控股股东对上市公司融资偏好影响的实证分析-财政学专业毕业论文.docxVIP

山东财 山东财经大学硕士学位论文 i i 摘 要 随着中国资本市场的成熟发展，上市公司因融资偏好导致的问题日益凸显，国内 外学者从不同的角度，分析了上市公司融资偏好的影响因素和形成动机。但是大部分 研究都是以股权结构入手，基于控股股东特征的视角实证研究还比较少。 本文选取控股股东的股权结构、控股股东对管理层的激励程度和控股股东特征作 为切入点，研究控股股东对公司融资偏好的影响。本文首先对以往关于公司融资偏好 的研究文献进行了梳理，归纳了国内外关于公司融资偏好的影响因素；接着对上市公 司的融资偏好、控股股东等相关概念做了界定，并提出了上市公司融资偏好的理论基 础；然后根据本文的立足点，从不同维度建立了三个回归模型，选取八个变量，利用 描述性统计分析、相关性分析和 OLS 回归分析的方法对 2010-2012 年的研究对象进 行了实证分析；根据实证分析结果，得出了本文的研究结论：控股股东的股权集中度、 控股股东对管理层的激励程度以及控股股东的两权分离度分别与上市公司的股权融 资偏好成显著正相关关系，而国有型控股股东与上市公司的股权融资偏好成显著正相 关关系，非国有控股股东的两权分离度与债权融资偏好成显著正相关关系；最后对全 文进行了归纳总结，并提出了有效的政策建议。 基于此，本文的研究成果将有助于我国制造业上市公司优化资本结构、完善公司 治理，最终提升企业综合价值。 关键词：融资偏好 控股股东特征 资本结构 上市公司 ii ii ABSTRACT With the maturity and development of China’s capital market, problems arising from the financing preference of public companies are becoming increasingly prominent. Although scholars from both domestic and abroad have made analysis of the factors that affect and motivations that shape the financing preference of public companies from various perspectives, most of the studies proceed from the ownership structure; there are less empirical studies on the character of controlling shareholders. This paper takes the ownership structure of controlling shareholders, their incentive degree on managers and their characters as the starting point; it studies the influence of the controlling shareholder on a company’s financing reference. First, this paper makes a literature review of former studies on the company’s financing reference and sums up the factors that influence it from both domestic and abroad; second, this paper gives definitions of such concepts as the financing reference of public companies and controlling shareholders and proposes the theoretical basis of the company’s financing reference; then based on this, it makes empirical analysis of the subjects investigated from 2010 to 2012 with such methods as descriptive statistical analysis, correlation analysis and OLS regression analysis by establishing three regression models from different dim