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The theory of capital structure of the company since 1958, has been a hot issue of the securities market, MM theorem pointed out that in the absence of transaction costs, tax burden, under the conditions of asymmetric information, the capital structure of the company and the company's market value. However, MM theorem just described an ideal state. From the 1960s to the 1990s, many scholars in theory turn the MM theory forward further development. The results of these studies show that, in the real world, the company's market value and the company's capital structure is closely related to the financing structure of the company has a decisive impact on the corporate governance structure, thus affecting the enterprise value. Any questions proposed are realistic background, the financing structure of the enterprise value of listed companies are no exception. In China, the issue raised is closely related with this stage of China's capital market, listed companies development and external environment. On the situation of our country, in terms of the financing behavior of listed companies and the financing structure not only significant, but also very urgent. Since the reform and opening up, the nature and functions of our enterprise has undergone a lot of changes, funding sources and financing mechanisms has also undergone a fundamental shift. \Associated with financing the importance of this shift, China's enterprises have been a variety of \the safety of the financial system have caused a great deal of influence. Therefore, the research enterprise financing structure and financing behavior not only beneficial to improve corporate value and financing behavior of listed companies, to protect the healthy development of the securities market, improve the structure of financial markets, improve the efficiency of the allocation of resources and to protect the interests of investors, etc. important practical significance. As one of the core of the modern enterprise system, the financing structure has always been a hot research theory. The theoretical study of the sector for the financing structure along three directions: corporate finance structure affect enterprise value; best financing structure exists; What factors affect the company's financing structure. The first two belong to the theoretical study of the problem, the third part of the empirical research, two theoretical issues such as the financing structure, theoretical circles existence of financing structure is quite controversial, financial structure and corporate at the economic environment, the industry characteristics of the industry and the company itself heterogeneity can not be generalized; financing structure affect the value of the issue is basically a foregone conclusion after nearly half a century of debate. The purpose of this study is that starting from the point of view of theoretical and empirical, to identify the problems which exist on the financing structure and the corporate value of listed companies in China's current situation and the influencing factors have a comprehensive and objective judgment, contradictions can learn Office. His actual situation of listed companies and the current capital market situation and explore ways and means to improve corporate value, and promote the sustained, healthy and stable development of Chinese enterprises and the national economy. Theoretical analysis, this paper first introduces the development of the theory of capital structure, including early capital structure theory and modern capital structure theory, were evaluated for their development, and impact on the domestic and international financing structure based on the enterprise value of the research methods and the results of the study overview and assessment. Then research status at home and abroad, from both static and dynamic analysis of the financing structure affecting the enterprise value of the mechanism, and along the company financing behavior - financing structure - enterprise value of the analysis of the main line, the establishment of the above theory of a financial as a whole, as an integrated analytical framework, research financing structure of the enterprise value of normative analysis and empirical analysis. The analytical framework, part of theoretical research, empirical research and policy recommendations part financing structure in accordance with an internal basis (reasonable) and an external condition (capital markets), \enterprise value and capital markets organically combined. Empirical studies, first theoretically analyzed the impact of the financing structure factors of the enterprise value, based on assumptions, and then use the 2004-2007 panel data of 233 listed companies, and to build a mixed panel data regression The empirical results model, fixed effects model and random effects model empirical test of the impact of a number of factors in the financing structure of the enterprise value, and the final choice of the random effects model to explain the impact of the enterprise value of the financing structure of listed companies in China, In addition, the paper selects 2004-2007 data of listed companies is not accidental, but taking into account our split share structure reform began in 2005, and as a basis for analysis of the financing structure before and after the share reform changes and how the enterprise value impact. The study found: in developed countries due to the different environment of China's macro-economic system, some proven conclusion in our country do not use, and even some opposite conclusion. From the concrete and empirical results, the split share reform of enterprise value significantly, equity financing and debt financing variables were not significant, and a negative correlation between; circulation ratio, the company's growth rate, the split share structure reform of several variables on corporate The value of the impact is significant. On the basis of theoretical analysis and empirical analysis, the impact on the financing structure of the enterprise value of the empirical results and hypotheses were possible explanations, trying to figure out the financing structure of factors that affect the enterprise value of listed companies in China. Can be seen from the empirical analysis, in order to improve the financing structure of listed companies in China to raise the value of listed companies, it must at the same time from the external environment of the internal foundation to optimize the financing structure of listed companies and improve the financing structure of listed companies at the same time begin, just from the listed The Company's internal factors or external environment to improve the financing structure of listed companies, is unlikely to be successful. Finally, based on the research findings, the problems reflected in the financing structure of listed companies in China, from the internal foundation to optimize the financing structure (to strengthen the equity constraint mechanism, strengthen the mechanism of debt constraints), and improve the financing structure of the external environment (changes in capital market management system improve the efficiency of capital markets, the development of a balanced capital market) two aspects of the proposals and measures to optimize the financing structure of listed companies to improve corporate value. And in the papers at the end of the limitations of this study and further research directions and made the necessary instructions. Hope that the analysis above Through this study have implications for the development of China's corporate finance theory, financing decision and financing policy makers of China's listed companies at the same time provide a theoretical basis and practical guidance.
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