中国上市公司财务保守行为研究

上海交通大学博士学位论文中国上市公司财务保守行为研究姓名：赵蒲申请学位级别：博士专业：企业管理指导教师：陈琦伟20050101ILOGIT1980II“”BP15LOGITIII////LOGIT200411200361“”2IV34VTheStudyonFinancialconservationofListedCompaniesofChinaAbstractFinancialconservation,whichisacomprehensivedecisionaccordingtotheexternalproductmarketcompetition,capitalmarketcondition,corporategovernancemechanismandstrategy,canbedefinedasapersistentlowleveragefinancialpolicyofthecorporation.Recently,becauseoftherethinkingontheephemeralityofcorporation,thecapitalstructuremanagementmode,whichattachesgreatimportancetofinancialflexibility,hasbeenmoreandmoreemphasizedinwesterncountries.Asaresult,alargenumberofwesternlistedcompaniesadoptedconservativefinancialpolicies.Inourcountry,becauseofthespecialgovernancestructureandcapitalmarketenvironment,debtrationoflistedcompaniesisgenerallyfairlylowandpresentasignificantfinancialconservation.Howtoscientificallyevaluateandregulatethefinancialconservationandrealizethebalancebetweentheefficiencyandjusticehadbecomeaveryimportantproblem,whichshouldbesolvedrapidly.Thisdissertationwantsdeeplyresearchonsucharealistictopic.Byusingnormativeresearch,positiveresearch,modelresearch,caseresearch,empiricalresearchandcomparativeinstitutionalanalysisresearch,thisdissertationmainlystudythemotivation,valueandregulationofthefinancialconservation.Firstly,thisdissertationanalyzesthemainimpactfactorsofthefinancialconservationandstudythemarkettiming,industrycharacteristicsandcompetitionsituation’simpactonfinancialconservation.ByusingLOGITnon-linerregressionmodel,thisdissertationverifiedthehypothesisoftheabovemodel.Secondly,inlightofcomparingthedifferencesbetweenthelistedcompaniesofChinaandwesterncountries,thisdissertationdeeplyanalyzesthevalueandthewealthtransferringeffectoffinancialconservation.Lastly,inordertogetthebalancebetweenthefinancialflexibilityefficiencyandprotectingthestakeholder’sbenefit,thisdissertationgivessomeadvicesonhowtoregulatethefinancialconservationoflistedcompaniesinChinaonthebasisoflearningfromthewesterncountriesmatureinstitutions.Theframeworkareasfollows:Theintroductionpart,the1stchapter,givesabriefdescriptionoftheresearchbackground,theme,thinkingmethodandresearchsignificanceofthisarticle.Thesecondchapterisadocumentoverviewofthetheoryofcapitalstructure.Accordingtothecross-studyframe,thischapterclassifiedthelatestresearchdocumentfrom1980into3categories:thestrategiccorporatefinance,behavioralcorporatefinanceandfinancialgovernancestructure.This3dimensionistheanalysiskeyofthisdissertation.Chapter3ismainlystudyfinancialconservationfromtheangleofinterplayingrelationshipbetweenthecapitalstructureandcapitalmarket.Firstly,basedontherationalmanagerandirrationalinvestorsprecondition,thischapterestablishesamathematicmodeltoverifythepositiveVIrelationshipbetweenthemarkettimingandfinancialconservationintheory.BasedonthecasestudyrelatedtheUFSOFTandKINGDEE,thisdissertationgetanapprovaloftheaboveconclusion.Asaresult,specialmarkettimingwillsignificantlyimpressthecapitalstructureandfurthermore,thecapitalstructurewillimpactthestrategyofthecorporationindifferentarea,suchasmarketshare,M&A,R&D,services,wagesanddividends.Financialconservationisassuredlyacompetitiveadvantage,whichiscomefromthefinancialflexibilityandslack,intheindustrywhichemphasisthescale.Moreover,underthespecialdividedbinarystockstructureofChina,themarkettimingeffectonthefinancialconservationisstrengthenedbecauseofthewealthtransferringnotonlybetweenthenewandoldstockholders,butalsotheliquidandnon-liquidstockholders.Chapter4ismainlyresearchthefinancialconservationfromtheangleofinterplayingrelationshipbetweentheindustryorganizationandcapitalstructure.Atfirst,thischapterestablishesamathematicmodeltoverifycertainindustrycharacteristicsandcompetitionsituationwillleadthecorporationtoselectaconservativefinancialpolicyinordertoavoidtheventureandcaptureavaluableinvestmentopportunities.Asadeduction,wecanpredictthatfinancialconservationwillhavealargeprobabilityinthehigh-techintensiveindustry,thelargeoriginalinvestmentindustry,thelowgrowthrateindustryandthefiercecompetitionindustry.Atthesametime,acorporationfacesoftfinancingconstrainswillavoidfinancialconservation.Lastly,thisdissertationwantgetafurtherapprovalbythecasestudybasedonthe6petrollistedcompaniesofChinaorthewesterncountries.Chapter5isabriefsummarytotheabove3chaptersresearch.Thischaptersubmit15hypothesisfromtheoverviewoftheoutcomesoftheabove3chaptersandgetsomeconfirmationsbyLOGITnon-linerregressionmodelbasedonthedataofthelistedcompaniesofChina.Fromtheempiricalresults,wecanseethatthefinancialpolicyisdecidedaccordingtotheproductmarketcompetitionenvironment,corporatestrategy,governancestructureandcapitalmarket.Financialconservationcannotbesimplyattributetoastock-financingpreference.TheempiricaltestofthischapterverifiedthattheactualfinancialconservationofChineselistedcompaniesisnotthesameaswehadpredictedintheabovechapterresearch.Forexample,theITandBTindustryhaveasignificantnegativerelationshipwithfinancialconservation.Suchaphenomenonisdifferentfromnotonlyourtheoreticalr