股权结构对资本结构的影响研究
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摘要
现代资本结构理论源于Modigliani和Miller于1958年提出的MM理论,在此基础上,Jensen和Meckling(1976)认为随着公司向外部投资者发售股票,会造成公司所有权和控制权的分离,持有控制权的管理者有可能通过降低工作的努力程度或增加额外的在职消费而侵害外部股东的权益,由此产生公司的权益代理成本。从此,以外部股东所有权和内部人所有权的比重及其构成为核心内容的股权结构对资本结构的影响成为学术讨论的热点。
从国内现有的研究来看,众多的学者着重于研究股权结构和公司绩效的关系,而在股权结构对资本结构的影响这一研究领域探讨的不多。我国上市公司的股权结构如何影响资本结构?本文将股权集中度、国家持股比例、法人持股比例、管理者持股比例、社会公众股比例作为自变量纳入分析,试图在这方面有所发现。
本文分为六个部分。第一部分是绪论,第二部分是理论回顾和实证文献综述,第三部分是我国上市公司股权结构的特点,第四部分是实证检验以及分析,第五部分基于MATLAB的资本结构预测模型,第六部分是研究总结。
第一部分介绍了选题背景,研究目标和研究意义,以及研究方法和本文的研究思路。
第二部分综述了资本结构理论和股权结构理论,并介绍了资本结构度量指标和常用的股权结构度量指标,为下文的指标设计做好理论铺垫。此外,第二部分综述了资本结构影响因素的实证研究成果,最后,笔者综述了现有的股权结构对资本结构影响的实证研究成果,总体而言,学术界尚未得出一致的结论,这也是笔者将进行实证检验的动因之一。
第三部分结合股改的影响阐述我国上市公司股权结构的现状。
第四部分提出了六个研究假设,即股权集中度与股东权益比率正相关、国有股比例与股东权益比率正相关、境内法人股比例与股东权益比率负相关、外资法人股比例与股东权益比率负相关、社会公众股比例与股东权益比率负相关、管理者持股比例与股东权益比率正相关。针对不同的研究假设,笔者分别设计了六个不同的解释变量,即第一大股东持股比例、国有股比例、境内法人股比例、外资法人股比例、社会公众股比例、管理者持股比例。此外,由于股权结构不是影响资本结构的唯一因素,笔者设计了四个控制变量将这些因素纳入分析,四个变量分别是公司规模、资产担保价值、非债务税盾、盈利性。实证检验中的回归方程将纳入这些控制变量。通过六个回归方程的检验,境内法人股和外资法人股对股东权益比率的影响满足线性相关关系,其余四个变量的线性关系均未通过。
第五部分对在第四部分中没有通过线性关系检验的变量运用MATLAB语言进行非线性相关关系分析,结果证实股权集中度与股东权益比率非线性相关,国有股比例与股东权益比率非线性相关,社会公众股比例与股东权益比率非线性相关,管理者持股比例与股东权益比率非线性相关。
第六部分概述本文得出的主要结论以及本文的创新点与展望。本文最大的创新是在非线性相关上的模型构建。
The modern theory of capital structure began with the celebrated paper of Modigliani and Miller (1958). Since then, many economists have followed the path they mapped, a striking example is the agency theory articulated by Jensen and Meckling (1976). The agency theory posits that there exists a natural conflict in the interest of outside shareholders and the managers of a firm, leading to the possibility that managers make sub-optimal decisions that improve their own welfare at the expense of shareholders, which gives rise to the firm's agency cost.
Since then, how to reduce the agency cost and what is the impact of ownership structure on capital structure have become a hot topic both in economics and management research horizon.
However, in China, a large body of research demonstrates the association between ownership structure and corporate performance while the research on this topic is infrequent. In view of Chinese listed companies' particular ownership structure, this paper examines the impact of ownership structure on capital structure.
This paper is composed of six sections. Section I is foreword, followed by section II of literature review. The characteristics of capital structure and ownership structure of Chinese listed companies are described in section III. Section IV discusses research design and shows empirical tests and analyses. Section V gives the capital structure model based on MATLAB. Concluding remarks and suggestions for future research are presented in the section VI.
Section I briefly introduces the research backgrounds and the reason why to choose this research subject, as well as the research objective, research method and organization of this paper.
Section II reviews the representative capital structure theories and new progress in ownership structure theories. Also section II summarizes the related papers which did empirical tests of the determinants of capital structure and impact of ownership structure on capital structure, both in foreign countries and China. The literature contributes to examine the relationship between ownership structure and capital structure.
