我国上市公司资本结构及其优化研究
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摘要
自从MM定理诞生以来,企业的资本结构理论就一直是经济学界关注的焦点问题之一。资本结构作为企业利益相关者权利义务的集中反映,影响并决定着公司治理结构,进而影响并决定企业行为特征及企业价值。近年来,国内外学者对我国上市公司资本结构的研究表明,由于市场环境、企业制度以及金融体制方面的差异,西方的资本结构理论并不能完全解释我国上市公司的融资行为。我国资本市场起步相对较晚,上市公司的资本结构存在着诸多问题。然而我国制造业上市公司的数量占我国上市公司总数量的半壁江山,所以针对制造业上市公司资本结构进行研究,具有普遍的指导意义。因此本文深入研究了我国制造业上市公司的现状,并借鉴西方资本结构理论和国内外学者的研究成果,深入剖析当前制造业上市公司的影响因素,寻找建立符合我国制造业上市公司特色的最优资本结构。
首先,对企业融资的理论基石——资本结构理论的概念及发展进行了概述,以寻求最优资本结构理论上存在的可能性。
其次,对制造业上市公司基本状况进行了分析,对制造业上市公司做出了明确的界定,并介绍了我国制造业上市公司的发展情况及其资本结构的现状,剖析了其资本结构影响因素,为该行业资本结构优化提供评价标准、优化目标和优化途径,为具体优化措施的提出提供实证基础。
最后,在前文分析的基础上,提出了我国企业最优资本结构的确认方法及制造业上市公司资本结构优化的原则和建议。
Since the inception MM Theorem, the capital structure theory has been the focus of attention among economists. Capital structure as a corporate stakeholder rights and obligations of the concentrated reflection, influence and determine the corporate governance structure, and then influence and determine the characteristics of corporate behavior and corporate value. In recent years, scholars of Chinese listed company's capital structure studies have shown that the market environment, enterprise system and the financial system, the difference in the West, capital structure theory can not fully explain the financing behavior of listed companies in China. China's capital market relatively late start, the capital structure of listed companies there are many problems. However, the number of listed companies in China's manufacturing industry accounted for the total number of listed companies in China for half, so for the manufacturing sector of the capital structure of listed companies, has universal significance. This article studies in depth the current situation of China Listed Companies, and drawing on western capital structure theory and research scholars at home and abroad, in-depth analysis of current industry factors listed companies, looking to establish manufacturing in China listed companies comply with the optimal characteristics capital structure.
First, the theoretical foundation of corporate finance -- the concept of capital structure theory and the development of an overview, in order to find the optimal capital structure theory, the possibility exists.
Second, the basic situation of the manufacturing companies conducted analysis of manufacturing companies made a clear definition, and describes the development of Chinese manufacturing companies and their capital structures of the current situation, analyzes its Capital Structure , optimization of capital structure for the industry to provide evaluation criteria, optimization goals and optimization approach for the specific enhancement measures proposed to provide the evidence base.
Finally, based on the foregoing analysis, put forward the optimal capital structure of Chinese enterprises, and manufacturing identification methods optimize the capital structure of listed companies the principles and recommendations.
首先,对企业融资的理论基石——资本结构理论的概念及发展进行了概述,以寻求最优资本结构理论上存在的可能性。
其次,对制造业上市公司基本状况进行了分析,对制造业上市公司做出了明确的界定,并介绍了我国制造业上市公司的发展情况及其资本结构的现状,剖析了其资本结构影响因素,为该行业资本结构优化提供评价标准、优化目标和优化途径,为具体优化措施的提出提供实证基础。
最后,在前文分析的基础上,提出了我国企业最优资本结构的确认方法及制造业上市公司资本结构优化的原则和建议。
Since the inception MM Theorem, the capital structure theory has been the focus of attention among economists. Capital structure as a corporate stakeholder rights and obligations of the concentrated reflection, influence and determine the corporate governance structure, and then influence and determine the characteristics of corporate behavior and corporate value. In recent years, scholars of Chinese listed company's capital structure studies have shown that the market environment, enterprise system and the financial system, the difference in the West, capital structure theory can not fully explain the financing behavior of listed companies in China. China's capital market relatively late start, the capital structure of listed companies there are many problems. However, the number of listed companies in China's manufacturing industry accounted for the total number of listed companies in China for half, so for the manufacturing sector of the capital structure of listed companies, has universal significance. This article studies in depth the current situation of China Listed Companies, and drawing on western capital structure theory and research scholars at home and abroad, in-depth analysis of current industry factors listed companies, looking to establish manufacturing in China listed companies comply with the optimal characteristics capital structure.
