本文首先运用我国上市公司的财务数据，分析了我国上市公司债务保守的
现状，发现我国债务保守公司比例呈现稳中有升的增长趋势，2000~ 年平
均而言，我国有 11.18%的公司有息债务为零，有 22.5%的公司有息债务比率不
超过 5%，有 31.34%的公司有息债务比率不超过 10%。进一步，本文打破以往研
究的局限性，将“零”债务行为纳入债务保守的研究范围，并对员工的薪酬与
企业债务保守行为的关系进行了实证研究，试图从员工这一重要的隐性契约利
益相关者角度来解释债务保守行为。利用我国 A 股上市公司 ~ 年的财
务数据，结合我国各地区的劳动者法律保护水平，本文对员工的薪酬与公司债
务比率及债务保守行为的概率分别进行了 OLS 回归和 Logit 回归分析。实证结
果表明，员工的薪酬水平与公司的债务比率显著负相关，与公司采取债务保守
的概率显著正相关，并且在劳动者法律保护水平高的地区，员工的薪酬对公司
债务比率和债务保守概率的影响程度更加明显。这说明公司保守的融资策略具
有一定的“员工效应”，这为债务保守主义提供了一个基于员工视角的新解释
关键词：债务保守；员工薪酬；劳动者法律保护ABSTRACT
ABSTRACT
The influence of capital structure on firm value has been the core issue of
scholars' research. According to the view of trade-off theory，firms make a balance
between tax benefits and costs of bankruptcy brought by debt. The firm’s optimal
capital structure, on which level means maximizing the value of the company,
emerges when the marginal tax benefits equal to the marginal costs of bankruptcy.
However, there exists a very puzzling phenomenon in the actual operation of the
company that many companies give up the benefit of debt and holding a low-debt,
or even a zero-debt, for a longtime. Empirical evidence is that the leverage of these
firms are significantly lower than level predicted through mainstream capital
structure theory. Although scholars have carried on in-depth research on the debt
conservative behavior from multiple perspectives including capital market valuation,
product market competition and manager entrenchment, there is still no convincing
explanation for why these firms go debt-free or low-debt. Debt conservatism has
been an unsolved puzzle in the field of capital structure. After analyzing and
reviewing the relevant literature about conservative debt behavior, we find the
limitations of previous research. On the one hand, they ignore the research on the
anomalies phenomenon of zero-debt. On the other hand, they also ignore the
impact of implicit contract stakeholders including employees, suppliers and
customers on the company's financing decisions.
In this thesis, firstly, we analyzed the Chinese Listed Companies Debt
conservative status quo using their financial data. We find that the proportion of the
debt conservative firms in China is growing stably with a rising trend. From the year
of 2000 to , on average, 11.18% of the sample firms pursued a zero-leverage
(measured by interest-bearing debt, the same below), 22.5% of the sample firms
pursued a leverage no more than 5%, and 31.34% of the sample firms pursued a
leverage no more than 10%. Furthermore, we make an empirical research on the
relationship between staff salaries and firm’s conservative debt behavior
synchronously taking the extreme conservatism of zero-debt into account, whichABSTRACT
breaks the limitations of previous research. We tried to explain the debt
conservatism from an important implicit contract stakeholders：The employee's
perspective. Using the financial data of China A-share listed companies in the years
fromtoand the level of legal protection for employee in different regions
of China, we respectively carried out OLS regression and Logit regression analysis
against the staff salaries with debt ratio and conservative debt behavior. Our
empirical results suggest that, the compensation level of employees is negatively
related to the firm’s debt ratio and positively related to the probability of
conservative debt. Meanwhile, in areas with higher level of legal protection for
employee, the impact of staff salaries to the firm’s debt ratio and the probability of
conservative debt behavior is more obvious. Our results implicit that company's
conservative financing strategy has a certain “effect of employees”, and our research
provides a new explanation for debt conservatism based on employees.
Key Words: Debt Conservatism; Employee Compensation; Legal Protection of
Employee目录
目 录
第 1 章 导论...........1
1.1 研究背景及研究意义 ......1
1.1.1 研究背景 ....1
1.1.2 研究意义 ....2
1.2 研究内容、方法和基本框架 ......3
1.2.1 研究内容 ....3
1.2.2 研究方法 ....3
1.2.3 技术路线 ....4
1.3 研究的创新点 ......5
第 2 章 相关理论及文献综述.......6
2.1 目标资本结构的存在性 ..6
2.2 债务保守的概念和界定标准 ......6
2.3 债务保守研究的文献综述 ..........7
2.3.1 国外文献综述 ........7
2.3.2 国内文献综述 ......12
2.3.3 国内外研究现状评述 ......14
第 3 章 我国上市公司债务保守现状分析.........16
3.1 我国债务保守增长趋势分析 .....16
3.2 我国债务保守公司行业分布 .....20
3.3 我国债务保守公司地区分布 .....23
第 4 章 员工薪酬与债务保守行为的实证检验.28
4.1 研究假设 28
4.2 样本选择与数据来源 ....31
4.3 变量设计与模型构建 ....32
4.3.1 变量设计 ..32
4.3.2 模型构建 ..35
4.4 数据描述性统计 37
4.4.1 数据特征描述性统计 ......37
4.4.2 债务保守公司特征分析 ..38
4.4.3 主要变量相关性分析 ......41
4.5 实证检验及结果分析 ....41
4.5.1 OLS 回归模型实证结果分析......41
4.5.2 Logit 回归模型实证结果分析.....43
4.6 稳健性检验 ........47
第 5 章 研究结论、启示和展望.52
5.1 研究结论 52
5.2 政策启示 54
5.3 研究缺陷 55
5.4 研究展望 56
致 谢.......57
参考文献...58第 1 章 导论
。。。。。。以上简介无排版格式，详细内容请下载查看
==>>