Section III describes the characteristics of ownership structure of current Chinese listed company.
Section IV discusses research design and shows the regression results. In this section, the author brings forward six hypotheses and defines dependent variable, independent variables and control-variables which are employed in regression equations. The six hypotheses are listed as follows:(1) Concentration ratio is positively associated with owner's equity levels.(2)STATE ratio is positively correlated with owner's equity levels.(3) Stock-held-by-institution in domestic ratio is negatively associated with owner's equity levels.(4) Stock-held-by-foreign institution ratio is negatively associated with owner's equity levels.(5) Stock-held-by-out ratio is negatively correlated with owner's equity levels.(6) Stock-held-by-manager ratio is positively correlated with owner's equity levels. The dependent variable is capital structure. Ownership structure is independent variable. As ownership structure is not the unique determinant of capital structure, this paper introduces four control-variables in all regression equations. This section shows the regression results and presents theoretical analyses.
Section V shows the nonlinear regression results.
Section VI concludes this paper and remarks the future research.
从国内现有的研究来看,众多的学者着重于研究股权结构和公司绩效的关系,而在股权结构对资本结构的影响这一研究领域探讨的不多。我国上市公司的股权结构如何影响资本结构?本文将股权集中度、国家持股比例、法人持股比例、管理者持股比例、社会公众股比例作为自变量纳入分析,试图在这方面有所发现。
本文分为六个部分。第一部分是绪论,第二部分是理论回顾和实证文献综述,第三部分是我国上市公司股权结构的特点,第四部分是实证检验以及分析,第五部分基于MATLAB的资本结构预测模型,第六部分是研究总结。
第一部分介绍了选题背景,研究目标和研究意义,以及研究方法和本文的研究思路。
第二部分综述了资本结构理论和股权结构理论,并介绍了资本结构度量指标和常用的股权结构度量指标,为下文的指标设计做好理论铺垫。此外,第二部分综述了资本结构影响因素的实证研究成果,最后,笔者综述了现有的股权结构对资本结构影响的实证研究成果,总体而言,学术界尚未得出一致的结论,这也是笔者将进行实证检验的动因之一。
第三部分结合股改的影响阐述我国上市公司股权结构的现状。
第四部分提出了六个研究假设,即股权集中度与股东权益比率正相关、国有股比例与股东权益比率正相关、境内法人股比例与股东权益比率负相关、外资法人股比例与股东权益比率负相关、社会公众股比例与股东权益比率负相关、管理者持股比例与股东权益比率正相关。针对不同的研究假设,笔者分别设计了六个不同的解释变量,即第一大股东持股比例、国有股比例、境内法人股比例、外资法人股比例、社会公众股比例、管理者持股比例。此外,由于股权结构不是影响资本结构的唯一因素,笔者设计了四个控制变量将这些因素纳入分析,四个变量分别是公司规模、资产担保价值、非债务税盾、盈利性。实证检验中的回归方程将纳入这些控制变量。通过六个回归方程的检验,境内法人股和外资法人股对股东权益比率的影响满足线性相关关系,其余四个变量的线性关系均未通过。
第五部分对在第四部分中没有通过线性关系检验的变量运用MATLAB语言进行非线性相关关系分析,结果证实股权集中度与股东权益比率非线性相关,国有股比例与股东权益比率非线性相关,社会公众股比例与股东权益比率非线性相关,管理者持股比例与股东权益比率非线性相关。
第六部分概述本文得出的主要结论以及本文的创新点与展望。本文最大的创新是在非线性相关上的模型构建。
The modern theory of capital structure began with the celebrated paper of Modigliani and Miller (1958). Since then, many economists have followed the path they mapped, a striking example is the agency theory articulated by Jensen and Meckling (1976). The agency theory posits that there exists a natural conflict in the interest of outside shareholders and the managers of a firm, leading to the possibility that managers make sub-optimal decisions that improve their own welfare at the expense of shareholders, which gives rise to the firm's agency cost.
Since then, how to reduce the agency cost and what is the impact of ownership structure on capital structure have become a hot topic both in economics and management research horizon.
However, in China, a large body of research demonstrates the association between ownership structure and corporate performance while the research on this topic is infrequent. In view of Chinese listed companies' particular ownership structure, this paper examines the impact of ownership structure on capital structure.