First, the theoretical foundation of corporate finance -- the concept of capital structure theory and the development of an overview, in order to find the optimal capital structure theory, the possibility exists.
Second, the basic situation of the manufacturing companies conducted analysis of manufacturing companies made a clear definition, and describes the development of Chinese manufacturing companies and their capital structures of the current situation, analyzes its Capital Structure , optimization of capital structure for the industry to provide evaluation criteria, optimization goals and optimization approach for the specific enhancement measures proposed to provide the evidence base.
Finally, based on the foregoing analysis, put forward the optimal capital structure of Chinese enterprises, and manufacturing identification methods optimize the capital structure of listed companies the principles and recommendations.
引文
①沈艺峰.企业资本结构理论史.经济科学出版社,1999:22-35
①李维安.现代公司治理研究[M].北京:中国人民大学出版社,2002:378
[1]陆正飞,幸宇.上市公司资本结构主要因素的实证研究[J].会计研究,1998,8.
[2]孙永祥,黄祖辉.上市公司的股权结构与绩效[J].经济研究,1999,12.
[3]沈艺峰.企业资本结构理论史[M].经济科学出版社,1999:22-35.
[4]荆新,王化成,刘俊彦主编.财务管理学[M].中国人民大学出版社,2000:98-99.
[5]洪锡熙,沈艺峰.中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(社科版),2000,3:114-120.
[6]陈良,张纪元.欧美日企业的资本结构现状对我国上市公司融资决策的启示[J].财会研究,2000,4:26-27.
[7]卓悦,阮钢,陈德棉.美国证券市场高科技上市公司研究[J].证券市场导报,2001,1:19-24.
[8]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,2002,8:39-44.
[9]张晓瑞.论我国企业资本结构优化[J].工业技术经济.2003,6
[10]柳松.西方资本结构理论演进的述评及其研究启示[J].学术交流,2003,4.
[11]程惠芳.民营企业投融资与风险管理[M].北京:中国社会经济出版社2004:35-57.
[12]肖作平.中国上市公司资本结构影响因素研究[D]: [博士学位论文].厦门:厦门大学企业管理专业,2004.
[13]郭鹏飞,杨朝军,孙培源.中国上市公司资本结构行业间差异实证研究[J].系统工程理论与实践,2004(5).
[14]郑荣鸣.中外企业融资结构比较分析[J].会计研究,2004,7:10.
[15]金迪.我国高科技上市公司资本结构影响因素实证研究[J].广东财经职业学院学报.2005,6.
[16]周良.资本结构优化与高新技术企业融资的策略选择[J].企业家天地.2005,10.
[17]左莉莎.江西省上市公司资本结构影响因素的实证研究[J].金融与经济,2006,2.
[18]马小英.我国上市公司资本结构现状及其优化分析[J].北方经济,2007,2:18.
[19]周倩倩.资本结构理论的发展与其在中国市场的适用性[J].中国集体经济,2007,2:23-24.
[20]程德兴,江军.西方资本结构理论发展启示[J].合作经济与科技,2007,3:65-66.
[21]梁莱散,曾如淑.我国高科技上市公司融资行为的研究[J].中南大学学报(社科版),2004,6:307-311.
[22] Modigliani,Franco,and M.Miller,Corporate income taxes and the cost of capital:A Correetion[J].American Economic Review,1963(53):433-443.
[23] Taggart . R . A . A model of corporate financing decisions[J] . Journal of Finance.1977(32): 1467-1484.
[24] Myers,S.C..The Capital Structure Puzzle:Journal of Finance.1984,39(3):575-592.
[25] Myers,S.C.and Majluf,N.S..Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have[J].Journal of Financial Economics,1984,13(2):187-221.
[26] Titman,Wessels.The Determinants of Capital Structure Choice[J].Journal of Finance.1988(43):1-19.
