中国科创板企业资本结构的区域性差异研究

RESEARCH ON REGIONAL DIFFERENCES OF CAPITAL STRUCTURE OF SSE STAR MARKET ENTERPRISES OF CHINA

王旭

11849165

硕士

金融

何佳

2020-05-28

2020-06-30

哈尔滨工业大学

深圳

2019年1月23日，我国科创板正式成立，科创板对于试点注册制、完善多层次资本市场体系、提升资本市场服务实体经济的能力、提升服务科技创新企业能力意义重大。本文的研究目的是检验不同区域间科创板公司资本结构的差异性，并在此基础上寻求影响科创板公司结构的区域差异性变量。我们把不同省市分为东部、东北、中部和西部四个经济区域，并对四个经济区域间和科创板公司注册地包含的20个省市间分别进行Kruskal-Wallis H非参数检验，结果发现无论是经济区域之间还是省市之间，资本结构的差异性均不显著。在此基础上，我们通过建立多元线性回归模型，以公司层面因素作为控制变量，把不同经济区域设立为虚拟变量，进一步对经济区域间资本结构的差异性进行检验，结果仍然不能证明经济区域间的公司资本结构有显著差异。最后，我们以公司层面因素作为控制变量，选取财政支出占GDP比、标准化的金融业法人数量、GDP增速、人均GDP自然对数四个省市差异变量，建立多元回归模型，结果发现财政支出占GDP比和标准化的金融业法人数量在5%水平上与公司资本结构显著正相关，GDP增速和人均GDP自然对数对资本结构的影响不显著；公司层面，盈利能力、企业规模和偿债能力对公司资本结构具有显著影响，成长性对资本结构的影响不显著。本文发现科创板公司资本结构区域差异性不如预期显著，认为可以从科创板公司管理层在融资决策方面更具有全国化视野和全国的投资机构对科创型企业更加关注两个方面进一步研究；本文对公司层面微观变量和区域差异宏观变量对其资本结构的影响的研究，可以为公司融资决策和投资决策提供参考。随着科创板上市公司数量的增多，对科创板资本结构、股权结构等方面的研究也会越来越多，本文能够为其它研究提供借鉴意义。

On January 23, 2019, SSE STAR Market was formally established. SSE STAR Market is of great significance for the pilot registration system, improving the multi-level capital market system, improving the ability of the capital market to serve the real economy, and improving the ability to serve technological innovation companies. The purpose of this study is to test the differences in the capital structure of SSE STAR Market companies in different regions, and based on this, seek for regional differences in variables that affect the structure of SSE STAR Market companies. We divided different provinces and cities into four economic regions: east, northeast, central, and west, and performed Kruskal-Wallis H nonparametric tests on the four economic regions and the 20 provinces and cities included in the registration area of SSE STAR Market company. It was found that the differences in capital structure were not significant between economic regions or provinces and cities. On this basis, we established a multiple regression model, using company-level factors as control variables, and established different economic regions as dummy variables to further test the differences in capital structure between economic regions. The results still failed to prove the There are significant differences in the company's capital structure. Finally, we used company-level factors as control variables, selected four provincial and municipal differences: fiscal expenditure as a percentage of GDP, standardized number of legal persons in the financial industry, GDP growth rate, and natural logarithm of GDP per capita. We established a multiple regression model, and found that fiscal expenditure The percentage of GDP and the number of standardized legal persons in the financial industry are significantly positively related to the company's capital structure at the level of 5%. The GDP growth rate and the natural logarithm of GDP per capita have no significant impact on the capital structure; at the company level, profitability, enterprise size and compensation Debt capacity has a significant impact on the company's capital structure, and growth has no significant impact on the capital structure. This article finds that the regional differences in the capital structure of SSE STAR Market companies are not as significant as expected. It is believed that the research on the two aspects of science and technology enterprises can be further studied from the fact that the management of SSE STAR Market companies has a more national perspective in financing decisions ; This article's research on the effect of company-level micro variables and regional differences macro variables on its capital structure can provide references for corporate financing decisions and investment decisions. With the increase of the number of listed companies on SSE STAR Market, there will be more and more research on the capital structure and equity structure of SSE STAR Market. This article can provide reference for other studies.

科创版 资本结构 区域性差异 影响因素 多元线性回归

SSE STAR Market capital structure regional differences influencing factors multiple linear regression

中文

联合培养

南方科技大学

王旭. 中国科创板企业资本结构的区域性差异研究[D]. 深圳. 哈尔滨工业大学,2020.