本文選題：食品行業(yè) + 債務(wù)融資�。� 參考：《北京交通大學(xué)》2017年碩士論文

【摘要】：食品行業(yè)的發(fā)展關(guān)系到我國(guó)的民生問題,滿足食品行業(yè)企業(yè)發(fā)展的融資需求至關(guān)重要。食品行業(yè)企業(yè)在上市后仍然存在大量的資金需求,而我國(guó)食品行業(yè)企業(yè)規(guī)模普遍偏小,抗風(fēng)險(xiǎn)能力不足,加之整體競(jìng)爭(zhēng)激烈利潤(rùn)率較低,因此食品行業(yè)企業(yè)內(nèi)部資金供給不足、定增發(fā)行困難。而債務(wù)融資和食品行業(yè)企業(yè)經(jīng)營(yíng)模式特點(diǎn)相匹配,所以成為了食品行業(yè)企業(yè)的重要資金來源。債務(wù)融資受到多方面因素的影響,全面的研究這些因素對(duì)食品企業(yè)債務(wù)融資的影響,將更好的為食品行業(yè)企業(yè)選擇債務(wù)融資決策提供有力的支持。本文在現(xiàn)代企業(yè)融資結(jié)構(gòu)理論的框架下著重研究食品行業(yè)企業(yè)債務(wù)融資的影響因素。第一,對(duì)以往的國(guó)內(nèi)外文獻(xiàn)進(jìn)行綜合梳理,建立因素分析的初步理論框架。第二,分析我國(guó)食品行業(yè)企業(yè)債務(wù)融資的必要性,從實(shí)際現(xiàn)狀出發(fā)探究債務(wù)融資對(duì)食品行業(yè)企業(yè)的重要性。第三,將債務(wù)融資的影響因素分為外部因素和內(nèi)部因素,其中外部因素進(jìn)行定性分析,內(nèi)部因素則根據(jù)權(quán)衡理論、優(yōu)序融資理論、儲(chǔ)蓄投資理論、金融成長(zhǎng)周期理論和現(xiàn)金流管理理論提出7個(gè)影響維度,包括融資成本、內(nèi)部資金供給和企業(yè)信用評(píng)級(jí)等,并提出相應(yīng)的研究假設(shè)。第四,對(duì)影響因素進(jìn)行研究設(shè)計(jì),包括變量設(shè)計(jì)、模型設(shè)計(jì)和樣本選擇。第五,統(tǒng)計(jì)我國(guó)150家食品行業(yè)上市公司,綜合最近4個(gè)年度的財(cái)務(wù)面板數(shù)據(jù),共6000個(gè)樣本,運(yùn)用后退型多元回歸的方法進(jìn)行實(shí)證檢驗(yàn)。研究結(jié)果表明,利息費(fèi)用率、經(jīng)營(yíng)現(xiàn)金流比率、未分配利潤(rùn)率、凈資產(chǎn)收益率和企業(yè)信用評(píng)級(jí)是食品行業(yè)上市公司債務(wù)融資最主要的影響因素;企業(yè)擔(dān)保能力、企業(yè)規(guī)模、股價(jià)溢價(jià)程度和距最近一次融資時(shí)間是對(duì)債務(wù)融資產(chǎn)生影響的弱因素。本文既定性又定量的對(duì)食品行業(yè)上市公司債務(wù)融資影響因素進(jìn)行了分析,對(duì)食品行業(yè)上市企業(yè)融資決策方面具有一定的指導(dǎo)意義和現(xiàn)實(shí)意義。
[Abstract]:The development of food industry is related to the livelihood of our country. It is very important to meet the financing needs of food industry enterprises.Food industry enterprises still have a large amount of capital demand after listing. However, the scale of food industry enterprises in China is generally small, the ability to resist risks is insufficient, and the overall competitive profit margin is low, so the internal capital supply of food industry enterprises is insufficient.It is difficult to set an additional issue.Debt financing and the characteristics of food industry business model match, so it has become an important source of funds for food industry enterprises.Debt financing is affected by many factors. A comprehensive study of these factors on debt financing of food enterprises will provide better support for food industry enterprises to choose debt financing decisions.Under the framework of modern enterprise financing structure theory, this paper focuses on the influencing factors of enterprise debt financing in food industry.First, the domestic and foreign literature of the past comprehensive combing, the establishment of a preliminary theoretical framework of factor analysis.Secondly, it analyzes the necessity of debt financing of food industry enterprises in China, and probes into the importance of debt financing to food industry enterprises from the point of view of the actual situation.Thirdly, the influencing factors of debt financing are divided into external factors and internal factors, in which external factors are qualitatively analyzed, while internal factors are analyzed according to trade-off theory, priority financing theory, savings and investment theory.Financial growth cycle theory and cash flow management theory put forward seven influence dimensions, including financing cost, internal capital supply and enterprise credit rating, and put forward corresponding research hypotheses.Fourth, research and design of influencing factors, including variable design, model design and sample selection.Fifthly, 150 listed companies in food industry in our country are counted, and the financial panel data of the last four years are synthesized, and a total of 6000 samples are collected, and the empirical test is carried out by using the method of regressive multivariate regression.The results show that interest cost ratio, operating cash flow ratio, undistributed profit margin, net asset return rate and enterprise credit rating are the most important factors affecting debt financing of listed companies in food industry.The extent of the share price premium and the timing of the most recent financing are weak factors affecting debt financing.This paper analyzes the influencing factors of debt financing of listed companies in food industry quantitatively, which has a certain guiding and practical significance to the financing decision of listed companies in food industry.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.82;F406.7

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