This paper is composed of six sections. Section I is foreword, followed by section II of literature review. The characteristics of capital structure and ownership structure of Chinese listed companies are described in section III. Section IV discusses research design and shows empirical tests and analyses. Section V gives the capital structure model based on MATLAB. Concluding remarks and suggestions for future research are presented in the section VI.
Section I briefly introduces the research backgrounds and the reason why to choose this research subject, as well as the research objective, research method and organization of this paper.
Section II reviews the representative capital structure theories and new progress in ownership structure theories. Also section II summarizes the related papers which did empirical tests of the determinants of capital structure and impact of ownership structure on capital structure, both in foreign countries and China. The literature contributes to examine the relationship between ownership structure and capital structure.
Section III describes the characteristics of ownership structure of current Chinese listed company.
Section IV discusses research design and shows the regression results. In this section, the author brings forward six hypotheses and defines dependent variable, independent variables and control-variables which are employed in regression equations. The six hypotheses are listed as follows:(1) Concentration ratio is positively associated with owner's equity levels.(2)STATE ratio is positively correlated with owner's equity levels.(3) Stock-held-by-institution in domestic ratio is negatively associated with owner's equity levels.(4) Stock-held-by-foreign institution ratio is negatively associated with owner's equity levels.(5) Stock-held-by-out ratio is negatively correlated with owner's equity levels.(6) Stock-held-by-manager ratio is positively correlated with owner's equity levels. The dependent variable is capital structure. Ownership structure is independent variable. As ownership structure is not the unique determinant of capital structure, this paper introduces four control-variables in all regression equations. This section shows the regression results and presents theoretical analyses.
Section V shows the nonlinear regression results.
Section VI concludes this paper and remarks the future research.
引文
[1]Modigliani F,M.Miller.The cost of capital,corporation finance,and the theory of investment.American Economic Review,1958,48(3):261-297.
[2]Jensen,M,W.Meclding.Theory of the firm:Managerial behaviour,agency costs and ownership structure.Journal of Financial Economics 1976,3(4):305-360.
[3]Kim,W.S,E.H.Sorenson.Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy.Journal of Financial and Quantitatives Analysis,1986,21(2):131-144.
[4]Friend,I,L.Lang.An empirical test of the impact of managerial self-interest on corporate capital structure.Journal of Finance,1988,43(2):271-281.
[5]Jensen,M.,Solberg,D.P.,T.S.Zorn.Simultaneous Determination of Insider Ownership,Debt and Dividend Policies.Journal of Financial and Quantitatives Analysis,1992,27(2):247-263.
[6]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998,8:34-37.
[7]吕长江,王克敏.上市公司资本结构、股利分配及管理股权比例相互作用机制研究[J].会计研究,2002,03:39-47.
[8]中国注册会计师协会.财务成本管理[M].经济科学出版社,2007,236.
[9]张显国.财务管理[M].机械工业出版社,2006,55.
[10]Titman,S,R.Wessels.The determinants of capital structure choice.Journal of Finance.1988,43(1):1-19.
[11]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,2001,05:26-29.
[12]张学平.股权结构理论与实证研究综述[J].集团经济研究,2007,9:238-239.
[13]Grossman,S,O.Hart.Takeover bids,the free-rider problem and the theory of the corporation.Bell Joumal of Economics 1980,11(1):42-64.
[14]Stiglitz,J.E.Credit Markets and the Control of capital.Journal of Financial Economics.1985,14(4):501-521.
[15]La Porta,R,L.S.Florencio,The Benefits of Privatization:Evidence from Mexico.Quarterly Journal of Economics.1999,4:1193-1294.
[16]Brailsford T.J.,Oliver B.R.On the Relation Between Ownership Structure and Capital Structure.Accounting and Finance 2002,1:1-26.
[17]顾乃康,杨涛.股权结构对资本结构影响的实证研究[J].中山大学学报,2004,1:92-97.
[18]曹廷求,孙文祥.股权结构与资本结构:中国上市公司实证分析[J].中国软科学2004.1:32-35.
[19]肖作平.股权结构对资本结构选择的影响[J].当代经济科学,2004,1:1-7.
[20]刘明,王仁曾.股权分置改革中上证指数的波动[J].统计与信息论坛,2006,11:89-92.
[21]张晓农.我国上市公司股改对股权结构的影响[J].开放导报,2006,10:104-106.
[22]陆正飞,叶康涛.中国上市公司股权融资偏好解析[J].经济研究,2004,04:50-58.
[23]Fama,E.F.,M.C.Jensen,Separation of Ownership and Control.Journal of Law and Economics,1983,26(2):301-325.
