影响公司融资方式选择,融资方式遵循内部融资、短期借款、长期借款、债券融资、增发新股和配股；而中西部地区融资顺序为短期借款、内部融资、长期借款、增发新股、债券融资以及配股,融资顺序并未受到制度环境因素的影响。研究认为,地区的制度环境差异是解释融资顺序异质性的一个重要因素。
Corporate financing decision is one of the most crucial content in the research of finance. Corporate financing decision is affected by factors such as company characteristics, corporate governance, macro factors and manager's behavior. In recent years, cross-country research on the effects of institutional environment on the corporate financing decisions has become popular since LLSV's "law and finance" theory proves that regional difference exits in the external governance (such as legal system, property right protection, etc.), and it has a significant impact on corporate financing decisions. Nowadays, China's market-oriented process has made significant progress, but because of the differences of resources, locations etc., different regions of a country present unbalanced development, leading to the finance differences among companies from different regions. In the view of this, based on Chinese institutional environment, this dissertation studies the impact of institutional environment on financing decisions.
The dissertation is divided into seven chapters. Chapter one is introduction, introducing the research background, the research implication, the research content and technology route. Chapter two is literature review. Chapter three is an analysis of the capital structure characteristics of Chinese listed companies. Chapter four verifies that the factors of institutional environment have impact on listed company's financing choices. Chapter five is the empirical analysis that the factors of institutional environment have impact on corporate debt maturity structure. Chapter six examines the impact that the factors of institutional environment on corporate capital structure. Chapter seven is the conclusion and the perspective.
The main conclusions of this dissertation are as follows.
(1) Building a multiple regression model between institutional environment and debt maturity structure, we find that listed companies in better institutional environment have shorter debt maturities and regional differences existed in the impacts of institutional environment on debt maturities.
For the issue of debt maturity structure, by taking government intervention, financial market development and legality as the proxy variables of the institutional environment and using ordinary least square (OLS) method, this paper verifies the hypotheses that listed companies in the region with lower government intervention, higher financial market development and better legal system have shorter debt maturities; Grouping tests based on regional difference found that institutional environment have greater impact on eastern listed companies'debt maturities than central and western ones. This dissertation supports regional difference exists in the impact that institutional environment on listed companies'debt maturities among different regions in the same country.
(2) By building dynamic panel model and using the GMM estimator method this paper verifies institutional environment have impact on listed companies capital structure and find regions with higher adjustment speed are distributed in China's eastern coastal and central regions.
For the issue of impact factors and dynamic adjustment of the capital structure of listed companies in China, by building dynamic panel model and using the GMM estimator method, this paper find listed companies'capital structure was not only affected by company characteristics, corporate governance and macro-economic factors but also by institutional environment; Empirical research with listed company data of provinces(cities) find the existence of the regional difference in the impact that institutional environment on listed companies'capital structure and capital structure adjustment speed; Regions with higher adjustment speed are distributed in China's eastern coastal and central regions. It has been verified that capital structure adjustment speed difference exist in different countries, while this study further analyze and find even in the same country, regional difference still exists in the impact that institutional environment on capital structure adjustment speed.
(3) By using Ordered-probit model, this paper verifies the existence of regional difference about the effect of the institutional environment on the choices of finance. Tests based on regional difference perspective find that eastern listed companies use internal financing in preference while central-western ones prefer short-term loans.
Focusing on the issue of the choices of finance, by using Ordered-probit model, this paper find that listed companies in better institutional environment are more likely choosing internal financing. Grouping tests find that in eastern China, institutional environment affect the choices of corporate finance, and companies follow the financing order of internal financing, short-term loans, long-term loans, bond financing, new share issuance and allotment, while the central and western listed companies institutional environment doesn't affect the choices of corporate finance, they follow the financing order of short-term loans, internal financing, long-term loans, new share issuance, bond financing and allotment. This paper considers that regional institutional environment difference is a key factor to explain the financing order difference.
引文
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