上市公司资本结构影响因素研究

上市公司的资本结构不仅影响企业的资本成本和企业总利润价值,而且影响企业的治理结构和经理行为的发挥,进而影响整个国家的经济的增长和稳定。所以资本结构问题的研究一直是财务领域研究的重要课题之一。本文首先界定了上市公司和资本结构的相关理论,然后在已有的资本结构研究理论的基础上,通过对我国上市公司资本结构特征、股权结构和股利分配政策的影响因素进行观察和分析,运用定性和定量分析的方法总结出影响资本结构的多种因素,找出了对上市公司资本结构影响较大的几个因素。最后对我国上市公司的资本结构现状及产生的利弊后果提出合理化建议,进而对上市公司资本结构进行合理的优化来为公司的决策者和领导者提供借鉴,从而实现利润最大化,获得更多的利益。     

我国上市公司资本结构的影响因素分析

上市公司是重要的市场经济主体之一,在经济生活中备受人们的关注。而关于资本结构的决策一直是上市公司进行财务管理的核心,资本结构决策的好坏直接关系到上市公司的后续发展。本文分析了我国上市公司资本结构的现状,并结合资本结构的几个重要理论从内部和外部两方面阐述了影响我国上市公司资本结构的因素。根据我国上市公司资本结构的影响因素以及存在的问题,文章提出了几点优化上市公司资本结构的建议。     

我国上市公司资本结构的影响因素分析

对现代企业而言,资本结构理论已成为企业相关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价值。尽管西方学者对资本结构形成的因素作了许多较为深入的研究,但由于现实经济的复杂性及各国经济的特殊性,研究结果并不完全一致。研究资本结构决定因素,是优化资本结构的必要步骤。加强对上市公司资本结构的研究,对于促进其今后的健康发展有着重大的现实意义。因此,从上市公司资本结构的现状出发,分析我国上市公司资本结构的影响因素,并提出了完善我国上市公司资本结构的对策建议。     

我国上市公司资本结构的影响因素分析

上市公司是重要的市场经济主体之一,在经济生活中备受人们的关注。而关于资本结构的决策一直是上市公司进行财务管理的核心,资本结构决策的好坏直接关系到上市公司的后续发展。本文分析了我国上市公司资本结构的现状,并结合资本结构的几个重要理论从内部和外部两方面阐述了影响我国上市公司资本结构的因素。根据我国上市公司资本结构的影响因素以及存在的问题,文章提出了几点优化上市公司资本结构的建议。     

上市公司资本结构影响因素之文献综述

资本结构影响着企业的融投资行为、资源配置效率及经营活动,与公司治理结构、公司成长、公司战略和公司价值之间存在深刻的内在联系。所以,研究企业资本结构的影响目素,时提升企业价值以及市场的资源配置效率具有重要的现实意义。本文整理了上市公司资本结构影响因素,主要从盈利能力、企业规模、成长性、资产担保价值和行业因素五个方面进行总结。     

高科技上市公司资本结构影响因素分析

本文运用因子分析和回归分析方法,对我国高科技上市公司的资本结构影响因素与非高科技公司进行比较.研究发现,高科技公司的平均负债率水平明显低于非高科技公司;整体上看,各种变量对长期负债率的解释都不够充分;绝大多数因素对非高科技公司的资本结构影响显著,而高科技公司只有独特性和资产流动性两个因子对其资本结构的影响有显著性;独特性因子与高科技公司的资本结构负相关,而与非高科技公司的资本结构正相关.     

资本结构影响因素分析——基于机械类上市公司

资本结构决策是企业融资决策的核心问题.其影响因素的分析研究可以为公司的融资决策提供帮助,影响因素分为外部因素和内部因素,外部因素如宏观环境、制度背景等,内部因素指的是公司的特征,如公司规模,成长性,盈利能力等等,本文以2007年度在沪深两地上市的机械类公司为样本,对上述的公司特征对公司资本结构存在的影响做了检验,结果发现公司业绩、公司规模、资产担保价值和流通股比例与公司的资本结果呈显著正相关,公司的成长性与资本结构呈负相关,但不显著.本文的研究结论为公司资本结构决策提供帮助.     

我国房地产上市公司资本结构及影响因素分析

本文以我国2003~2012年房地产上市公司的平衡面板数据为样本,采用资本结构动态调整模型,实证分析了影响我国房地产上市公司资本结构的因素。     

我国上市公司资本结构的影响因素的实证分析

有关资本结构的研究一直是公司金融领域的重要课题,因为资本结构与公司战略、公司治理和公司价值之间存在着深刻的内在关联。中国的资本市场发展程度与发达国家有着极大的差别,导致中国企业资本结构特征与发达国家相差较多。上市公司资本结构的影响因素,对确定上市公司的合适资本结构有重要参考意义,本文利用混合截面数据运用多元回归分析法,通过对我国交通运输、仓储业上市公司资本结构的影响因素定量分析,认为公司规模、内部资源能力、成长能力与资产负债率显著正相关,短期偿债能力、资产担保比率和盈余管理能力与资产负债率显著负相关。     

创业板上市公司资本结构影响因素实证研究

本文以2010年底之前在深圳证券交易所上市的152家创业板上市公司为样本,参考已有的研究文献,选取企业规模、成长性、盈利能力、偿债能力、营运能力和资产的担保价值作为主要解释变量,运用多元线性回归分析方法来研究资本结构的影响因素。实证结果表明,企业规模、成长性、偿债能力和资产的担保价值均与资本结构正相关,而盈利能力与营运能力则与资本结构负相关。     

The Effect of Business Risk on Corporate Capital Structure: Theory and Evidence

Under corporate and personal taxation, we demonstrate that the relation between optimal debt level and business risk is roughly U-shaped. This result follows from the fact that the tax liability is an option portfolio that is long in the corporate tax option and short in the personal tax option. Therefore, the net effect of a change in business risk on the optimal debt level depends upon the relative magnitudes of the resultant marginal changes in the values of these two options. Results of empirical tests offer support for the predicted U-shaped relationship.     

