我國上市公司資本結(jié)構(gòu)及其影響因素分析


摘　要

自莫迪格里安尼和米勒(Modigliani & Miller）于1958年提出MM模型即企業(yè)市場價值與資本結(jié)構(gòu)無關(guān)的著名定理后，資本結(jié)構(gòu)問題引起了理論與實務(wù)界的廣泛關(guān)注，對資本結(jié)構(gòu)的研究也進(jìn)入一個新時期。資本結(jié)構(gòu)理論在西方國家已經(jīng)成為一套比較成熟的理論，國外學(xué)者對影響資本結(jié)構(gòu)的因素已做了系統(tǒng)深入的研究。在研究資本結(jié)構(gòu)理論發(fā)展的同時，很多學(xué)者也注意到資本結(jié)構(gòu)影響因素的重要性，分別從不同的角度分析探討了企業(yè)資本結(jié)構(gòu)影響因素。

本文從資本結(jié)構(gòu)理論入手，分析出不同的資本結(jié)構(gòu)影響因素。通過分析國內(nèi)外資本結(jié)構(gòu)影響因素的已有研究結(jié)果，可以看到影響資本結(jié)構(gòu)的因素分為以下幾種類型：宏觀經(jīng)濟(jì)因素、行業(yè)因素和公司特征因素等。進(jìn)而分別研究各因素對資本結(jié)構(gòu)的影響作用。

研究發(fā)現(xiàn)：(1)宏觀經(jīng)濟(jì)影響因素方面，分析發(fā)現(xiàn)通貨膨脹率和資本市場的發(fā)展?fàn)顩r對資本結(jié)構(gòu)存在著顯著的影響。通貨膨脹率與資產(chǎn)負(fù)債率呈顯著負(fù)相關(guān)性，資本市場發(fā)展?fàn)顩r則體現(xiàn)在股票市場資本化率與債券市場資本占有率兩指標(biāo)上，前者與資產(chǎn)負(fù)債率呈顯著負(fù)相關(guān)，后者則與資產(chǎn)負(fù)債率呈顯著正相關(guān)。而其他指標(biāo)：GDP增長率、實際貸款利率卻沒有證明與資本結(jié)構(gòu)存在顯著影響的結(jié)論。

(2)行業(yè)影響因素方面。本文通過分析證明不同行業(yè)的資本結(jié)構(gòu)存在顯著的不同，即行業(yè)因素對資本結(jié)構(gòu)具有顯著的影響，不同行業(yè)對資本結(jié)構(gòu)的影響顯著性及影響程度也不同。

(3)公司特征影響因素方面。微觀層面諸多影響因素在研究中一致存在很大的爭議，對資本結(jié)構(gòu)的影響沒有得出一致的意見。本文分析得出的結(jié)論為：a.公司規(guī)模、公司成長性顯著正相關(guān)；b.公司盈利能力、非債務(wù)稅盾與資產(chǎn)負(fù)債率顯著負(fù)相關(guān)。

最后，文章結(jié)合我國上市公司資本結(jié)構(gòu)現(xiàn)狀及影響因素分析，從宏觀、行業(yè)、公司特征三個層次給出了優(yōu)化建議，并就進(jìn)一步研究方向做了初步的設(shè)想。

關(guān)鍵詞：資本結(jié)構(gòu)；影響因素；我國資本結(jié)構(gòu)現(xiàn)狀；優(yōu)化對策

Abstract

Since Modigliani and Miller put forward in 1958 MM model that enterprise market value and the capital structure of the famous not after theorem, capital structure is the cause of theory and practice industry wide attention, to the capital structure of the research has also entered a new era. Capital structure theory in western countries have become a relatively mature theory, foreign scholars to influence the capital structure of the factor has been doing a system of further research. In the capital structure theory development and at the same time, many scholars also pay attention to the importance of the capital structure influencing factors, separately from different Angle discusses enterprise capital structure influencing factors.

This paper, from the capital structure theory, and analyses the different capital structure influencing factors. Through the analysis of the factors affecting the domestic and foreign capital structure of existing research results, can see the capital structure of the influence factors are divided into three types: macroeconomic factors, the industry factor and the company features factors. And then studied are the various factors on the impact of the capital structure. 

The results showed that: (1) the macro economic impact factors analysis found that inflation rate and the development of capital market status of capital structure has a significant effect. Inflation rate and asset ratio is a significant negative correlation, capital market development situation is reflected in the stock market capitalization rate and the bond market capital share the two indexes, the former and is a significant negative correlation to asset ratio, the latter and the asset-liability ratio is a significant positive correlation. And other indicators: GDP growth and real interest rate but no proof and the capital structure of the significant influence conclusion.

(2) industry influencing factors. This article through the analysis proves the capital structure of the different industries are significantly different, namely the industry factors on the capital structure has significant effect, different industries to influence the capital structure of the significant and extent are different.

(3) the company characteristics influence factors. Micro level of many factors in the study existed a hot dispute, the influence of the capital structure have not reached consensus. This paper analyzes the following conclusions are: a. the company size, the company growth significant positive correlation; B. company profit ability, the debt tax shields to asset ratio and a significant negative correlation.

Finally, based on the capital structure of listed companies in China present situation and influence factor analysis, from the macro, industry, the company features three levels the optimal Suggestions, and further research directions of the initial assumption.

Key Words: capital structure; Influencing factors; China's capital structure the present situation; Optimization countermeasures