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MBA论文_股权激励、产品市场竞争对资本结构动态调整的影响研究

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文本描述
II
构调整速度、调整效果均呈正相关关系;(3)企业面临的产品市场竞争程度与
资本结构调整速度负相关,但与资本结构偏离程度的关系不具有显著性;(4)
无论是在资本结构调整速度方面还是在资本结构调整效果方面,产品市场竞争
对股权激励与资本结构调整关系的影响均起到增强作用,这意味着,股权激励
与产品市场竞争之间形成互补效应,产品市场竞争对股权激励效果具有正向促
进作用
关键词:股权激励产品市场竞争资本结构调整交互效应
III
Abstract
The capital structure decision-making is the core content of enterprise investment
and financing decision, which is about the sustainable and healthy development of the
enterprise. With the rise of the dynamic capital structure theory and the development
of econometrics in dynamic panel data processing, the research on the dynamic
adjustment of capital structure has become a focus in the field of capital structure.
Research on capital structure dynamic adjustment is mostly around the factors such as
company characteristics, macroeconomic and institutional environment, but less
involves in corporate governance. This paper argues that managers is the main body
of enterprise financing decisions, whose decision-making effectiveness is related to
their work enthusiasm to a great extent. Therefore, equity incentive has a long-term
incentive effects, which is the important way to relieve the principal-agent problems,
and also can produce important influence on dynamic adjustment of capital structure.
In addition, according to the beyond property-right theory, product market
competition is an important corporate external governance mechanism, which is the
basic power to improve the enterprise value and has the multiplier effect on the equity
incentive. When it is specific to the capital structure adjustment, product market
competition will inevitably have effects on the relationship between the equity
incentive and capital structure adjustment. In view of this, the paper respectively
discusses the impacts of equity incentive, product market competition and the
interaction between them on the speed and effctiveness of capital structure adjustment,
which is to explore the relationship between product market competition and equity
incentive, enrich the research contents in the field of capital structure dynamic
adjustment,improve the ideas of capital structure optimization of enterprises, and
hope to be able to provide certain guiding significance to the design of equity
incentive plan of the enterprise.
First of all, with a review of the existing literature, this paper presents the relations
between equity incentive, product market competition and capital structure dynamic
adjustment. Secondly, this paper systematically summarizes the related theoretical
IV
basis, and combined with the capital structure and product market competition
situation of listed companies which have been implemented equity incentive, and
proposes its research hypothesis. Thirdly, this paper builds a multiple regression
model which is included the variables of equity incentive and product market
competition. Then, according to the data of 2006 to 2016 in Shanghai and Shenzhen
A-share listed companies which have been the implementation of equity incentive
plan, this paper empirically analyzes the impact of equity incentive and product
market competition on capital structure adjustment speed and capital structure
deviation degree. And it is added interaction term of product market competition and
equity incentive, to inspect the effect of product market competition on the relations
between equity incentive and capital structure dynamic adjustment. Finally, this paper
summarizes the empirical test results, and proposes the suggestions.
By empirical test, the research’s conclusions mainly include the following four
aspects:(1)The implementation of equity incentive of listed companies have a
relatively rational consciousness of target capital structure and tend to maintain a
target capital structure. (2)The implementation of equity incentive of listed companies
will significantly speed up the capital structure adjustment, and narrow the distance of
company's actual capital structure and the target capital structure. Equity incentive
and the speed or the effect of capital structure adjustment is positively correlated.
(3)Product market competition have a negative impact on the speed of capital
structure adjustment. But it is not significant in the relationship between product
market competition and capital structure deviation degree. (4)Both in terms of capital
structure adjustment speed and in terms of capital structure adjustment effect, product
market competition enhances the relationship between equity incentive and capital
structure adjustment. This means that there is the complementary effect between
equity incentive and product market competition, and product market competition can
enhance the effect of equity incentive.
Keywords: Equity incentiveProduct market competitionCapital structure
adjustmentInteraction effect
V
目录
第1章绪论 ....... 7
1.1研究背景及意义 ......... 7
1.1.1研究背景 ......... 7
1.1.2研究意义 ......... 9
1.2文献综述及述评 ........ 11
1.2.1股权激励对资本结构的影响研究11
1.2.2产品市场竞争对资本结构的影响研究 ........ 15
1.2.3产品市场竞争对管理层激励的影响研究 ...... 17
1.2.4研究述评 ........ 25
1.3研究框架、相关概念界定与技术路线图27
1.3.1研究框架 ........ 27
1.3.2相关概念界定 .... 28
1.3.3技术路线图 ...... 30
1.4研究方法与创新点 ...... 31
1.4.1研究方法 ........ 31
1.4.2论文创新点 ...... 31
第2章理论基础、分析及研究假设 .......... 33
2.1理论基础 .. 33
2.1.1动态资本结构理论33
2.1.2委托代理理论 .... 33
2.1.3资本结构代理成本理论 ........ 34
2.1.4超产权理论 ...... 34
2.2上市公司股权激励、产品市场竞争及资本结构现状分析 .......... 35
2.2.1上市公司实施股权激励的现状 .. 35
2.2.2实施股权激励的上市公司的产品市场竞争分析38
2.2.3实施股权激励的上市公司的资本结构分析 .... 39
2.3理论分析及研究假设 .... 41
2.3.1股权激励与资本结构动态调整 .. 41。