Diversification and Capital Structure: Some International Evidence

This study examines the effects of international and product diversification on capital structure with 232 firms from 30 countries. Results for the full sample show that international diversification is negatively related to financial leverage, but further analyses indicate that this is mainly attributable to US firms. For non-US firms, we fail to find a significant relationship. Results also show that product diversification is positively related to financial leverage, indicating that such diversification allows firms to reduce their risks, thereby enabling firms to carry higher debt levels.     

Dynamic Capital Structure Choice: Theory and Tests

This paper develops a model of dynamic capital structure choice in the presence of recapitalization costs. The theory provides the optimal dynamic recapitalization policy as a function of firm-specific characteristics. We find that even small recapitalization costs lead to wide swings in a firm's debt ratio over time. Rather than static leverage measures, we use the observed debt ratio range of a firm as an empirical measure of capital structure relevance. The results of empirical tests relating firms' debt ratio ranges to firm-specific features strongly support the theoretical model of relevant capital structure choice in a dynamic setting.     

现代资本结构理论

自Modigliani和Miller提出MM理论以来,资本结构问题一直是理论界和实务界关注的焦点.本文从MM理论及其修正--基于税差的分析、基于权衡理论的资本结构理论、信息不对称条件下的资本结构理论、资本结构的实证研究四个方面阐述了自20世纪50年代以来资本结构理论的发展和研究成果,试图为我国学者开展资本结构研究提供借鉴.     

股利税与资本结构:中国的经验证据

已有研究主要考察了企业所得税对资本结构的影响,却较少有研究探讨个人所得税对资本结构的影响,基于中国的此类研究则处于空白。我国2012年颁布的股息红利差别化个人所得税政策,将投资者的股利税与持股时间相结合。基于这一税收改革,我们发现,投资者持股时间越长(短)的企业,因为在改革之后其投资者的股利税会下降(上升),这些企业债务融资的比重显著降低(提高)。此外,股利税对资本结构的影响,在股利支付力度较大的企业更为显著。进一步,股利税对不同类型债务融资比重的影响存在差异。本文的结论不仅为"税收与公司财务"这一经典的学术领域提供了来自中国的经验证据,也补充了中国在相关学术领域的缺失。     

The Capital Structure Puzzle: The Evidence Revisited

Since the formulation of the M&M propositions almost 50 years ago, financial economists have been debating whether there is such a thing as an optimal capital structure—a proportion of debt to equity that maximizes shareholder value. Some finance scholars have followed M&M in arguing that both capital structure and dividend policy are largely "irrelevant" in the sense that they have no significant, predictable effects on corporate market values. Another school of thought holds that corporate financing choices reflect an attempt by corporate managers to balance the tax shields and disciplinary benefits of greater debt against the costs of financial distress. Yet another theory says that companies do not have capital structure targets, but simply follow a financial "pecking order" in which retained earnings are preferred to outside financing, and debt is preferred to equity when outside funding is required.
In reviewing the evidence that has accumulated since M&M, the authors argue that taxes, bankruptcy (and other "contracting") costs, and information costs all appear to play an important role in corporate financing decisions. While much of the evidence is consistent with the argument that companies set target leverage ratios, there is also considerable support for the pecking order theory's contention that firms are willing to deviate widely from their targets for long periods of time. According to the authors, the key to reconciling the different theories—and thus to solving the capital structure puzzle—lies in achieving a better understanding of the relation between corporate financing stocks (the levels of debt and equity in relation to the target) and flows (or which security to issue at a particular time).     

The Theory of Capital Structure

This paper surveys capital structure theories based on agency costs, asymmetric information, product/input market interactions, and corporate control considerations (but excluding tax-based theories). For each type of model, a brief overview of the papers surveyed and their relation to each other is provided. The central papers are described in some detail, and their results are summarized and followed by a discussion of related extensions. Each section concludes with a summary of the main implications of the models surveyed in the section. Finally, these results are collected and compared to the available evidence. Suggestions for future research are provided.     

Factors Affecting Capital Structure Decisions

To gain insight into the factors affecting capital structure choice, responses from a Fortune 500 survey are analyzed using factor analysis and cluster analysis. Factor analysis uncovers nine factors explaining 66.7 percent of the variation in the responses. The factor loadings indicate that tax implications, management's desire for flexibility, and market concerns affect capital structure decisions. Perhaps as a result of the type of firms examined in the survey, little indication is provided on the importance of agency costs, signalling, or asymmetric information. Cluster analysis identified two distinct categories of firms. By looking at the mean responses to the survey questions of these two groups, additional insight is gained into the influences affecting capital structure decisions.     

Capital Structure Theory and REIT Security Offerings

In this paper, we examine the stock price reactions to announcements of new security offerings by Real Estate Investment Trusts (REITs). REITs offer a unique setting in which to study these events because they do not pay taxes at the firm level. Theory suggests that the net tax gain to corporate borrowing is unambiguously negative for a REIT. Contrary to some recent studies, however, we find a positive stock price reaction to debt offerings, while the negative equity-issuance effect is preserved. Further empirical evidence lends support to signalling as the explanation for the positive significant debt-issuance effect.