[24]Rajan G.R.,L.Zingales.What do we know about capital structure? Some evidence from international data.Journal of Finance 1995,50:1421-1460.
[25]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),2000,03:114-120.
[26]冯根福.我国上市公司资本结构形成的影响因素分析[J].经济学家,2000,5:59-66.
[27]Friend,I,L.Lang.An empirical test of the impact of managerial self-interest on corporate capital structure.Journal of Finance,1998,43(2):271-281.
[28]黄少安,张岗.2001中国上市公司股权融资偏好分析[J].经济研究,2001,11:12-20.
[29]飞思科技产品研发中心.神经网络与MATLAB7实现[M].电子工业出版社,2005:25.
[30]McCormell,J.J.,H.Servaes.Additional Evidence on Equity Ownership and Corporate Value,Journal of Financial Economics,1990,27,595-612.
[2]Jensen,M,W.Meclding.Theory of the firm:Managerial behaviour,agency costs and ownership structure.Journal of Financial Economics 1976,3(4):305-360.
[3]Kim,W.S,E.H.Sorenson.Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy.Journal of Financial and Quantitatives Analysis,1986,21(2):131-144.
[4]Friend,I,L.Lang.An empirical test of the impact of managerial self-interest on corporate capital structure.Journal of Finance,1988,43(2):271-281.
[5]Jensen,M.,Solberg,D.P.,T.S.Zorn.Simultaneous Determination of Insider Ownership,Debt and Dividend Policies.Journal of Financial and Quantitatives Analysis,1992,27(2):247-263.
[6]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998,8:34-37.
[7]吕长江,王克敏.上市公司资本结构、股利分配及管理股权比例相互作用机制研究[J].会计研究,2002,03:39-47.
[8]中国注册会计师协会.财务成本管理[M].经济科学出版社,2007,236.
[9]张显国.财务管理[M].机械工业出版社,2006,55.
[10]Titman,S,R.Wessels.The determinants of capital structure choice.Journal of Finance.1988,43(1):1-19.
[11]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,2001,05:26-29.
[12]张学平.股权结构理论与实证研究综述[J].集团经济研究,2007,9:238-239.
[13]Grossman,S,O.Hart.Takeover bids,the free-rider problem and the theory of the corporation.Bell Joumal of Economics 1980,11(1):42-64.
[14]Stiglitz,J.E.Credit Markets and the Control of capital.Journal of Financial Economics.1985,14(4):501-521.
[15]La Porta,R,L.S.Florencio,The Benefits of Privatization:Evidence from Mexico.Quarterly Journal of Economics.1999,4:1193-1294.
[16]Brailsford T.J.,Oliver B.R.On the Relation Between Ownership Structure and Capital Structure.Accounting and Finance 2002,1:1-26.
[17]顾乃康,杨涛.股权结构对资本结构影响的实证研究[J].中山大学学报,2004,1:92-97.
[18]曹廷求,孙文祥.股权结构与资本结构:中国上市公司实证分析[J].中国软科学2004.1:32-35.
[19]肖作平.股权结构对资本结构选择的影响[J].当代经济科学,2004,1:1-7.
[20]刘明,王仁曾.股权分置改革中上证指数的波动[J].统计与信息论坛,2006,11:89-92.
[21]张晓农.我国上市公司股改对股权结构的影响[J].开放导报,2006,10:104-106.
[22]陆正飞,叶康涛.中国上市公司股权融资偏好解析[J].经济研究,2004,04:50-58.
[23]Fama,E.F.,M.C.Jensen,Separation of Ownership and Control.Journal of Law and Economics,1983,26(2):301-325.
[24]Rajan G.R.,L.Zingales.What do we know about capital structure? Some evidence from international data.Journal of Finance 1995,50:1421-1460.
[25]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),2000,03:114-120.
[26]冯根福.我国上市公司资本结构形成的影响因素分析[J].经济学家,2000,5:59-66.
[27]Friend,I,L.Lang.An empirical test of the impact of managerial self-interest on corporate capital structure.Journal of Finance,1998,43(2):271-281.
[28]黄少安,张岗.2001中国上市公司股权融资偏好分析[J].经济研究,2001,11:12-20.
[29]飞思科技产品研发中心.神经网络与MATLAB7实现[M].电子工业出版社,2005:25.
[30]McCormell,J.J.,H.Servaes.Additional Evidence on Equity Ownership and Corporate Value,Journal of Financial Economics,1990,27,595-612.