[27] Harris M,Raviv A.The Theory of Eapital Structure[J].Journal of Finance,1991 (46):297-355.
[28] Rajan,R.G.and Zingales,L..What do we know about capital structure?Some evidence from international data[J].Journal of Finance,1995(50):1421-1460.
[29] Dahl strand,A.L.and Cetindama.The Dynamics of Innovation Financing in Sweden. Venture Capital,2000(3):203-221.
[30] Hyytinen,A.,and Pajarinen,M.Financing of Technology Intensive Small Business:Some Evidence from the IT Industry.The Research Institute of the Finnish Economy Discussion.2002:813.
①李维安.现代公司治理研究[M].北京:中国人民大学出版社,2002:378
[1]陆正飞,幸宇.上市公司资本结构主要因素的实证研究[J].会计研究,1998,8.
[2]孙永祥,黄祖辉.上市公司的股权结构与绩效[J].经济研究,1999,12.
[3]沈艺峰.企业资本结构理论史[M].经济科学出版社,1999:22-35.
[4]荆新,王化成,刘俊彦主编.财务管理学[M].中国人民大学出版社,2000:98-99.
[5]洪锡熙,沈艺峰.中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(社科版),2000,3:114-120.
[6]陈良,张纪元.欧美日企业的资本结构现状对我国上市公司融资决策的启示[J].财会研究,2000,4:26-27.
[7]卓悦,阮钢,陈德棉.美国证券市场高科技上市公司研究[J].证券市场导报,2001,1:19-24.
[8]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,2002,8:39-44.
[9]张晓瑞.论我国企业资本结构优化[J].工业技术经济.2003,6
[10]柳松.西方资本结构理论演进的述评及其研究启示[J].学术交流,2003,4.
[11]程惠芳.民营企业投融资与风险管理[M].北京:中国社会经济出版社2004:35-57.
[12]肖作平.中国上市公司资本结构影响因素研究[D]: [博士学位论文].厦门:厦门大学企业管理专业,2004.
[13]郭鹏飞,杨朝军,孙培源.中国上市公司资本结构行业间差异实证研究[J].系统工程理论与实践,2004(5).
[14]郑荣鸣.中外企业融资结构比较分析[J].会计研究,2004,7:10.
[15]金迪.我国高科技上市公司资本结构影响因素实证研究[J].广东财经职业学院学报.2005,6.
[16]周良.资本结构优化与高新技术企业融资的策略选择[J].企业家天地.2005,10.
[17]左莉莎.江西省上市公司资本结构影响因素的实证研究[J].金融与经济,2006,2.
[18]马小英.我国上市公司资本结构现状及其优化分析[J].北方经济,2007,2:18.
[19]周倩倩.资本结构理论的发展与其在中国市场的适用性[J].中国集体经济,2007,2:23-24.
[20]程德兴,江军.西方资本结构理论发展启示[J].合作经济与科技,2007,3:65-66.
[21]梁莱散,曾如淑.我国高科技上市公司融资行为的研究[J].中南大学学报(社科版),2004,6:307-311.
[22] Modigliani,Franco,and M.Miller,Corporate income taxes and the cost of capital:A Correetion[J].American Economic Review,1963(53):433-443.
[23] Taggart . R . A . A model of corporate financing decisions[J] . Journal of Finance.1977(32): 1467-1484.
[24] Myers,S.C..The Capital Structure Puzzle:Journal of Finance.1984,39(3):575-592.
[25] Myers,S.C.and Majluf,N.S..Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have[J].Journal of Financial Economics,1984,13(2):187-221.
[26] Titman,Wessels.The Determinants of Capital Structure Choice[J].Journal of Finance.1988(43):1-19.
[27] Harris M,Raviv A.The Theory of Eapital Structure[J].Journal of Finance,1991 (46):297-355.
[28] Rajan,R.G.and Zingales,L..What do we know about capital structure?Some evidence from international data[J].Journal of Finance,1995(50):1421-1460.
[29] Dahl strand,A.L.and Cetindama.The Dynamics of Innovation Financing in Sweden. Venture Capital,2000(3):203-221.
[30] Hyytinen,A.,and Pajarinen,M.Financing of Technology Intensive Small Business:Some Evidence from the IT Industry.The Research Institute of the Finnish Economy Discussion.2002:813.